These people, for the most part, come from places like the U.S. and Britain, which have a relatively good history of currency management.
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If China can heal some of those rifts with a greater focus on rescuing those left behind by the new prosperity, this may in turn take some of the pressure off the government to subsidise export workers through currency management.
Typically, governments hold cash reserves in their central bank as foreign exchange reserves for the purpose of stabilizing currency and management of liquidity.
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Under the same pilot scheme, the regulators have approved another HSBC client to reduce its cross-border foreign currency cash management to a single payment.
The reason we have floating currencies today is to enable economic management via currency manipulation.
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Conventional academic wisdom is that this period has been a wonderful example of how economic management via currency manipulation can solve the terrible problems of the bad old gold standard years.
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That is because there is no natural income flow, unlike with bonds, in which investors receive a regular interest payment, said Thomas Kressin, who heads currency strategy for Pacific Investment Management Co. from Munich.
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Management blames a mix of currency problems and lower pricing in the crucial Russian market.
But again, that has nothing to do with the currency and everything to do with the management decisions of the financial institution.
Allowing companies to incorporate yuan into the ebb and flow of their treasury management operations marks another milestone in integrating the currency into the global economy.
Yesterday the U.S. U.S. Office of the Comptroller of the Currency and the Federal Reserve will require JPMorgan to improve its controls and risk management and the FSA in London may also be looking at some enforcement action, according to Bloomberg.
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"I'm not sure you can break Japan out of deflation with just moving the currency, " said Jan Dehn, co-head of research at Ashmore Investment Management Ltd.
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