Beijing and Shanghai are respectively the 14th and 20th most expensive cities in the world in which to live, according to the latest Mercer Human Resources Consulting cost-of-living survey. Hong Kong, ranked fourth between Tokyo and London, was the most expensive Chinese city. The study looked at 144 cities around the world, including five cities on the Chinese mainland, plus Hong Kong and Taipei. The move to peg the renminbi against a basket of currencies rather than just the US dollar was a major reason for cities on the Chinese mainland climbing up the scale, with Shenzhen rising 19 places, Guangzhou 11 places, Shanghai 10 places, Beijing five places and Tianjin three places.
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