Respatialising Finance. Sarah Hall

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Respatialising Finance - Sarah Hall


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centre as a territorial fix that is both shaped by and shapes global finance. In Part II of the book I operationalise and develop this conceptual approach through the case of RMB market making in London. In Chapter 4, I set out London’s role in RMB internationalization in more detail before describing my methodological strategies. Chapters 5, 6 and 7 each offer a different spatial cut through the ways in which London’s IFC serves as a territorial fix within RMB internationalisation.

      In Chapter 5 I focus on how and why London was identified as being a financial centre that had the potential to serve as a territorial fix to meet political and economic aspirations in both London and Beijing. In Chapter 6, I turn to the work of Chinese financiers working in London and their employing financial institutions. Very little work thus far on RMB internationalisation has studied the process through the individuals working in financial markets and in related fields, notably in legal services. Here I focus on the extent to which the labour markets that have developed to serve RMB internationalisation based largely around elite Chinese migration to London are integrated, or not with existing international financial labour markets in London. Empirically, the analysis in this chapter points to the relatively limited ways in which Chinese finance has become embedded within London. This is in contrast to previous rounds of internationalisation in the City, notably through the rise of the US investment banking model in the 1980s that changed banking business models in the City far beyond the US firms through which it was imported (Kynaston 2002). Conceptually, this chapter demonstrates how respatialising our understandings of elite labour markets beyond financial centres in North America and Europe can enhance our understandings of financial work. In particular, I show how the state and state policy figures in what are often assumed to be highly liberal labour markets.

      In the final chapter I reflect on how a respatialised understanding of financial centres that takes seriously the ways in which they serve as territorial fixes that both respond to the changing nature of global finance but also shape it in particular ways through the production of relational optics might be used not only to understand both RMB internationalisation and London’s role within it but also develop more geographically and politically sensitive readings of global finance more broadly. This wider theoretical as well as empirical contribution is important because studying an empirical phenomenon such as RMB internationalisation is challenging given the pace of change.

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