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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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To: Hawkmoon who wrote (68044)	11/13/2010 2:02:08 AM
From: elmatador	Read Replies (1) of 217671

Recently, the Hong Kong Monetary Authority announced that its annual quota of 8 billion yuan for trade settlements had been reached, forcing it to tap a currency swap agreement with the People’s Bank of China for more. Banks in Hong Kong were surprised that a quota even existed. Andy Xie on China’s Striptease Act blogs.wsj.com Trust Andy Xie to have some strong words to put a damper on the yuan party. Mr. Xie, a former Morgan Stanley economist, said Chinese leaders are able to put a “ceiling” or a “cage” around any new initiative to do with the yuan’s internationalization, with the size of the cage determined arbitrarily by China’s leaders. Until there is political reform there can be no freely convertible currency, he said, without explaining further.

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