The development of China into an economic powerhouse has transformed the global financial architecture. Holding the world's largest foreign exchange reserves, China has had an increasingly major role to play. China represents about 10 per cent of global GDP and by some estimates is expected to overtake the US as the world's largest economy by 2030. There is growing speculation that the Chinese currency will emerge as a global reserve currency rivaling the US dollar. Major financial centres, such as London, Hong Kong and Singapore, have launched initiatives to become global hubs for Renminbi trading. Can the Renminbi challenge the dollar as the global reserve currency? Does Beijing have the political and economic resolve to make the sweeping changes that will take the Chinese currency forward? Can the Chinese financial market become as deep, broad and liquid as the US? These are some of the questions that our expert panel (see below) will deal with, as they discuss the challenges, pitfalls and realities of currency internationalization, as well as the regulatory issues involved. The panel session will be moderated by Professor Bernard Yeung, Dean and Stephen Riady Distinguished Professor at NUS Business School.
- Professor Anthony Neoh, QC, SC, JP, Hong Kong Bar and Dean's Visiting Professor, NUS Business School
- Professor Eswar Prasad, Tolani Senior Professor of Trade Policy, Cornell University and Senior Fellow & New Century Chair in International Economics, Brookings Institution
- Dr. Cao Yuanzheng, Chief Economist, Bank of China
- Mr. Ong Chong Tee, Deputy Managing Director, Monetary Authority of Singapore