Today’s Exchange Rate Report
As of 11:00 am on 7 November 2025, the GBP/CNY exchange rate stands at 1:9.34667, up 0.04437 yuan from the previous day’s closing price (9.3023 yuan), an increase of around 0.48%. The rise reflects the policy stability signal released by the Bank of England’s 6 November decision to keep interest rates unchanged, coupled with China’s stronger-than-expected October trade surplus, which supported a stronger renminbi.
This Week’s Major Events
• Bank of England holds base rate at 4%
• Autumn Budget 2025 preview: tax hikes likely unavoidable
• Oxford University officially announces it will no longer accept the new TOEFL
• Major relocation for the Royal Family as Buckingham Palace transforms into a museum
• David Beckham formally awarded knighthood
01 Bank of England Holds Base Rate at 4%
On 6 November, the Bank of England announced it would continue to maintain the base rate at 4%. The decision was reached by a narrow 5:4 vote within the Monetary Policy Committee, with four members advocating for a 25-basis-point cut. Compared with the market’s earlier expectation of a 6:3 vote, the result showed greater internal divergence.
The accompanying statement noted that the UK’s September Consumer Price Index (CPI) rose 3.8% year-on-year, suggesting that inflation has likely peaked and is gradually easing. This view is supported by slowing wage growth and cooling service-sector inflation.
Governor Bailey commented, “We have passed the peak of restrictive policy. Given that we have already cut rates five times since August 2024, this outcome is in line with expectations. Personally, while I still consider policy restrictive, the most severe phase is behind us.”
Before the next monetary policy meeting scheduled for 18 December, the Bank will reassess inflation data, labour-market indicators, and the Autumn Budget to be presented by Chancellor Reeves on 26 November. The Bank emphasised that future rate cuts will depend on the inflation outlook. Should disinflation continue, the base rate may be lowered gradually.
Market analysts note that the decision reflects policymakers’ cautious balancing of economic growth and inflation risks. Victoria Clarke, UK economist at Santander, believes the dovish faction had a stronger influence during the debate, leading to a more accommodative stance.
02 Autumn Budget 2025 Preview: Tax Rises Likely Imminent
On Monday, 3 November, Prime Minister Keir Starmer warned Labour MPs that the upcoming Budget may include sizable tax increases, potentially involving income-tax hikes.
Starmer stated that the Budget will be based on “tough but fair decisions” and admitted that the current fiscal backdrop is “more severe than many expect.” He pledged to reduce the national debt while reiterating that the government will not pursue austerity or cut major public expenditure, with the National Health Service (NHS) remaining protected.
Chancellor Rachel Reeves said that faced with a £22 billion fiscal gap left by the former government, she will prioritise “necessary measures” over “populist policies,” without ruling out tax adjustments.
In her comments, Reeves also declined to rule out increases to income tax, National Insurance, or VAT—leading many Labour MPs to worry that she may break the party’s campaign pledge not to raise these taxes.
Treasury sources reveal that, in addition to changes to the basic income-tax rate, tax increases may target higher-income groups. Tax and financial planner Rachael Griffin observed that Reeves’ recent statements effectively pave the way for potentially “challenging” fiscal measures later this month.
03 Oxford University Announces It Will No Longer Accept the New TOEFL
On 5 November, according to UK media, the University of Oxford—following Cambridge and Glasgow—became the third British university to reject the reformed TOEFL exam.
Through official emails and updated website guidance, Oxford announced that from 21 January 2026 onward, it will no longer accept the new TOEFL iBT scores as proof of English proficiency for postgraduate admissions.
The 2026 TOEFL reform is considered one of ETS’s most comprehensive updates in a decade, introducing more modern academic scenarios and adaptive section-based difficulty for reading and listening.
However, as the reform advances, UK universities have introduced restrictions. In September 2025, Cambridge University first announced it would not accept TOEFL scores taken from January 2026 onwards; in November, Oxford followed suit.
According to Oxford, the primary reason is concern over the academic validity of the new exam. The simplified structure and shorter duration may reduce its ability to reliably assess critical reading and academic writing competence. Notably, Oxford’s rejection currently applies only to postgraduate programmes, not undergraduate admissions.
The university is also preparing to reassess whether the new exam meets its standards and to establish clear equivalencies between the old and new scoring systems. Its cautious stance is therefore temporary and may change in the future.
04 Royal Family Relocation: Buckingham Palace to Become a Museum
On 3 November, UK media reported that the Prince and Princess of Wales hosted a special appreciation party at The York Club in Windsor Great Park last Friday to thank construction workers and staff who helped prepare their new residence.
Prince William and Princess Kate, along with their three children, will relocate from Adelaide Cottage to Forest Lodge in Windsor. The eight-bedroom Georgian-style estate is only two miles from Royal Lodge, offering convenience for the children’s schooling and symbolising a fresh start following Kate’s cancer diagnosis.
King Charles and Queen Camilla have also moved out of Buckingham Palace and relocated to Clarence House, the King’s childhood residence.
Buckingham Palace is set to undergo large-scale renovations, including electrical upgrades, heating and ventilation improvements, and new accessibility features. The project is expected to cost nearly £400 million. When completed in 2027, the Palace will reopen as a public museum. The King and Queen are expected to continue working and residing at Clarence House, with no immediate plans to return to Buckingham Palace.
05 David Beckham Formally Awarded Knighthood
On 4 November, former England football captain David Beckham was knighted at Windsor Castle in Berkshire. The honour was personally presented by King Charles, recognising Beckham’s outstanding contributions to football and to British society. The 50-year-old former professional player had been included in the King’s Birthday Honours list earlier this year.
“I feel incredibly proud,” Beckham said at the ceremony. “I have always loved my country, and the monarchy means a great deal to my family. When travelling abroad, people often mention the British Royal Family to me, and it always fills me with pride.” He attended the ceremony with his wife Victoria and his parents.
Beckham enjoyed a distinguished football career, earning 115 caps for England and serving as captain for six years between 2000 and 2006, competing in three World Cups and two European Championships.
Beyond the pitch, his social impact has also been significant. A native of East London, he assisted in London’s bid to host the 2012 Olympics and has collaborated with UNICEF since 2005, establishing a personal-named fund in 2015 to mark a decade of partnership.
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