[extract] BBC [extract] Accessibility links [extract] After months of running back and forth to Brussels, you can see why the Chancellor would want to jump on a plane to Hong Kong. Next stop is Beijing – then I will catch up with him in Tokyo. [extract] As Robert Peston has written, the "news" out of Hong Kong was that Mr Osborne is keen to get the city a big slice of the new booming offshore trade in the Chinese currency, the renminbi. [extract] You can see why. For many, it's now only a matter of time before the Chinese currency displaces the dollar as the world's reserve currency – or at least becomes a major secondary reserve currency like, er, the euro or the yen. [extract] But before the Chancellor or anyone else gets too excited, they might want to read Sebastian Mallaby and Olin Wethington's articlein the latest issue of Foreign Affairs. [extract] In their view: "Beijing's steps toward currency internationalisation reflect not a fully formed,…
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