Support us China's ambitions for the yuan are bolder than most believe on Wall Street. Photo: Facebook Screengrab Wall Street has spent nearly two decades operating on a flawed assumption about China’s financial intentions. Eventually, Beijing would want what Washington has: the world’s reserve currency, the deepest capital markets and the extraordinary geopolitical advantages that come with financial dominance. That theory increasingly looks wrong. And if it is, investors may be underestimating one of the most important long-term shifts taking place in global finance. At this month’s Lujiazui Forum in Shanghai — seen as China’s equivalent of the World Economic Forum in Davos — the financial writing was on the wall for those who cared to notice. Senior officials announced a fresh round of measures designed to expand offshore renminbi markets, strengthen cross-border financing channels, bolster international participation in Chinese financial markets and promote Shanghai’s role as a global financial center.
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