European Business Magazine (February 2)
“Xi Jinping wants the renminbi to become a global reserve currency to reduce China’s dependence on the US dollar, strengthen financial sovereignty and expand Beijing’s influence over global trade and capital flows. While the currency’s use in trade settlement is growing, capital controls and limited market access remain key barriers to full reserve-currency status.”
Tags: Barriers, Capital controls, Capital flows, China, Currency, Dependence, Dollar, Financial sovereignty, Global trade, Influence, Limited market access, Renminbi, Reserve currency, Trade settlement, U.S., Xi
The Economist (July 2)
“The pecking order of financial centres is changing.” Hong Kong, Shanghai and Singapore are all vying as “the map of Asian financial hubs is being redrawn.” Given that, “the region’s two emerging giants, China and India, have partial capital controls,” Singapore stands to “be the main beneficiary—provided it can handle some of the downsides of being a global centre for other people’s business.”
Tags: Asia, Beneficiary, Capital controls, China, Downsides, Financial hubs, Hong Kong, India, Pecking order, Redrawn, Shanghai, Singapore
Wall Street Journal (March 27)
“Nothing is ever simple with a euro-bailout, and the Cyprus fiasco is proving that again. On Thursday the tiny island disaster will become the first euro-zone country to impose capital controls since the single currency was introduced. This will spare Cyprus from immediate economic collapse, but the curbs are a worrying precedent.”
