Bringing Down the Great Wall? Global Implications of Capital Account Liberalisation in China
13 Pages Posted: 15 Jan 2014
Date Written: December 20, 2013
Capital account liberalisation in China and internationalisation of the renminbi would have a large impact on the global financial system. An illustrative thought experiment suggests China’s gross international investment position could increase from around 5% to 30% of world GDP by 2025. The UK financial system is likely to be particularly affected. The Bank is working with the People’s Bank of China to ensure a successful and stable development of renminbi activity in London.
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