London’s rise as an offshore RMB financial centre: state-finance relations and selective institutional adaptation

Töpfer, Laura-Marie and Hall, Sarah (2017) London’s rise as an offshore RMB financial centre: state-finance relations and selective institutional adaptation. Regional Studies . ISSN 1360-0591

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Abstract

China’s currency, the Renminbi (RMB), is increasingly important in global financial markets, facilitated by the global expansion of offshore RMB centres. This paper examines London’s development as the first Western offshore RMB centre established in 2013, drawing on original research conducted between 2013 and 2015 in London and China. The longitudinal analysis reveals that the development of RMB finance in London is characterised by selective adaptation in which state-private bargaining dynamics have shifted from strategic alignment to a bifurcation of interests. Understanding these state-finance relations has important implications for research and policymaking concerned with (offshore) financial centres and RMB internationalisation.

Item Type: Article
Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis in Regional Studies on 17 Feb 2017, available online: http://www.tandfonline.com/10.1080/00343404.2016.1275538
Schools/Departments: University of Nottingham, UK > Faculty of Social Sciences > School of Geography
Identification Number: 10.1080/00343404.2016.1275538
Depositing User: Hall, Dr Sarah
Date Deposited: 09 Feb 2017 14:15
Last Modified: 18 Oct 2017 18:54
URI: http://eprints.nottingham.ac.uk/id/eprint/40464

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