Unity and alliance: The financial future of Greater China

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Journal Article
Economics and Business DevelopmentFinancial Centres and Stock Markets
Zheng, V., & Luk, R. (2013). Unity and alliance: The financial future of Greater China. East Asia, 30, 105–120.
Finance Greater China Hong Kong 

Greater China has been separated and divided for over a century. The reunification of Hong Kong and Macao on the eve of the New Millennium has paved the way for Greater China to reunify as a single economy with a single internationalized currency. History shows that financial and monetary collaborations are essential to the future of Greater China in the global arena. We argue that collaboration might begin with a common board in Hong Kong, Shanghai and Taipei for Greater China enterprises to list and trade in one synchronized market. The common board would also facilitate public and private bonds in support of the infrastructural development and globalization of Greater China enterprises. Due to its established financial market, system and culture, Hong Kong would be the undisputed home of the Greater China Enterprises Board. Financial collaboration would advocate monetary alliance when the Chinese renminbi is fully convertible. When the time comes, the offshore renminbi based in Hong Kong would become the counterpart of the Eurodollar in London. The Asianyuan, as it might be called, would be the truly internationalized and globalized renminbi.