Come 2047, what will happen to Hong Kong? In recent years, talk about the city’s post-2047 future has intensified as its relations with the mainland grow strained over a number of issues. Most agree it is time for debate on what will happen to “one country, two systems” after 50 years.
The Chinese yuan, also known as the renminbi, is already convertible under the current account - the broadest measure of trade in goods and services. However, the capital account, which covers portfolio investment and borrowing, is still closely managed by Beijing because of worries about abrupt capital flows.