Unconvertible yuan is a drag on Shenzhen’s race to supplant Hong Kong’s unique role as China’s offshore financial centre

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…

Brought to you by SCMP. Read more: https://ift.tt/312Xpsw

* * * * *
South China Morning Post provides Hong Kong economy news including annual budget, MPF pensions, retail and transport.


Comment or Tag a Friend!

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.