AGAINST a backdrop of a dispute over democratic reform in Hongkong, China and Britain are quietly laying the groundwork for the territory's economic future.
While the prospects for ''convergence'' - the term coined by Beijing for agreement over interpretation of treaties between the two countries - on the political front appear dimmer by the day, convergence on matters monetary appears entirely seamless.
Epitomising this is the formation of Hongkong's de facto central bank, which marks its formal establishment today in what is viewed as a sign of Beijing's unequivocal support of the territory's financial system and the British-formulated policy which underpins it.
''On monetary management, the objective is quite clear,'' says Mr Joseph Yam Chi-kwong, chief executive of the new authority.
''We are talking about stability and prosperity. There's no scope for different interpretations of what that should be.
''There is no difficulty at all, which is a clear indication that rather technical matters like monetary management, reserve management and banking supervision can actually be separated from politics.'' Perhaps this is not surprising given what some might view as a culturally ingrained penchant for pragmatism where money is concerned among the Chinese and British.