KC Chan on renminbi globalisation

Speaking at an event in Hong Kong hosted by the UBS International Centre of Economics in Society at the University of Zurich, keynote speaker KC Chan, Hong Kong’s secretary for financial services and the treasury, gave his views on the recent liquidity crunch in China and the liberalisation of the renminbi

In Hong Kong, we are affected directly by what happens in China. The Chinese government’s actions will be beneficial to Hong Kong including reining in shadow banking in China continuing to implement structural reform and changing the economic model. These are challenging tasks but I believe the government will be able to pull them off in order to achieve...