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Speaking ahead of Friday's G20 meeting, Mr Schaeuble said he would want to negotiate a Brexit deal in which the City of London remains a global financial force.
He said it was not feasible to move all of the City's operations abroad.
To do so would involve a huge upheaval, Mr Schaeuble pointed out.
In a keynote address to the IIF Conference in Frankfurt, he said: "I am convinced that for Europe as a whole - and I'm not sure this will be very beloved in Paris - it's in our own interests to have strong financial centre in London."
Although he did promote Frankfurt as an alternative EU base for international banks in the wake of Brexit, Mr Schaeuble said he would want to negotiate a deal in which the City of London kept a key role. [...]