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China gets increasingly plugged into global financial cycle - the biggest change in global capital markets in anyone's lifetime . . . there has never been a bond market this large in the history of the world that is not including in an index ftalphaville.ft.com/2019/04/01/155…
lots to be done still - this is a very controlled plugging in, and rightly so, given loss of monetary policy autonomy 
in a paper I published last year, I argued that China's turn to securities markets is strategy of harnessing reform of #shadowbanking into RMB internationalization
China is playing a dangerous Minsky game if it changes the plumbing of securities markets (the repo market) to suit the demands of Western investors. Chinese repo market is big and not yet systemic in the #shadowbanking sense
