The Convention of Chuenpi, signed in January 1841, marked the beginning of British control over Hong Kong. Although this treaty was established, it was ultimately rejected by the Emperor of China, which added to the complexities of British colonial ambitions in the region. This period was significant as it laid the groundwork for the transformation of Hong Kong into a British possession, a move that would have lasting implications for both Chinese sovereignty and British imperial interests.

Niall Ferguson's "The Ascent of Money" discusses these historical events within the broader context of financial history, illustrating how such treaties played a crucial role in shaping global economic systems. The ramifications of the Chuenpi Convention not only affected China but also influenced the dynamics of colonialism and trade in Asia, highlighting the contentious interplay between empires and local governance.