Charles Evans, president of the Federal Reserve Bank of Chicago, picked a good week to visit Hong Kong. Not only is the city preparing for Rugby Sevens weekend — one of the biggest parties in the world sporting calendar. He also came just as a paper from the International Monetary Fund said policymakers needed to factor emerging market developments increasingly into their decisions. China and Hong Kong should expect an upturn in visits.
“You can do the monetary policy job without travelling and getting the first-hand experience, but I do find it useful,” Mr Evans told the Financial Times this week.
The IMF outlined China’s rising influence clearly enough. Its financial integration with the rest of world was expected to accelerate, the paper said, and its financial influence overseas would probably catch up with its economic prowess.