In a stunningly honest admission from a member of the elite, Zhou Xiaochuan, governor of China’s central bank, exclaimed multiple times this week to his G-20 colleagues that a bubble in his country had "burst." While this will come as no surprise to any rational-minded onlooker, the fact that, as Bloomberg reports, Japanese officials also confirmed Zhou's admissions, noting that "many people [at the G-20] expressed concerns ab
Patrick Chovanec submits:Senior officials of China’s central bank, the People’s Bank of China (PBOC), have left a trail of curious statements over the past month that appears to tell an interesting tale.
China's once-in-a-decade leadership change has put a new generation in the hot seat, led by Xi Jinping, the president-in-waiting. Last November's congress elevated Xi to secretary-general of the ruling party and head of a seven-man central committee. China's new cabinet will be confirmed next month when the national legislature meets in Beijing, with President Hu Jintao keeping a low profile as he prepares to hand over the baton to his successor. But not everyone is going quietly into the night.
Canada’s banks are considering a plan to make Toronto the first North American trading hub for China’s yuan, joining a global race for a share of trading in the currency of the world’s second-largest economy.