My skepticism about the validity of the IMF’s minimum required reserves formula does not mean that I am skeptical about everything in the letter Kyle Bass sent out to Hayman Capital clients. He addresses important issues, including its large and rising debt burden, but for the reasons discussed above I think China will be able to withstand net capital outflows longer than he and the market might currently believe. If I am right, however, it doesn’t mean that we can simply ignore the extent of the net outflows. And clearly the PBoC isn’t ignoring it. For reasons I can’t publicly disclose I am quite certain that Beijing and its policy advisors have been watching the large net monthly outflows with as much concern as anyone in the market.
中国广东暴雨持续 深圳发暴雨“红色警报”
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中国南部人口密度高、经济发达的珠江三角洲地区因连日持续的创纪录降雨,使当地一些城市遭受洪灾。 路透社报道说,自 […]...
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