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August 28, 2007

Just how large is China’s subprime exposure?

Josef Joffe: [Can Moscow and Beijing] mend a global financial system battered by subprime crisis?   Where are the central banks of Russia and China?  Hmmm.    The fact that China and the oi…

September 4, 2007

Close to $500b of debt purchased over the last 18 months, and not a cent of subprime …

China’s reserve managers – the State Administration of Foreign Exchange – recently reported that they have exactly zero exposure to US subprime mortgages.    “"China's official forex reserves d…

December 19, 2007

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…

December 30, 2007

Does the China investment corporation (CIC) have a coherent investment strategy?

I personally would say no.  And I am not alone.  Tan Wei of mergermarket.com reports (in the FT) “a source familiar with the Chinese government’s thinking … who has direct access to the Chinese g…

January 17, 2008

Rebuilding Iraq

Western efforts to rebuild Iraq have focused on military and political progress but revival of civilian infrastructure lags badly.

April 22, 2008

Nationalism in China

Nationalism in China, surging amid protests over Beijing’s rule in Tibet, increasingly fills the role Maoism played before China embraced capitalism.

May 1, 2008

Managing China’s real appreciation

The BIS computes the real exchange rate for a broad range of countries (if only the data extended backwards a bit further). The BIS data shows that China’s real exchange rate tracked the US real e…


June 17, 2008

Spotlight on China: The Olympics

The increased international attention on China brought by the upcoming summer Olympics has fueled foreign demonstrations against China's political, environmental, and humanitarian policies, prompted …

August 5, 2008

Old habits die hard ...

At the first hint of a slowdown, the US tends to take steps -- like a fiscal stimulus package -- to support domestic demand. Though to be fair, the US has also loosened monetary policy, and one…


September 5, 2008


One of my usual laugh lines is that the CIC isn’t a sovereign wealth fund; it is a sovereign loss-minimization fund. After all, selling debt denominated in an appreciating currency (and one that…