Swiss franc

John Gapper

Arvind Subramanian’s piece in the FT arguing that the renminbi could become the world’s reserve currency within a decade strikes a chord since I spent the past couple of weeks in Hong Kong and China.

Rather like Mandarin is already rivalling Cantonese as a language in Guangdong province, Hong Kong residents are increasingly keen to hold savings in renminbi over Hong Kong dollars, given the latter’s peg to the US dollar.