Building up to the climax of a speech in London in October, Bao Mingyou, the People’s Bank of China’s chief representative in Europe, told his audience of business leaders his country’s financial sector needed not only to adapt, but to take the lead.
“The process of renminbi liberalisation will be pushed ahead,” he said, before listing a series of financial reforms already undertaken — on renminbi rates and on the issuing of certificates of deposits and lending rates, among others.
Then came the climax. “This is the time for you to be more engaged and you will benefit in the long run,” he finished.
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