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Happy Chinese New Year!

Happy New Year to all my Chinese students, teaching assistants, colleagues and friends!  Celebration!!

China Warns Soros Against Starting A Currency War: "You Cannot Possibly Succeed, Ha, Ha"

(Zero Hedge) George Soros may have broken the BOE and may well have been at least partially to blame for the Asian Financial Crisis, but he will not win an FX battle with the PBoC. At least that’s Beijing’s message to the billionaire, as conveyed via a characteristically hilarious “op-ed” in the People’s Daily entitled Declaring war on China’s currency? Ha ha

Yes, “ha, ha.” Although there’s nothing funny about the $1 trillion in capital that fled the country in 2015 on the heels of the PBoC’s bungled effort to “manage” a controlled devaluation of the yuan.

Although Soros didn’t specifically mention either the RMB or the HKD, he did indicate he is betting against Asian currencies in an interview with Bloomberg TV last week and that, apparently, was cause for Beijing to issue a stern warning. 

Soros’s war on the renminbi and the Hong Kong dollar cannot possibly succeed — about this there can be no doubt,” the People’s Daily says, after calling Soros “the financial crocodile,” and blaming the billionaire for “increasing volatility in already unstable financial markets.”

Please read more here.

IMF Adds Chinese Yuan to Basket of Global Reserve Currencies

 

Chinese Yuan Could Ultimately Replace U. S. Dollar As Global Reserve Currency

On Friday, International Monetary Fund Director Christine Lagarde basically green-lighted the proposal to add the Chinese yuan to the IMF's Special Drawing Rights basket of currencies. Peter Schiff told RT's Boom Bust that this is just another step in the direction of China surpassing the United States as an economic power. Ultimately, Peter believes China could back its yuan with the gold reserves it has been stealthily amassing and present its currency as a stabler alternative to the US dollar.

Please read more here.

As Shanghai Stock Market Tanks, China Makes Mass Arrests: ‘You Could Disappear at any Time’

 

by Pam Martens and Russ Martens

...what has received far less attention than melting China stocks is the mass arrests of dissidents, human rights activists, attorneys and religious leaders. More recently, the government has begun to “detain” journalists and finance executives in an apparent attempt to scapegoat them for the stock market’s selloff.

The mass arrests began in July, the same time the China stock market started to crater in earnest. Last evening, the Financial Times had this to say about the disappearance of Li Yifei, a prominent hedge fund chief at Man Group China.

“The whereabouts of Ms Li remained unclear on Wednesday. Her husband, Wang Chaoyong, told the Financial Times that her meetings with financial market authorities in Beijing had concluded, and ‘she will take a break for a while.’ ”

Bloomberg Business had previously reported that Li Yifei was being held by the police as part of a larger roundup of persons they wanted to interview regarding the stock market rout.

Please read more here.

Photo credit: TIME Magazine

Utter Desperation: Chinese Police Vow To Arrest "Malicious Short Sellers"

I didn't sell. I swear I didn't!!!!

 

(ZeroHedgeIn what can only be described as total and utter desperation, China's Public Security Ministry and China Securities Regulatory Commission arediscussing a plan to take action against "hostile short sellers"... (via Google Translate)

 
 

[ Ministry of Public Security in conjunction with the recent Commission investigation of malicious short stock and stock index clues ] correspondent was informed on the 9th morning , Vice Minister of Public Security Meng Qingfeng led to the Commission , in conjunction with the recent Commission investigation of malicious short stock and stock index clues show regulatory authorities to the operation of heavy combat illegal activities .

 

Please read more here.

China-Led Infrastructure Bank Sparks Obama Administration's Outrage

The Asian Tigers roar again!

Please read more here and here.

Chinese millionaire builds luxury homes for poor residents in his old neighborhood... for free

 

Xiong Shuihua was born in Xiongkeng village in the city of Xinyu, southern China and said that his family had always been well looked after and supported by residents in his childhood.

 

So when the 54-year-old ended up making millions in the steel industry he decided to repay the favour - for free.

