China may be the world's second largest economy today, but has its financial system caught up? An expert panel examines the issues surrounding the internationalization of the RMB.
Held in association with The University of Hong Kong, the Fung Global Institute's public seminar on China's Financial Future discussed possible ways forward for China's powerful currency, the Renminbi, and addressed issues and potential concerns triggered by China's Shadow Banking sector.
SESSION: Will RMB Internationalization Transform the World's Financial System?
Moderator: Michael Spence, Nobel Laureate and Academic Council Chairman, Fung Global Institute
Academic Council Chairman Michael Spence and his panel were all in agreement that there were great benefits to be had with an international RMB. But there were questions about whether China's government and its central bank were ready for the unintended consequences that having an openly convertible currency might trigger.