If Beijing had its way, China would transform the renminbi into an international medium of exchange without granting any concessions to the speculators desperate to get their hands on the currency.
But things are not that simple. Policymakers are discovering the renminbi trade settlement programme – the year-and-a-half-old scheme that allows Chinese companies to settle cross-border trade deals in their own currency – is more intimately linked to financial speculation than many would like to admit.
A hint of this came on December 23, when the Hong Kong Monetary Authority – the territory’s monetary guardian, which is working closely with the People’s Bank of China – sent a cautionary letter to banks in the territory.
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