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Currency Reform: Float of the RMB

August 9, 2017 By Tom Nunlist

After meeting with Chinese President Xi Jinping this year, Donald Trump backtracked and dropped his accusation of China being a currency manipulator. But the issue of currency manipulation is still debatable. The RMB is certainly not a free-floating currency and the controls are complex. China’s central bank sets the daily rate with movements only allowed in a narrow 2% band. This did not change for years, until August 2015 when the central bank reformed a bit by beginning to set the daily RMB rates based on the closing value of the previous day’s interbank forex market. But it’s not considered a major change and the way to achieve a more open currency remains difficult.

Filed Under: All Articles, China, Economy, Finance, Know China Tagged With: Chinese Economy, Currency, finance, RMB, RMB policy

Will China Determine the Future of Bitcoin?

January 23, 2017 By Bennett Voyles

Bitcoin, a virtual currency traded online, was not invented in China, yet China is where 80% of the virtual “coins” are minted and 90% of the transactions are made. Currently, the global bitcoin market amounts to some $14.5 billion, roughly the same amount of money as Apple’s European back taxes. If the virtual currency’s popularity continues to grow, decisions made by Chinese investors and regulators may determine whether bitcoin fades to a historical footnote, like Napster or the eight-track tape, or becomes the silicon cornerstone of a new global financial order. A combination of factors thrust China into this decisive role.

Filed Under: All Articles, China, Digital Economy, Finance, Internet Finance, Know China, Technology Tagged With: Bitcoins, finance, Fintech, Technology

The Banking Industry’s Uber Moment: A More Efficient Oligopoly?

February 15, 2016 By Bennett Voyles

From the crash of 1929 to around 1981, banking was generally considered a fairly dreary business. And between now and 2025, banking seems likely to undergo a digitally driven transformation that will change how we save, spend, borrow and invest. Even as regulators do their best to try to make banking a boring business again, and politicians still vow to rein in the “banksters”, a number of well-financed start-ups look poised to reinvent almost every aspect of finance—and could even make banking sexy once more. First we look at how regulators’ push and FinTech’s pull may be setting the stage for some dramatic changes.

Filed Under: All Articles, Banking, Finance, Innovation Tagged With: Banking Industry in 2025 Series, Banking Reform, Banks, finance, Fintech

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Information, analysis, and interviews about the Chinese economy and doing business in China, from the people who know it best. Presented by the Cheung Kong Graduate School of Business, China's leading business school.


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