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

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

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