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A Convertible Redback

A Convertible Redback

One of our readers made a very thoughtful comment on our recent article regarding the internationalization of the yuan, which some now refer to as the “redback.” My reading of China’s monetary policy is that the country is more concerned about domestic inflation and the stability of the yuan than it is of the yuan’s appreciation […]

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Hope For The Sino-American Relationship

The hallways of the elementary school were filled with students, some as young as four years old, changing classes. Although they were busy going about the business of getting to their next class, each of the students greeted me with an enthusiastic “ni hao” as they passed by. If I had been in a school […]

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Cross Border M&A with China: Will It Really Happen?

Cross Border M&A with China: Will It Really Happen?

When I predicted at the end of 2010 that 2011 would be a banner year for cross-border mergers and acquisitions between China and the United States and China and Europe, I was not alone. Many investment bankers, lawyers and accountants have been gearing up for what everyone believes will ultimately be a big surge in […]

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Are China’s Property Prices in Freefall?

Are China’s Property Prices in Freefall?

In response to our recent post on the Chinese economy,  a reader asked the following: Jack, good summary. Do you have an opinion on the housing bubble? Gordon Chang last month said “Residential property prices are in freefall in China . . . .” Good question. There certainly has been a great deal of commentary […]

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China Investment Summit

China Investment Summit

If you happen to be in London from Oct. 25-28, you might think of attending the China Investment Summit being held at The Grange St. Paul’s Hotel in the City’s financial district. The Summit will bring together European and institutional investors, sovereign wealth funds, banks, fund managers, regulators and others seeking to access investment opportunities […]

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New Sources of Capital in China

New Sources of Capital in China

China’s capital markets are at an inflection point, and foreign-invested enterprises (FIEs) are seeing more opportunities to raise capital to fund their China operations than ever before. In terms of its capital markets, China finds itself in the same situation that the United States did at the beginning of the 1980s. During the 1970s, the […]

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Dim Sum Anyone?

Dim Sum Anyone?

No, I’m not talking about the meal of steamed dumplings and buns, rice noodle rolls, steamed vegetables, egg tarts and other Chinese delicacies that is so popular in Hong Kong. I’m talking about the $31 billion of RMB-denominated “dim sum” bonds that may be issued in Hong Kong this year. What’s a dim sum bond? […]

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China’s Equity Markets

China’s Equity Markets

It seems that nearly every company I speak to in China lately plans to go public in the next year or so. Most are not the Internet or social media companies that are the darlings of stock market investors everywhere. Instead, they are companies with sales as little as RMB 300 million ($46 million) that, […]

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China’s Property Bubble?

China’s Property Bubble?

James Chanos, the founder of hedge fund Kynikos Associates and the man who predicted the fall of Enron, is a very vocal bear on China’s property market. In April, 2010, Chanos was quoted as saying that China is “on a treadmill to hell…. is Dubai times 1000. They can’t afford to get off this heroin […]

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China’s Capital Markets At An Inflection Point

When I went to work on Wall Street in 1973 (Can it really have been that long ago?), the Dow Jones Industrial Average (DJIA) stood at 855. Seven years later, as the United States closed out the 1970s, it had actually declined a bit to 838. With such weak equity markets, of course, raising capital […]

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