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Asia-PacificJune 1 2008

Drowning under the mainland wave

Moves to make the renminbi freely convertible, combined with the growth of rival financial centres on the Chinese mainland such as Shanghai, are chipping away at Hong Kong’s importance to international investors. Karina Robinson reports.
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Some things in Hong Kong never change, such as the Filipina maids meeting on their Sunday off in the open air to picnic and chat, or the constant speculation about when the Hong Kong dollar peg will be abandoned for the renminbi.

What has changed for the worse is the pollution and, say critics, Hong Kong’s importance to mainland China as a financial centre and a conduit to the outside world.

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