We’ve said that this might be a dolorous year for the dollarless in China.
In which case, it’s nice of the State Administration of Foreign Exchange to loosen the rules under which Chinese companies can borrow abroad then — effective from June 1. Of course, as with all reform in China, attempts at liberalisation carry their own internal risks. In this case, the rise of external debt.
This is from Michael Pettis’s latest note (he’ll also be at Camp Alphaville, nudge-nudge): Read more
Ladies and gentleman, we have what looks like a reform framework proposal…
This is from Morgan Stanley’s Joachim Fels and Elga Bartsch:
Well, it didn’t come from us (taps side of nose) but apparently the EU has a covert, conspiratorial — rather German — top-secret eurozone reform committee.
From the EU affairs specialist, EurActiv: Read more
Barack Obama on Thursday urged a Wall Street audience that included Goldman’s Lloyd Blankfein to stop opposing financial reform, arguing it would only hurt banks “bilking people” out of money, the FT said. Obama also admonished the finance industry for sending “battalions” of lobbyists to Capitol Hill to fight the proposals.