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

Töpfer, Laura-Marie; Hall, Sarah

Authors

Laura-Marie Töpfer Laura-Marie.Topfer@ouce.ox.ac.uk

SARAH HALL sarah.hall@nottingham.ac.uk
Professor of Economic Geography



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.

Journal Article Type Article
Publication Date Aug 1, 2018
Journal Regional Studies
Print ISSN 0034-3404
Electronic ISSN 1360-0591
Publisher Taylor & Francis (Routledge)
Peer Reviewed Peer Reviewed
Volume 52
Issue 8
APA6 Citation Töpfer, L., & Hall, S. (2018). London’s rise as an offshore RMB financial centre: state-finance relations and selective institutional adaptation. Regional Studies, 52(8), https://doi.org/10.1080/00343404.2016.1275538
DOI https://doi.org/10.1080/00343404.2016.1275538
Publisher URL http://www.tandfonline.com/doi/full/10.1080/00343404.2016.1275538
Copyright Statement Copyright information regarding this work can be found at the following address: http://eprints.nottingh.../end_user_agreement.pdf
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....0/00343404.2016.1275538

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Copyright Statement
Copyright information regarding this work can be found at the following address: http://eprints.nottingham.ac.uk/end_user_agreement.pdf





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