China link with UK bodes well for Jersey
Friday 20th January 2012, 3:00PM GMT.
Treasury Minister Philip Ozouf
JERSEY’S finance industry would get a major boost if London became a leading trading centre for Chinese currency, says the Treasury Minister.
Senator Philip Ozouf said that the signing this week of an agreement between UK Chancellor George Osborne with Hong Kong was good news for the Island.
Mr Osborne wants the City of London to become an offshore trading centre for the renminbi and said that his talks with the Chinese were a ‘vote of confidence’ in the capital.
The Chancellor is reported to have agreed measures with the Hong Kong Monetary Authority to help the renminbi become a leading global currency if it is traded on world markets.
At the moment, the renminbi is traded in China and Hong Kong, but it could soon be available to western markets.
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Can we stop counting our chickens before the eggs are even laid?
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so it’s OK for the City of London to be an offshore trading centre??…
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Spinning like a wooden top in ever decreasing circles…..less than 3 years to go now.
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money travels both ways. Perhaps our financial institutions are gaining more experiece in the east so that they can play in eastern markets, not london.
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I’m confused. How does a deal between London and Hong Kong help Jersey when Hong Kong would be a competing offshore juristiction?
I’m not an expert on this I admit, but its seems odd. I also don’t get how if London becomes an offshore centre, this will help Jersey who would likely also be competing with London.
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If it is good for London, why does anybody need Jersey? Illicit cash?
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On reflection Philip Ozouf probably knows this move will have no direct impact on Jersey.
Rapid economic development has seen the Chinese economy grow to a point where the Chinese government would like to see the Chinese yuan compete against the US dollar as a reserve currency. As such the Chinese government are looking to London for recognition in the major foreign markets, such as London.
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no illicit cash, not necessary. The laws are designed to enrich the rich.
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