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Hugh Hendry: “If China Devalues By 20% The World Is Over, Everything Hits A Wall”
Hugh Hendry: “If China Devalues By 20% The World Is Over, Everything Hits A Wall” Once upon a time Hugh Hendry was one of the world’s most prominent financial skeptics, arguing with anyone who would listen that the status quo is doomed and that central planning will never work. Most famously, back in 2010 during a BBC […]
G-20 Needs To “Man Up” Or Risk Sparking Market Chaos, Citi Warns
G-20 Needs To “Man Up” Or Risk Sparking Market Chaos, Citi Warns Two days ago, the man who now signs your Federal Reserve notes threw cold water on hopes for a so-called “Shanghai Accord.” Over the past month or so, anticipation has built among market participants for some manner of coordinated policy response at this weekend’s G20 summit […]
Benn Steil: Could China Have a Reserves Crisis?
BENN STEIL: COULD CHINA HAVE A RESERVES CRISIS? Last summer, U.S. lawmakers were condemning China for pushing down its currency, arguing that it was still “terribly undervalued.” But those days may be long gone. Chinese and foreigners alike have been stampeding out of RMB, leaving the Chinese central bank struggling to keep its value up and prevent […]
Ground Control to Captain Zhou Xiaochuan
Ground Control to Captain Zhou Xiaochuan Why would anybody suppose that the Peoples Bank of China might want to tell the truth about anything that was within their power to lie about? Especially the soundness of any loan portfolio vested unto the grasp of its tentacles? Of course, most of what China has done in […]
A “Death Spiral” for the Chinese Yuan?
A “Death Spiral” for the Chinese Yuan? The “impossible trinity.” The authorities in China are in a desperate juggling act, trying to keep a growing number of rotting oranges, porcelain plates, burning torches, and explosives in the air all at the same time. But it’s not working very well anymore. Thursday morning, the People’s Bank of […]
Breaking: China Cuts Interest Rate By 25 bps, Cuts RRR by 50 bps; Futures Soar; Fed December Rate Hike Back In Play
Breaking: China Cuts Interest Rate By 25 bps, Cuts RRR by 50 bps; Futures Soar; Fed December Rate Hike Back In Play Just two days ago, we noted that according to Citi’s Willem Buiter, there would be “Imminent Easing From Central Banks Of China, Australia, Japan And Europe.” Fast forward 48 hours when he is […]
Rolling Boulders Uphill
Rolling Boulders Uphill As symbols of futility go, that of Sisyphus takes some beating. In Greek mythology, Sisyphus was captured by the gods after having freed humanity from Death. They punished him, of course: he would spend the rest of his days pushing a boulder up to the top of a mountain. Just when he […]
China’s Central Bank Chief Admits “The Bubble Has Burst”
China’s Central Bank Chief Admits “The Bubble Has Burst” In a stunningly honest admission from a member of the elite, Zhou Xiaochuan, governor of China’s central bank, exclaimed multiple times this week to his G-20 colleagues that a bubble in his country had “burst.”While this will come as no surprise to any rational-minded onlooker, the fact […]
How China Cornered The Fed With Its “Worst Case” Capital Outflow Countdown
How China Cornered The Fed With Its “Worst Case” Capital Outflow Countdown Last week, in “What China’s Treasury Liquidation Means: $1 Trillion QE In Reverse,” we took a look at the potential size of the RMB carry trade, noting that according to BofAML, the unwind could, in the worst case scenario, be somewhere on the […]
Citigroup Chief Economist Thinks Only “Helicopter Money” Can Save The World Now
Citigroup Chief Economist Thinks Only “Helicopter Money” Can Save The World Now Having recently explained (in great detail) why QE4 (and 5, 6 & 7) were inevitable (despite the protestations of all central planners, except for perhaps Kocharlakota – who never met an economy he didn’t want to throw free money at), we found it fascinating […]
Why The Great Petrodollar Unwind Could Be $2.5 Trillion Larger Than Anyone Thinks
Why The Great Petrodollar Unwind Could Be $2.5 Trillion Larger Than Anyone Thinks Last weekend, we explained why it really all comes down to the death of the petrodollar. China’s transition to a new currency regime was supposed to represent a move towards a greater role for the market in determining the exchange rate for the yuan. […]
It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington
It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington On Tuesday evening, we asked what would happen if emerging markets joined China in dumping US Treasurys. For months we’ve documented the PBoC’s liquidation of its vast stack of US paper. Back in July for instance, we noted that China had dumped a record $143 billion in US […]
“Central Bankers Look Naked… & Investors Have Nothing Else To Believe In”
“Central Bankers Look Naked… & Investors Have Nothing Else To Believe In” Via RBS’ Alberto Gallo, “Policymakers responded to the financial crisis with easy monetary policy and low interest rates. The critics — including us — argued against ‘solving a debt crisis with more debt.’ Put differently, we said that QE was necessary, but not […]
First the Miners, now the Banks, then Property? Going to be a Hard Landing for… Australia
First the Miners, now the Banks, then Property? Going to be a Hard Landing for… Australia A housing market set for the mother of all corrections. “I think it’s important that people don’t hyperventilate about these type of things.” With these words, Australian Prime Minister Tony Abbott tried to soothe the world’s rattled nerves today about the ongoing […]
China Cuts Benchmark Interest Rate By 25bps, Cuts RRR By 50bps
China Cuts Benchmark Interest Rate By 25bps, Cuts RRR By 50bps What China was supposed to do over the weekend, and waited until its stock market tumbled another 16%, it has just done, because as MarketNews, Reuters and Bloomberg all just blasted, moments ago the PBOC cut both the benchmark and RRR rates: CHINA PBOC […]
