City of London & Hong Kong Have More In Common Than Their Democratic Deficits
The City of London’s “charm offensive in the race for renminbi” has paid off, with London daily trading in renminbi now exceeding that in euro, the Financial Times reported. But this is only half the story, which is also about life after Brexit for Britain, and about the nation’s role in China’s “Belt and Road Initiative”. Some have suggested that post-Brexit Britain could become “another Singapore” by modelling itself on successful island economies. But in reality the City of London may be in process of becoming another Hong Kong. The key is that both Britain and its former colony are situated at either end of the Belt and Road project.
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