Authors: Jack Yeung King-wah
Hong Kong is designated to be the leading IFC for China in the coming decades due to the political stability consideration of Beijing. Similar to New York City’s role as the top onshore USD trading center, London boasts even greater USD trading as an offshore hub for the world. Shanghai is essential for the mainland’s stability and Hong Kong is posited to lead onshore RMB trading based on its established open economic heritage, connection and structure. Acquiring London Metal Exchange (LME) signals Hong Kong’s global ambition under the joint support of Beijing and London. London, Singapore and Taiwan might joint force to accelerate the yuan globalization.
Keywords: IFC, Hong Kong, China, Shanghai