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

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  • Laura-Marie Töpfer
  • Sarah Hall

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 characterized 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 policy-making concerned with (offshore) financial centres and RMB internationalization.

Suggested Citation

  • Laura-Marie Töpfer & Sarah Hall, 2018. "London’s rise as an offshore RMB financial centre: state–finance relations and selective institutional adaptation," Regional Studies, Taylor & Francis Journals, vol. 52(8), pages 1053-1064, August.
    • Handle: RePEc:taf:regstd:v:52:y:2018:i:8:p:1053-1064
    DOI: 10.1080/00343404.2016.1275538
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    Cited by:

    1. Sarah Hall, 2023. "Anticipating Sino-UK fintech networks and the changing geographies of money as infrastructure," Environment and Planning A, , vol. 55(4), pages 931-948, June.
    2. Kerry Liu, 2020. "Hong Kong: Inevitably irrelevant to China?," Economic Affairs, Wiley Blackwell, vol. 40(1), pages 2-23, February.
    3. Felicia HM Liu & Karen PY Lai, 2021. "Ecologies of green finance: Green sukuk and development of green Islamic finance in Malaysia," Environment and Planning A, , vol. 53(8), pages 1896-1914, November.
    4. Katarzyna Twarowska, 2019. "Reforms of China’s exchange rate regime and the renminbi interna-tionalization," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(4), pages 531-556, December.
    5. Imogen T. Liu & Adam D. Dixon, 2021. "Legitimating State Capital: The Global Financial Professions and the Transnationalization of Chinese Sovereign Wealth," Development and Change, International Institute of Social Studies, vol. 52(5), pages 1251-1273, September.

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