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China eyes long game in Europe, Designing a sustainable recovery

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China eyes long game in Europe, Designing a sustainable recovery

THE WEEKEND REVIEW  OMFIF

Latest opinion and analysis from OMFIF around the world

13-17 July 2020, Vol.11 Ed.27 

Most-Read Commentary

Vexed but unruffled, China eyes long game in Europe Liu Xiaoming, Chinese ambassador to the UK, a smooth and seasoned diplomat, remained almost unruffled by a pacey set of questions on the prickly issues bedevilling relations between his country and factions of the western alliance. For all its renewed assertiveness, China still seems to have eyes on useful relations with European countries, even when they step out of line with Beijing policies, write Katie-Ann Wilson and Chris Ostrowski.

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Commentary

Portuguese central banker warns on populism: Populism will lower political support for the EU if member states exit from the crisis at notably different speeds, says Carlos da Silva Costa, Bank of Portugal governor. In a valedictory OMFIF interview, Costa underlined the need for complementarity between ECB easing and the €750bn recovery fund being discussed in Brussels today. He said Christine Lagarde, ECB president, was ‘the right person for the right moment.’
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Podcast

Designing a sustainable recovery: Tom Groom, managing partner for financial services at EY discusses the opportunities and risks to the sustainability agenda from the Covid-19 crisis. They focus on challenges for supervisors balancing priorities for immediate economic relief with the need to ensure a green recovery, the banking sector’s preparedness for upcoming regulations and the innovations needed in capital markets to scale up sustainable investment opportunities.
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Commentary

ECB pauses after easing sprint: On 16 July the European Central Bank’s 25-member governing council will deliberate on what has been the most active period in ECB history. After massive easing action the council is expected to mark a decision-making pause. There are 10 key issues on their minds – ranging from the pandemic emergency purchase programme and the German constitutional court episode to potential problems from disparate euro area recovery and underlying governance tensions on the council.
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Commentary

Eurodollar lessons for Hong Kong renminbi: The 1960s development of the Eurodollar market was of paramount importance. China’s build-up of control over Hong Kong offers parallels and contrasts. London became the dominant offshore dollar centre. If the Chinese government wanted true currency internationalisation, it would allow foreigners to trade offshore renminbi in markets like London and Singapore that would develop dynamics beyond China’s direct control. That may be a price Beijing does not wish to pay.
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