For the better part of two decades, Hong Kong has served as the undisputed poster child for Beijing’s ambitions to internationalise the yuan.But in a world increasingly defined by sanctions, frozen assets and fears of US dollar weaponisation, policymakers are beginning to confront a strategic question: can a single offshore centre shoulder the burden of the yuan’s global ambitions?That question lies at the heart of Beijing’s latest efforts to expand Shanghai’s offshore finance role, reviving a...