Contents

Featured Article

-Europe at a Crossroads by Nout Wellink

China

-China Rebalances Foreign Assets by David Marsh

-Moody’s Rating Decisions Not Reflective of Economic Fundamentals of Mainland China and Hong Kong by E Zhihuan and Ricky Choi

-The Promise of China's Pearl River Delta by Andrew Sheng and Xiao Geng

-The “Half-Opened” Mainland-HK Bond Connect by Steve Wang

-Financial Deleveraging Two Steps Forward One Step Back by Betty Huang, Tomasa Rodrigo and Xia Le

BRI and RMB Internationalization

-Outlook of Financing Along the Road From the Perspective of International Cooperation in B&R by E Zhihuan

-Utilizing on- and off-shore RMB Bond Markets for “Belt & Road” Financing Needs by Steve Wang

-The BIS Statistical Ingredients in the RMB Internationalisation Index (RII) by Herbert Poenisch

Macroeconomic Theory

-Income Gap Poisons Politics by Brian Reading

-There Is More to J.B. Say than ‘Say’s Law’ by Steve H. Hanke

-Defending the Dismal Science by Miroslav Singer

Monetary Policy

-Regulation as Science and Art by Felix Hufeld

-Central Banks Without a Rulebook by John Nugée

-Money Market Rate Hike a Step in Tackling China's Financial Risks by Wanda Tseng

-Prudent Approach to Shadow Banking by Xia Le

Green Finance

-Why Green Finance Is a House of Cards, and How to Fix It by Steve H. Hanke

-Institutions Propelling African Green Issuance by David Marsh

Fintech

-Fintech Initiative for Private Placements by Frank Scheidig

-The UK's Fintech Industry Support Policies and Its Implications by Hyoeun Yang

-Model Future for Mobile Banking by Mthuli Ncube

Working Paper

-Foreign Aid, Human Capital Acquisition and Educated Unemployment: Fish or Fishing by Chi-Chur Chao, Hua Fan and Xiangbo Liu

-The Belt and Road Initiative, RMB internationalization and Sino-Australian financial cooperation by Luo Yu