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OUTFLOW: Hong Kong, Singapore, London and Taiwan are the four ‘offshore’ centres doing major trade in the RMB.

The rise of the 'redback' as a reserve currency

China’s leaders have gone beyond the expectations of many in their reform of the nation’s financial system by announcing capital market reforms, giving a greater role to the private sector, speeding up interest rate liberalisation, and opening the Shanghai Free Trade Zone (FTZ).

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