Комментарии участников:
недавно переместил место базирования своего главного исполнительно директора из Лондона в Гонконг
Штаб-квартира HSBC до 91 года была как раз в Гонконге ;)
HSBC — это аббревиатура от Hongkong and Shanghai Banking Corporation.
В Лондоне как обычно шутят ;)
Статья гонконгского корреспондента FT в большей степени выдает желаемое за действительное.
Комментарий редакции здесь, как обычно, опускается :)
Комментарий редакции здесь, как обычно, опускается :)
Whether China will be able to stomach the rest of the renminbi’s journey to reserve currency status is far from clear.
A reserve renminbi would have to be fully convertible, on the capital account as well as the current account. But this would imply opening up China to the whims of global capital – precisely what it has been protecting itself against (as its huge foreign exchange reserves attest). Freer capital flows may also prove destabilising for domestic banks, creating liquidity bubbles in good times and choking off the credit supply as conditions deteriorate. No longer would the banking sector be an effective instrument of macroeconomic policy, as it has been during the crisis with its government-induced lending sprees. It would be a source of, and not a remedy to, increasing economic volatility.
Even less palatable for the government is the prospect of losing control over the renminbi. Maintaining a currency peg in the face of massive capital inflows is extremely difficult. And if increasing foreign demand for the renminbi pushes up its value, China’s export-led growth model – which relies on an undervalued currency – may become unsustainable.
