The great wall of capital controls surrounding China is falling apart. Yesterday a hole was knocked to allow Japanese capital into the country, after Japan became the first major developed country allowed to buy renminbi-denominated Chinese onshore bonds.
Already this year South Korea’s central bank has been given permission to buy Chinese securities and the China Development Bank has agreed in principle to lend in renminbi to Brazil, Russia, India and South Africa.
The capital controls are steadily being dismantled, with deep implications both for the world economy and investors.
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