Financial Times (January 17, 2012)
“Great power shifts are accompanied by changes in the global reserve currency.” Might China eclipse London? Quite possibly, but not until the renminbi becomes fully convertible. “The reality is that the renminbi market will remain undeveloped so long as foreign holders remain heavily restricted in what they can do with their renminbi.”
Tags: China, Financial centers, Global reserve currency, Hong Kong, London, UK
Wall Street Journal (January 3)
“For the third year in a row the world’s leading exchange for new stock offerings was located not in New York, but in Hong Kong. And even without counting Hong Kong’s $31 billion in deals, the various exchanges on the Chinese mainland slightly exceeded the $41 billion combined total of Nasdaq and the New York Stock Exchange, according to Dealogic.” The Journal blames the disappointing results on the cumbersome regulatory environment of the U.S. market since passage of the Sarbanes Oxley (SOX) Act.
Wall Street Journal (June 2)
The yuan is quietly becoming a global currency. 7% or $55 billion of China’s first quarter trade was conducted in yuan. Yuan deposits in the Hong Kong banking system rose to 511 billion ($79 billion) on April 30. As restrictions loosen, a global yuan looks more likely and this will spell change. “A yuan that’s more widely used in international trade and investment could eventually challenge the dollar’s supremacy, correct some of the imbalances that plague the Chinese and global economy, and force a profligate U.S. to live within its means.”
Tags: China, Global currency, Hong Kong, Settlement, U.S., Yuan
Bloomberg (April 1)
Many concerns over radiation are overblown. In Tokyo, the highest radiation reading of 0.109 microsieverts per hour was taken yesterday in the Shinjuku district. This compares favorably with 0.14 microsieverts in Hong Kong’s Kowloon district. In fact, “many countries have naturally occurring radiation levels that exceed Tokyo’s.” Current radiation in Tokyo is “barely above levels in London and New York.”
Many concerns over radiation are overblown. In Tokyo, the highest radiation reading of 0.109 microsieverts per hour was taken yesterday in the Shinjuku district. This compares favorably with 0.14 microsieverts in Hong Kong’s Kowloon district. In fact, “many countries have naturally occurring radiation levels that exceed Tokyo’s.” Current radiation in Tokyo is “barely above levels in London and New York.”
Financial Times (November 29, 2010)
Hong Kong is now the world’s most profitable wine market. Is this the ultimate sign of a bubble? Gideon Rachman writes Chinese are snapping up vintages in a manner “oddly reminiscent of the late 1980s, when Japanese buyers were paying unheard of prices for Impressionist art.” Recently, three bottles of 1869 Château Lafite went for a breathtaking £437,900.” Bubble or not, “For Europeans, staring bankruptcy in the face, China’s wine mania should be encouraging.”
