On August 30, China’s central bank announced a new rule to be tried out in Shenzhen. Non-banking financial institutions were allowed to convert hard currency into yuan without prior approval, a move that was seen as further easing of the yuan’s convertibility.Less than two weeks earlier on August 18, Beijing unveiled a detailed reform plan to make Shenzhen a model city for China and the world.These developments came at a time when the protests in Hong Kong against the now-abandoned extradition…
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Breaking news, analysis and opinion from the SCMP’s Hong Kong edition.