Xi Jinping made his first known visit to China’s central bank since he became president a decade ago, according to people familiar with the matter, underscoring the government’s increased focus on shoring up the economy and financial markets. Xi, along with vice premier He Lifeng and other government officials, visited the People’s Bank of China and the State Administration of Foreign Exchange in Beijing on Tuesday afternoon, said the people, asking not to be identified discussing private information. The vice premier also visited the nation’s sovereign wealth fund, the people added. https://www.bloomberg.com/news/arti...dented-pboc-visit-in-sign-of-focus-on-economy China´s economy along with Hong Kong is TOAST. China´s central bank MUST print monies like the US after GFC. Investors are fleeing mainland China and Hong Kong in Boeing 787 Max airplanes and they won´t come back for a very long time. https://www.bloomberg.com/news/arti...ning-with-country-garden-2007-hk-and-its-debt Country Garden’s $187 billion of total liabilities as of June 30 were well below Evergrande’s $328 billion. However, Country Garden has four times as many pending projects — 3,121 — as its rival, so a collapse by the firm would in all likelihood have a greater impact than Evergrande’s, according to Bloomberg Intelligence. https://www.bloomberg.com/news/arti...uts-seen-as-band-aid-solution-for-home-market Hong Kong’s Tax Cuts Seen as ‘Band-Aid Solution’ for Home Market
Is it a top-secret visit? I couldn't find the pix of President Xi's visit to the Central Bank. So that explains the mysterious price movement on 24 Oct 2023. On 24 Oct 2023 mid-European session, Hang Seng (and China A50) went up massively by 3%. on 25 Oct 2023, Hang Send (and China A50) went down massively by 3%.
https://www.reuters.com/markets/rat...fficial-says-budget-deficit-rises-2023-10-25/ while the term yet to be determined, i bet their cost of borrowing will be around 3-3.5%ish, much lower than the fed's.
Did not know that China's top leader visiting its central bank is supposed to be a secret. LOL Second, if you REALLY want to show that you are increasing focus on shoring up the economy and the financial markets, you do the opposite. You leave the economy and the financial markets the hell alone!! People are staying the hell away from China and now Hong Kong too because the government is interfering too much in the financial markets. Nobody wants to trade in a market where they won't be rewarded when they are right just because the government doesn't like the outcome of the market. The central bank is supposed to be independent and given free rein in managing the economy. Meddling in how a central bank does its job by a government leader is usually frowned upon. But then again, it's China...
Here is another view of Xi's China from The New Yorker: https://www.newyorker.com/magazine/2023/10/30/chinas-age-of-malaise
read it, very pretentious and patronizing, it is like telling the french that burgers and fish & chips are the best food in the world. admittedly diversity is not their best trait.
I don't understand what you were saying. The theme of the article, whether you agree or disagree: 1. Xi wants China to be the #1 superpower, now. 2. Xi's China is going back to become more like Mao's China. 3. It is consistent with their history: Dynasties and lifetime emperors/dictators, returning power to the state, and anti entrepreneurship/merchants. 4. Xi is taking a page out of Putin's playbook, surrounding himself with yes men, opponents and political enemies are imprisoned or disappearing one by one, some without a trace.... I think many of China's elites and entrepreneurs are voting with their feet, which is not good for them in the long run.
He writes that Hotel California being played by local band and Spanish avant-garde performers for hire as a sign of westernization and good progress, as if these are more culturally advace in his eyes, stuck in the 18th century under the Brititsh rules, when English must be taught. He is obviouly mistaken and wrong. Xi is not Mao and he can never be. It is like no one can be a second Geroge Washington, the founder of a new nation. Tactics, perhaps more or less from the old playbook the CCP knew so well. But has anyone tracked Xi's slow rise since his younger age? Was he a born leader? If we don't like him, surely somehow we can support his political opponent. I guess not. So it is a "Who lost China" question. But what will make Xi an equal, is to unify Taiwan, by peace or force. We shall see. Chinese political elites can't run, US congress had largely banned high ranking communists or their relatives entering the five-eye countries, unless they can provide information. Entrepreneurs, aka monies, come and go. Funds they took with them, were insignificant in comparison overall. Good for them to make it out, few millions here and there can take care of their kids in a trust fund but not generational wealth, they have to start over again from the outside. Their kids will have to work at some point, for an earned income, race to the bottom.