Uwe Parpart (wtf sort of name is that anyway?) tries to weasel his way out of questioning, decrying the U.S. Fed as the sole evil in the world and how China has done nothing wrong, with regard to fucking the entire world over 100x–building ghost cities and wantonly manipulating every aspect of their bullshit economy.
Meanwhile, HIBOR spiked by 939 bps, to 13.4%– new record highs.
HIBOR is like the LIBOR, but without any semblance of dignity. The rate is set by the 20 banks that are authorized by the government to do so. The rate is used for Hong Kong’s absurdly overpriced real estate, valued in the trillions of Hong Kong dollars. The renminbi based HIBOR spread is indicative of CNH illiquidity in Hong Kong, creating an arbitrage. The net net result has been the PBOC intervening to prop up CNH, which is trading at a wide discount to mainland CNY–which has a tightening effect on the economy.
This all sounds really fucked up, like it’s not going to end well. Plus, look at the body language for the China apologist, very sweaty and jittery.
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