by Summary:
Hong Kong no longer plays the same financial role for China as it once did. Most of the rest of the world hasn't realized this yet. Hong Kong will continue as a financial hub of Asia, but it won't be the top dog anymore, and it is not now. Shanghai aims to be the major competitor of New York and London in a world in which the renminbi (RMB) plays a major role. The renminbi is the Chinese currency, and the yuan (CNY) is the unit of account. "Renminbi" means "the people's currency" in Chinese.Nikkei Asian ReviewChina's yuan policy has made Hong Kong redundant Paola Subacchi (h/t Automatic Earth)
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Hong Kong no longer plays the same financial role for China as it once did. Most of the rest of the world hasn't realized this yet. Hong Kong will continue as a financial hub of Asia, but it won't be the top dog anymore, and it is not now. Shanghai aims to be the major competitor of New York and London in a world in which the renminbi (RMB) plays a major role. The renminbi is the Chinese currency, and the yuan (CNY) is the unit of account. "Renminbi" means "the people's currency" in Chinese.Nikkei Asian ReviewChina's yuan policy has made Hong Kong redundant Paola Subacchi (h/t Automatic Earth)
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
New Economics Foundation writes Is the Labour government delivering on its promises?
Robert Vienneau writes Why Is Marginalist Economics Wrong?
John Quiggin writes Dispensing with the US-centric financial system
New Economics Foundation writes Whose growth is it anyway?
The renminbi is the Chinese currency, and the yuan (CNY) is the unit of account. "Renminbi" means "the people's currency" in Chinese.
Nikkei Asian Review
China's yuan policy has made Hong Kong redundant
Paola Subacchi
(h/t Automatic Earth)