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Best of Chinese Commentators

17 November 2011

So far, most of the action in quest to “internationalise” of the renminbi currency has taken place in Hong Kong and it is not the renminbi itself that is being internationalised but the “redback”, the offshore renminbi, which is not freely interchangeable with the mainland currency. Therefore, the question arises: Does the rise of the offshore renminbi reinforce Hong Kong’s position as China’s financial centre or will it eventually enhance Shanghai’s prospects too?

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