Financial Times: "Hong Kong’s not so special status as China’s financial centre"
Andrew Collier, FT (subsription)
In an Financial Times editorial on September 16, the paper argued that Hong Kong was irreplaceable for China because of its importance as an offshore renminbi trading hub, its rule of law, its role as a risk and wealth management centre and its place as one of the freest economies in the world.
Unfortunately, due to the globalisation of finance, along with rising mainland control of Hong Kong's banks and corporate life, Hong Kong's role in China's financial system is likely to diminish. The chief executive of the London Stock Exchange dismissed Hong Kong's significance as a financial centre when the LSE rejected a takeover offer from the Hong Kong Exchange.
Source: Financial Times (subscription)