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September 12, 2005

Show me the money (really, show me China’s reserves)

China's Alan Greenspan (Zhou Xiaochuan) has indicated China won't roil financial markets with "active composition adjustments of the foreign reserves."  fine.   But any central bank adding ab…

October 16, 2005

Is Tim Adams a closet Democrat? And some other musings on Snow’s trip to China

Clearly not, given his role in the Bush/ Cheney 2004 campaign. But he also seems to think China should develop a social insurance system to help spur domestic consumption.   Read Friday's Wall St…

May 3, 2006

Financial Markets
Stephen Jen knows currencies, not communiqués

Stephen – the dollar will go down, but “ the US will not adopt a weak dollar policy … and the sky will not fall on the dollar” – Jen has gotten the course of a the dollar/ euro roughly right for the …

May 6, 2006

United States
Muddle through until the end of 2008, and then it is someone else’s problem

That, according to George Packer, is the Bush Administration’s current strategy for Iraq:“As a strategy, this amounts to muddling through the rest of the Bush Presidency, without being forced to admi…

April 4, 2006

United States
Bill Gross, no longer the bond king …

Bill Gross of PIMCO certainly seems to think foreign central banks matter - despite the arguments from some in the Fed (and the Treasury).Foreign central banks made famous and in fact prosperous by t…

December 6, 2006

Yu Yongding is well-worth reading on sterilization — as is the Bank of New York on plans for a goverment investment fund

Martin Wolf’s series of columns on China has stimulated quite an interesting debate. I have been meaning to highlight it for some time – especially since it prompted Yu Yongding to lay out both his t…

January 25, 2007

Emerging Markets
Et tu, Argentina?

Argentina apparently bought $2.1b in the foreign exchange market over the past three weeks.  Brazil – if you are keeping tabs – bought around 3.65b.   The southern cone seems to have joined Bretton W…

July 8, 2008

Financial Markets
The FT joins the chorus arguing against the Gulf’s dollar peg

The FT’s leader concisely summarizes the arguments against the Gulf’s peg to the dollar. "The UAE either keeps its currency pegged to the dollar, in which case too many dirhams will chase too few go…

December 3, 2008

Should the currency of the country with a large and growing trade surplus and large and growing reserves depreciate against the dollar?

On Monday China apparently decided to allow the renminbi to depreciate against the dollar. Let’s be clear: China generally still has to intervene in the market to keep its currency from appreciat…

Should the currency of the country with a large and growing trade surplus and large and growing reserves depreciate against the dollar?

October 12, 2008

Financial Markets
On the precipice

Words no Managing Director of the International Monetary Fund ever wants to utter: “Intensifying solvency concerns about a number of the largest US-based and European financial institutions have pu…