A few random considerations...
1) The same week that Jiang visited the U.S., Mr. Hashimoto went to Vladivostok and met Yeltsin. He then traveled to Beijing. As we know, Yeltsin met w/ Jiang shortly thereafter.
2) Just announced that Jiang attend the APEC meeting in Vancouver this month.
3) Also just announced, impromptu security (defense) meeting in Beijing. Japan and ASEAN ministers will attend.
4) Announced meeting to reorganize China's central bank; similar, structurally, to that of the U.S. Too much hanky-panky at the provincial level. The re-structuring intends to put an end to that.
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Something is going on. Strange that the press isn't providing any details, and precious little conjecture, on what transpires during the actual meetings.
And yes, Doug. They mean what they say about not devaluing. It would upset their current economic agenda. I believe, too, that Beijing is none too happy with the recent volatilities.
Words similar to the following may have been disseminated: "We have no interest in theories of involvement where recent market events are concerned. We are, however, aware of certain parties comprising the vanguard of the forces which appear to stimulate these events. Though it is our stated policy not to interfere in such matters, we are prepared to provide contingent events that will ensure the security of China's domestic economy; which, as you are aware, is proceeding through a critical stage of progress."
Based on the three (3) notable currency devaluations in China's history, I must also believe the PBOC (People's Bank of China) is in possession of a considerable amount of gold bullion. And, at current prices, continues to accumulate the yellow metal. |
