Wednesday, April 25, 2012

John Greenwood: Convertible Yuan `Long Way Off’

John Greenwood, chief economist at Invesco, was the architect of the Hong Kong dollar peg to the US dollar. The Hong Kong dollar’s value has been kept at about HK$7.80 to the greenback since 1983. Here, he talks about the economic problems facing the U.S. and Europe, China's growth outlook, and the internationalization of the yuan

What Hong Kong needs in order to think about re-pegging would be for the Chinese yuan to be fully and irreversibly convertible. 2015 is not possible in my view.”

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