 

A millionaire Chinese businessman has bulldozed the wooden huts and muddy roads where he grew up - and built luxury homes for the people who lived there

A millionaire Chinese businessman has bulldozed the wooden huts and muddy roads where he grew up - and built luxury homes for the people who lived there

 

Xiong Shuihua (pictured) was born in Xiongkeng village in the city of Xinyu, southern China and said that his family had always been well looked after and supported by residents in his childhood

Xiong Shuihua (pictured) was born in Xiongkeng village in the city of Xinyu, southern China and said that his family had always been well looked after and supported by residents in his childhood

 

After making his millions, the business tycoon decided to return to the village and give everybody a place of their own to live

After making his millions, the business tycoon decided to return to the village and give everybody a place of their own to live



Now that's what I'm talking about! Please read more about this amazing gentleman here.
  • Xiong Shuihua paid for wooden huts he grew up in to be knocked down
  • Tycoon then spent millions replacing them with luxury flats for residents 
  • He has housed 72 families to repay them for their kindness in his youth
  • A further 18 families who were particularly kind will be given villas to live in
  • Elderly and low paid residents will also be given three meals a day for free
  • Flats constructed in Xiongkeng village in the city of Xinyu, southern China 


Read more: http://www.dailymail.co.uk/news/article-2850436/Millionaire-Chinese-businessman-bulldozes-run-huts-village-grew-builds-luxury-flats-residents-instead-free.html#ixzz3KTZflRbB 
Follow us: @MailOnline on Twitter | DailyMail on Facebook
  • Xiong Shuihua paid for wooden huts he grew up in to be knocked down
  • Tycoon then spent millions replacing them with luxury flats for residents 
  • He has housed 72 families to repay them for their kindness in his youth
  • A further 18 families who were particularly kind will be given villas to live in
  • Elderly and low paid residents will also be given three meals a day for free
  • Flats constructed in Xiongkeng village in the city of Xinyu, southern China 


Read more: http://www.dailymail.co.uk/news/article-2850436/Millionaire-Chinese-businessman-bulldozes-run-huts-village-grew-builds-luxury-flats-residents-instead-free.html#ixzz3KTZflRbB 
Follow us: @MailOnline on Twitter | DailyMail on Facebook

U.S. Dollar Decline Continues: Singapore and China to Start Direct Currency Trading

  by Simon Black

 

This morning some of the biggest financial news of the year made huge waves all over Asia.

Yet in the Western press, this hugely important information has barely even been mentioned. (CNBC.com, for example, has yet to report on this story as of 11:45am Eastern…)

So what’s the news?

The Chinese government announced that the renminbi will become directly convertible with the Singapore dollar… effective tomorrow morning.

It’s clear this deal has been in the works for a while, and it’s another major step towards the continued internationalization of the renminbi and unseating of the dollar as the world’s dominant reserve currency.

For decades the renminbi has been a tightly controlled currency. It’s only been in the last few years that the Chinese government started loosening those controls, primarily in response to the obvious need for a dollar competitor.

The entire world is screaming for an alternative to the dollar and the US government.

Please read more here.

China Overtakes U.S. as World's Largest Economy

 

by Mike Bird

Business Insider

Sorry, America. China just overtook the US to become the world's largest economy, according to the International Monetary Fund.

 

Chris Giles at the Financial Times flagged up the change. He also alerted us in April that it was all about to happen

Basically, the method used by the IMF adjusts for purchasing power parity, explained here.

The simple logic is that prices aren't the same in each country: A shirt will cost you less in Shanghai than in San Francisco, so it's not entirely reasonable to compare countries without taking this into account. Though a typical person in China earns a lot less than the typical person in the US, simply converting a Chinese salary into dollars underestimates how much purchasing power that individual, and therefore that country, might have. The Economist's Big Mac Index is a great example of these disparities.

So the IMF measures both GDP in market-exchange terms and in terms of purchasing power. On the purchasing-power basis, China is overtaking the US right about now and becoming the world's biggest economy.

Please read more here.

 

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