Images of China's pollution graced the front pages of international newspapers this past weekend, but will all the attention force change? Probably not.
The reformist credentials of China's new leaders are still far from clear, but HSBC says conditions are ripe for the renminbi to become fully convertible in five years.
A severe slowdown in industrial production will not seriously affect China's GDP growth for 2011, says Morgan Stanley, but the rapid turnaround has caused others to worry about a hard landing.
The licence enables Bank of New York Mellon to provide banking services to its institutional clients and will broaden its range of local and global capabilities.