London’s rise as an offshore RMB financial centre: state–finance relations and selective institutional adaptation
基于2013-2015年在伦敦和中国的实地研究，分析伦敦如何成为首个西方离岸人民币中心，揭示国家与私人资本从战略一致到利益分化的选择性适应过程，对理解离岸金融中心和人民币国际化有参考价值。
China’s currency, the renminbi (RMB), is increasingly important in global financial markets, facilitated by the global expansion of offshore RMB centres. This paper examines London’s development as the first Western offshore RMB centre established in 2013, drawing on original research conducted between 2013 and 2015 in London and China. The longitudinal analysis reveals that the development of RMB finance in London is characterized by selective adaptation in which state–private bargaining dynamics have shifted from strategic alignment to a bifurcation of interests. Understanding these state–finance relations has important implications for research and policy-making concerned with (offshore) financial centres and RMB internationalization.