China indicated its reserves have increased to $711 billion at the end of June -- up $101 billion from the end of December 2004. Actually, they are up more than that. China transferred $15 billion …

It has been a bit over a year since I started doing this.   I did not anticipate the blog would generate half the audience it has.   I often have focused on relatively obscure topics: the global bala…

I don’t think that Nouriel Roubini and I ever argued Bretton Woods 2 – an international monetary system based on central bank financing of the US deficit -- would absolutely collapse by the end of 20…

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…

China will have a current account surplus of over $200b this year.  China has about 1.3 billion people.   The GCC countries (Saudi Arabia and the small states on the Gulf) will also have a current ac…