January 19, 2006

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Karl on the yuan

A great cliche for China watchers is how rapidly the Communist nation is becoming a market economy. Another is how China's vast foreign exchange reserves mean America's economic policy is being wagged by China, especially the People's Bank of China. So these frontiers of finance in a new fangled Chinese market economy are cutting each capitalists, right? Well, perhaps...from the SCMP:

The People's Bank of China has launched an anti-corruption drive in which it will draw on Marxist theory and methods to investigate its branch managers. Central bank governor Zhou Xiaochuan and its chief disciplinary officer, Wang Hongzhang, aimed to make Communist Party members and managers at the bank more honest and better able to fight corruption, the central bank's website said yesterday.

The drive would "employ a Marxist stance, perspective and methods to investigate and analyse problems", it said. "The collective decisions of the bank's leadership will be examined." It did not mention any specific incidents.
I can't find the part of Das Kapital that refers to managing US$800 billion in reserves, but I feel safer in the knowledge that Karl will be helping clear the cobwebs of corruption from the People's Bank. And it clears up why Kim Jong Il was traipsing around China last week.

Solidarity, Comrade Hemlock, in your struggle against ex-SCMP reporter Tinnie Chow and the CBC.

posted by Simon on 01.19.06 at 01:14 PM in the China economy category.


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Even more solidarity on the misguided ramblings of ex-scmp dragon/media hack 'Tiny'Chow...what's funny is the "letter" from Mr Lin esq that was sent on Tiny's "behalf"... as someone who had the unfortunate displeasure of crossing tracks in LA w/ the said ex-scmp press release channeler...the address that was listed as Mr Lim Esqs' also happens to be the apt Tiny lived at in LA...with two other women...hmmmmm... no Mr Esq there. How do you say "busted ghostwriter" in Cantonese...??

posted by: michael on 02.04.06 at 03:24 AM [permalink]

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