fed speech, 2006-08-26
If China indeed becomes the largest economy in the world, if it develops a market-based monetary policy, if it gradually liberalizes the capital account of the balance of payments and allows the exchange rate to float, and if it can develop the necessary legal framework for the efficient operation of the financial markets, then there would be very good reason for Shanghai-Hong Kong to blossom as a financial center.
Sentiment: neutral
Topic: mp_economic_activity