China must raise rates, and HK should internationalise its dollar: Xiao

May 25, 2011

Economist Xiao Geng says China must raise interest rates, while Hong Kong’s opportunity is not with a renminbi peg, but turning its local dollar into a global currency for investors.

Columbia University professor Xiao Geng says China’s only way out of the current boom/bust cycle is to raise interest rates, even though this means overcoming many vested interests and fears of a hard landing for the economy.

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