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August 25, 2005

Capital Flows
Peter Galbraith and Iraq

I think the folks over at TPM Café are right: David Brooks' latest New York Times column is a real flip-flop.  He has gone from celebrating the United States firm commitment to universal democrat…

July 18, 2007

China
$136 billion here, $131b there and pretty soon you are talking about real money …

China announced that it added $130.6b to its reserves in the second quarter, only a bit smaller than the $135.7b it added in the first quarter.  Most of the increase was real: if China had 5% of its …

chinese_holdings_of_us_debt

December 2, 2007

China
China: selling Treasuries and buying yen? What do we know about how China manages its foreign assets?

Put the latest from Stratfor and Yves Smith (Naked Capitalism) together, and it seems like China may be scaling back on its holdings of US treasuries in order to buy yen.  Stratfor hints that China m…

chinese_holdings

September 29, 2007

China
Waiting for the Plenum

Michael PettisIt is hard to overestimate the importance to China's near-term and longer-term prospects of the 17th Plenum in two weeks.  These meetings, held every five years, are the main events…

December 10, 2007

China
The search for China’s missing foreign assets …

Yesterday I noted the remarkable slowdown in China’s reserve growth over the last few months.     Chinese reserve growth over the last three months – after adjusting for estimated valuation gains -- …

chinese_bank_fx_growth_12m_dec_07

December 19, 2007

China
The alliance between China’s (nominally) communist government and Wall Street deepens …

The China investment corporation (the CIC) is investing $5b in Morgan Stanley, taking a 9.9% stake.That is a bit of a surprise, at least to me.   After the CIC's (mark to market) losses on Blacks…

November 13, 2007

China
China’s CPI numbers look bad

Michael PettisFinally the November CPI numbers for China are in.  I said I would try to write about other things besides China, but here I am, my third post on Brad's blog, and still nothing but …

December 10, 2007

China
China’s missing reserves

Chinese policy makers continue to take steps to try to limit capital inflows into China.    The recent 1% increase in the reserve ratio also suggests ongoing inflows, or at least the need to steriliz…

chinese_reserve_growth_12_dec_07

April 11, 2008

China
China: $154b in q1 reserve growth

Neither the fact that China added $154b to its reserves in the first quarter ($153.9b) nor the fact that the RMB (briefly) broke through 7 was exactly a surprise. China’s reserves were heading u…

china_march_08_2_640_01

October 14, 2007

China
Why did China only add $100b to its fx reserves in the third quarter?

Chinese reserve growth, on the surface, seems to be slowing.   The q3 headline increase was “only” $101b – down from $135b in q1 and $130b in q2.   The actual slowdown is even more dramatic.    If Ch…