>>Just exactly what are these reforms and how long will they take to impliment. After they are implimented, how long after that will China actually do something?<<
Quote of Li Ruogu, the assistant governor of the PBoC, "We have already said, time and again, that we are moving towards more market-based, supply-and-demand based, exchange rates. How long it takes, I don't know," he said.
He said that in China's 8,000 year history, a decade was a short time.
Mish, rule of thumb, the more the media report on Yuan revalue upward, the less possible China will do anything. Personally, I think those are just the rumor from some currency traders with high-stake in it<g>
BTW, I read that Morgan-Stanley has 35% of ownership in a big JV finance company with China Construction Bank, and it is definitely doing some damage to Chinese stock market (A-Share) now. And some scholars now push Chinese gov. to have an investigation of that company. So I will read more critically of Andy Xie and Steven Roach commentary on China. Who know how much salt they put in is for Morgan-stanley's own financial interest? or maybe I should call it "manipulation"?<g> |
