The mainstream media, along with the European Commission, is working hard to make people believe that the UK’s Brexit from the EU will have devastating effects on the British economy. However, not only have their stock markets recovered from the days immediately following the referendum vote, but the leaving of the Union has ushered in many new opportunities that might not have occurred if their people had chosen to remain on board.
On Sept. 10, the mayor of the City of London announced that they will actively promote the expansion of the Chinese RMB currency, and be a primary dealer in its internationalization as a global currency.
As the western offshore renminbi hub, London will continue play its leadingrole to help promote the internalization of the Chinese currency, Jeffrey Mountevans, mayorof the City of London said here on Friday.
London welcomed the “truly significant” development of the internalization of renminbi,Mountevans told a press conference, adding the city took great pride, together with HongKong, to play their roles in the process.
“I think a great deal has been achieved in a very short time,” he said.
London will continue help promote renminbi products, Mountevans said. “We are committedto developing an industry that supports the currency’s growth as China’s markets open up.” - China Daily
The RMB is preparing to become the 5th currency tied to the IMF’s SDR on Sept. 30, and China’s financial authorities will soon become the managers charged with expanding this currency for international settlement. In addition, this new ‘currency’ will compete directly with the dollar as a global reserve for use in international trade, and allow nations to bypass the dollar which will lessen much of Washington’s power over the economy.
Britain is an important link on China’s Silk Road 2.0 project, and the final stop on a route that starts in Korea and ends in London. And with their financial district being a strong partner in helping to expand the RMB for international settlement as well, the new frontier following Brexit looks mighty rosy now for the UK.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.