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1.Market Observations, 8.Was Sticky

11 Aug 2017 (AFR) – Why Xi Jinping is taming China’s dealmakers

(11 August 2017, AFR, p29, by Lucy Hornby, Financial Times)

‘For China’s ruling Communist party, its foreign exchange reserves are a symbol of national strength and are a crucial buffer against economic shocks. So the alarming announcement that forex reserves had fallen below $US3tn in January marked a shift in political faultlines that is only being felt this summer. As more than $US1tn left the country over the previous 18 months amid a flurry of large overseas acquisitions, a sense of crisis grew within the party. Technocrats in Beijing had already prepared the ground to take action. In December, they had managed to link the phrase “national security” to the concept of financial risk at the annual agenda-setting economic work conference.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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