Regulating the Geographies of Market Making: Offshore Renminbi Markets in London’s International Financial District
批判文化经济学对市场制造的空间想象不足，通过伦敦离岸人民币市场案例，将监管视为市场制造的关系性组成部分和领土性实践，分析北京和伦敦的监管变化如何影响伦敦作为离岸人民币中心的增长与局限。
In this article, I develop a sympathetic critique of cultural economy approaches to market making, arguing that the spatial imaginations deployed in this work remain comparatively limited. Drawing on the emerging dialogue between cultural economy and heterodox political economy approaches to money and finance, the article argues that a focus on regulation provides a valuable way of developing new understandings of the geographies of market making beyond cultural economy’s extant reading of space as context, particularly in the form of the financial trading room. Through an original case study of the making of offshore renminbi markets in London’s financial district, the analysis conceptualizes regulation as both a hitherto overlooked relational component of market making and as a set of practices that coconstitute the territoriality of markets. I demonstrate how regulatory changes made in Beijing and London are important in understanding both the growth and potential limitations of London as an offshore renminbi center. This has significant implications empirically, for the wider project of renminbi internationalization, and theoretically, in terms of understanding the geographies of market making.