Jan 9 -- China: Creditor to the Rich
Council on Foreign Relations, Brad Setser – China’s government is now by far the largest creditor of the United States. Never before has a country as poor as China lent so much money to a country as rich as the United States. And never before has the United States relied so heavily on another country’s government for financing.
Jan 8 -- Kissinger, Obama and the communist Chinese
World Tribune (Accuracy in Media, Cliff Kincaid) – Henry Kissinger made headlines on Jan. 5 by proclaiming Barack Obama to be the architect of a “New World Order.” He told CNBC that “His task will be to develop an overall strategy for America in this period when, really, a new world order can be created. It’s a great opportunity, it isn’t just a crisis.”
But just as significant as this eye-opening statement was where Kissinger made it: the floor of the New York Stock Exchange (NYSE).
Kissinger, a former Secretary of State, was alongside Stephen Orlins, president of the U.S. National Committee on U.S.-China Relations, and two Chinese officials, as Orlins rang the market bell and declared that the 45 Chinese companies with a market capitalization of $802 billion that are listed on the NYSE were “emblematic of the economic integration of the two countries.”
Jan 9 -- China busts 40 illegal banks in five months
People’s Daily – Chinese authorities busted more than 40 major illegal private banks from July to November this year, the Ministry of Public Security (MPS) said here Friday. The illegal banks were uncovered in a five-month joint operation between the MPS, the People’s Bank of China and the State Administration of Foreign Exchange, in eastern Fujian and Jiangxi provinces and southern Guangdong Province.
Jan 9 -- China said to let foreign banks trade corporate bonds (Update1)
Bloomberg (Tom Kohn) – China will allow foreign banks to trade corporate bonds in the interbank market for the first time, fulfilling a pledge made during talks with the U.S. in December, two people familiar with the matter said.
China is opening its financial markets, allowing more foreign bank ownership and encouraging bond and stock sales as it tries to stem the impact of a global slowdown on its economy.
Jan 9 -- China c.bank scraps floor on interbank bond issues
BEIJING (Reuters) – China’s central bank on Friday scrapped a 500 million yuan ($73 million) floor on interbank bond issuance, which it said would give a boost to the country’s debt market.
