本帖最后由 choi 于 1-24-2016 19:38 编辑
(1) Peter Coy. Money is pouring out of China as rapidly as it once poured in. That's a dilemma for Xi Jinping. (in the column "Opening Remark," the first article of each issue)
http://www.bloomberg.com/news/ar ... na-s-capital-flight
Quote:
(a) "With China’s growth outlook darkening and capital flowing out of the country, speculators have been betting heavily against the yuan. The People’s Bank of China effectively declared war on them in early January [buying yuan with dollar, at Hong Kong to prop it up] * * * Michael Every, head of financial markets research at Rabobank Group, called the rate spike 'murderous' and predicted that things wouldn’t end well for Chinese authorities. Central banks 'usually win a round like this, but lose in the end,' he told Bloomberg.
"China’s central bank isn’t freestyling. It takes its instructions from the government, which means President Xi Jinping. Xi has shrewdly consolidated power since his ascension in 2012, but he seems befuddled by free markets, at times allowing them to operate and at times trying to throttle them
(b) "Xi seems to realize that he paid a high price for the honor of having the Chinese yuan included, starting this October, in the International Monetary Fund’s basket of reserve currencies along with the dollar, the euro, the yen, and the British pound. To be included in the basket, China had to demonstrate that the yuan was 'freely usable.' That forced it to lower some investment barriers—enabling the capital flight now bedeviling the leadership.
Note:
(a) or quotation (a), see posting No 3 in the series.
(b) freestyle (adj, n)
http://www.oxforddictionaries.co ... n_english/freestyle
(c) "the temptation to amp up command-and-control will be great. "
amp (vt; origin: adenosine monophosphate -- not ampere): "EXCITE, ENERGIZE —often used with up <trying to amp up the crowd>; also : HEIGHTEN, INTENSIFY —often used with up <amp up the drama>"
http://www.merriam-webster.com/dictionary/amp
(d)
(i) Institute of International Finance
https://en.wikipedia.org/wiki/Institute_of_International_Finance
(1983- ; a global association or trade group of financial institutions; headquartered in Washington, DC)
(ii) Bank for International Settlements
https://en.wikipedia.org/wiki/Bank_for_International_Settlements
(1930- ; Location Basel, Switzerland; Membership 60 central banks)
(e) "Steven Wei Ho 贺威, a Columbia University economist"
(f) "Judging from China’s stop-and-go policies, its leaders haven’t completely wrapped their heads around the idea that they must make a choice. They still want all three parts of the impossible trinity."
(i) stop-and-go (adj)
http://www.merriam-webster.com/dictionary/stop-and-go
(ii) wrap one's head around:
can't get your head around sth: "If you say that you can't get your head around something, you mean that you cannot understand it <I just can't get my head around these tax forms>"
http://dictionary.cambridge.org/ ... our-head-around-sth
Occasionally: wrap one's brain around sth.
(g) impossible trinity
https://en.wikipedia.org/wiki/Impossible_trinity
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