| Yea, and China is so well known for being the world leaders in corporate transparency, and they have done such a swell job of managing the market that the Shanghai composite has gone from over 5,000 in Jan, to below 2,000 currently (and folks have been bitching about the 4% DOW loss the other day). If the sky is falling in NY it must have already fallen in Shanghai.
China should better blend there foreign currency deposits - Dollar, Yen, Pound, Euro. Especially consdering China's biggest trading partner is the EU and their third biggest is Japan. However, even with EU companies China still does quite a bit of business in US dollars, and oil trade is in US dollars.
We saw some of the same type of comments not so long ago when the dollar seemed to be in a never ending dive against the Euro and Pound. Now the dollar has gained much of those losses back, and all that talk died down, as will this once the financial markets in the US stabilize. Problem is the talk should not die down, China should have a better balance - but will they?
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"Religion is an insult to human dignity. With or without it, you'd have good people doing good things and evil people doing evil things. But for good people to do evil things, it takes religion" - Steven Weinberg |