Now that most reviews of Xi Jinping's policy pronouncements are in, we have to see where the real money is going. I think PIMCO has got it right - in assessing that for all contradictions of Xi Jinping's policies and still early innings in implementations of the same; Chinese polity and economy is at least getting steered in the right direction.
Crucial question is - would the world absorb two giant currency pools: one American and another future pool of Chinese currency / debt. Granted, today China does not issue much of its Debt globally. But as it starts rationalizing municipal debt market and more seriously implements systematic reforms to honor global title holders of its debts; we are talking some serious supply to the global Debt Market; the one which might compete with American Supply.
I suspect, there is enough disorder and lawlessness in rest of the world to absorb two equally giant guarantee providers of Debt and assets.
Let London make rest of the England suffer for the quest of bragging rights of global finance center; it will be Beijing though which will be effectively moving parts of global finance in years to come.