There is no assurance that the rewards of cosying up to China will outweigh the risks. China generally respects those who display firmness not weakness. Nor is there a guarantee that the renminbi will establish itself as a major reserve currency and that London will corner the market in it. But for Britain, a middle-sized power in relative decline thinking strategically how to play the fast-rising No. 2 economy in the world, its courtship probably makes sense.
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