China's yuan policy has made Hong Kong redundant — Paola Subacchi

Hong Kong no longer plays the same financial role for China as it once did. Most of the rest of the world hasn't realized this yet. Hong Kong will continue as a financial hub of Asia, but it won't be the top dog anymore, and it is not now. Shanghai aims to be the major competitor of New York and London in a world in which the renminbi (RMB) plays a major role.

The renminbi is the Chinese currency, and the yuan (CNY) is the unit of account. "Renminbi" means "the people's currency" in Chinese.

Nikkei Asian Review
China's yuan policy has made Hong Kong redundant
Paola Subacchi
(h/t Automatic Earth)