Financial deregulation in China is happening fast, says Saxo’s chief economist Steen Jakobsen
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The recent surge and violent decline of the share market in China has been filling the most recent headlines. But beyond this financial turbulence, there’s still a bigger story to be told about this giant market, says Saxo’s chief economist and CIO Steen Jakobsen, who recently visited China. Despite the intervention by authorities in the stock market to slow the decline in shares prices, “financial deregulation is happening faster than anyone ever thought” he says. According to the observations in the field of Saxo’s chief economist, the financial deregulation is not only taking the form of things like the Shanghai-Hong Kong link, or Shenzhen-Hong Kong and the qualified investor programme. “It also can be seen in the Shanghai Financial Zone and the firm belief in opening markets”, he says. On top of this, the pace of change is surprising even for Chinese officials, he notes. Additionally, Jakobsen’s attention is in the internationalisation of the Renminbi (RMB), which in his view is “the real fuel for the Silk Road project”. To read more visit: (VIEW LINK)
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