Should China have a global currency? What is HSBC’s stake? China is beginning an ambitious scheme to raise the role of the renminbi in international trade and finance and to reduce reliance on the US dollar,” said Qu Hongbin, China chief economist at HSBC.

HSBC - the Hong Kong Shanghai Bank Corp, is right in the middle of this issue, having abandoned the United States after a failed six-year plan for Household International.

Does HSBC have any financial stake in globalizing the use of the renminbi? I would not be surprised.

Meanwhile the World Bank said the United States should take the issue seriously.

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