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	<title>China Financial Markets &#187; Financial crisis</title>
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	<description>Michael Pettis&#039; finance blog...</description>
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		<title>Do sovereign debt ratios matter?</title>
		<link>http://www.mpettis.com/2010/07/20/do-sovereign-debt-ratios-matter/</link>
		<comments>http://www.mpettis.com/2010/07/20/do-sovereign-debt-ratios-matter/#comments</comments>
		<pubDate>Tue, 20 Jul 2010 08:59:34 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance sheets]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Financial crisis]]></category>
		<category><![CDATA[History]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=1287</guid>
		<description><![CDATA[In the past few weeks I have been getting a lot of questions about serial sovereign defaults and how to predict which countries will or won’t suspend debt payments or otherwise get into trouble.  The most common question is whether or not there is a threshold of debt (measured, say, against total GDP) above which [...]]]></description>
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		<slash:comments>44</slash:comments>
		</item>
		<item>
		<title>The pace of change</title>
		<link>http://www.mpettis.com/2009/12/26/the-pace-of-change/</link>
		<comments>http://www.mpettis.com/2009/12/26/the-pace-of-change/#comments</comments>
		<pubDate>Sat, 26 Dec 2009 10:26:45 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Demographics]]></category>
		<category><![CDATA[Financial crisis]]></category>
		<category><![CDATA[History]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=1139</guid>
		<description><![CDATA[Since it is the Christmas holiday, and I am spending the week in southern Spain with my family, I have not been focusing too heavily on economic data and have instead been reading lots of different stuff, including Frederic Wakeman´s excellent The Fall of Imperial China, about the transition from the Qing, especially the late [...]]]></description>
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		<slash:comments>52</slash:comments>
		</item>
		<item>
		<title>The credibility of farmers, priests and prostitutes – and bankers?</title>
		<link>http://www.mpettis.com/2009/08/26/the-credibility-of-farmers-priests-and-prostitutes-and-bankers/</link>
		<comments>http://www.mpettis.com/2009/08/26/the-credibility-of-farmers-priests-and-prostitutes-and-bankers/#comments</comments>
		<pubDate>Wed, 26 Aug 2009 12:05:30 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Banks]]></category>
		<category><![CDATA[Financial crisis]]></category>
		<category><![CDATA[NPLs]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=1050</guid>
		<description><![CDATA[Three weeks ago China Daily published a pretty funny article about a recent survey on credibility that had taken place in China. According to the article, At a time when shamelessness is pervasive, we are often at loss as to who can be trusted. The five most trustworthy groups, according to a survey by the [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/08/26/the-credibility-of-farmers-priests-and-prostitutes-and-bankers/feed/</wfw:commentRss>
		<slash:comments>51</slash:comments>
		</item>
		<item>
		<title>Notes on a real estate trip in China</title>
		<link>http://www.mpettis.com/2009/07/20/notes-on-a-real-estate-trip-in-china/</link>
		<comments>http://www.mpettis.com/2009/07/20/notes-on-a-real-estate-trip-in-china/#comments</comments>
		<pubDate>Mon, 20 Jul 2009 12:03:56 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance sheets]]></category>
		<category><![CDATA[Financial crisis]]></category>
		<category><![CDATA[Real estate]]></category>
		<category><![CDATA[Notes]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=588</guid>
		<description><![CDATA[I have wanted to discuss more on the real estate sector for a while even though I have to confess I am far from being an expert on the topic, and this in a market which even the experts find terribly confusing.  What the real estate market is really telling us about underlying monetary conditions [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/07/20/notes-on-a-real-estate-trip-in-china/feed/</wfw:commentRss>
		<slash:comments>64</slash:comments>
		</item>
		<item>
		<title>The dollar must be replaced – yet again</title>
		<link>http://www.mpettis.com/2009/03/24/the-dollar-must-be-replaced-yet-again/</link>
		<comments>http://www.mpettis.com/2009/03/24/the-dollar-must-be-replaced-yet-again/#comments</comments>
		<pubDate>Tue, 24 Mar 2009 12:41:02 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Currency regime]]></category>
		<category><![CDATA[Financial crisis]]></category>
		<category><![CDATA[Global liquidity]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Art bubble]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=411</guid>
		<description><![CDATA[Beijing music and art   Things have been so busy that I haven’t been posting as much as I would like.  Besides my increased writing commitments and the constant barrage of news, I would like to mention that over the past weekend we completed the second annual festival of experimental and avant garde music, featuring [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/03/24/the-dollar-must-be-replaced-yet-again/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Will China have to choose between social stability and long-term growth?</title>
		<link>http://www.mpettis.com/2009/02/09/will-china-have-to-choose-between-social-stability-and-long-term-growth/</link>
		<comments>http://www.mpettis.com/2009/02/09/will-china-have-to-choose-between-social-stability-and-long-term-growth/#comments</comments>
		<pubDate>Mon, 09 Feb 2009 12:01:47 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Financial crisis]]></category>
		<category><![CDATA[NPLs]]></category>
		<category><![CDATA[Policy]]></category>
		<category><![CDATA[Chile]]></category>
		<category><![CDATA[Great depressions]]></category>
		<category><![CDATA[Mexico]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=296</guid>
		<description><![CDATA[Wow! There are now rumors that Chinese net credit growth in January was substantially higher than the already-astonishing rumors of RMB 1.2 trillion I reported last week. I will get to that at the end of this entry, but I wanted first to discuss a possibly important issue related to credit intervention. It is probably [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/02/09/will-china-have-to-choose-between-social-stability-and-long-term-growth/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bring on the new financial order and punish the old scoundrels</title>
		<link>http://www.mpettis.com/2008/10/25/bring-on-the-new-financial-order-and-punish-the-old-scoundrels/</link>
		<comments>http://www.mpettis.com/2008/10/25/bring-on-the-new-financial-order-and-punish-the-old-scoundrels/#comments</comments>
		<pubDate>Sun, 26 Oct 2008 07:03:52 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Financial crisis]]></category>
		<category><![CDATA[History]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=1021</guid>
		<description><![CDATA[The third down week in a row had the SSE Composite finishing with a 1.1% loss Thursday and a 1.9% loss Friday, to close at 1840.  Checking the historical data provided by Bloomberg indicates that we have to go back nearly two years, to November 2006, right around the beginning of the ferocious Chinese bull [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2008/10/25/bring-on-the-new-financial-order-and-punish-the-old-scoundrels/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>South Korean jitters may make matters worse in China</title>
		<link>http://www.mpettis.com/2008/10/19/south-korean-jitters-may-make-matters-worse-in-china/</link>
		<comments>http://www.mpettis.com/2008/10/19/south-korean-jitters-may-make-matters-worse-in-china/#comments</comments>
		<pubDate>Mon, 20 Oct 2008 06:52:05 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Bank run]]></category>
		<category><![CDATA[Financial crisis]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=1016</guid>
		<description><![CDATA[After the globally coordinated rescue package was announced Monday the Chinese stock markets boomed in sympathy with the rest of the world, with the SSE Composite closing up 3.6% for the day.  Tuesday the SSE Composite shot up 3.5% within minutes of opening, but the party was already over in China.  Over the rest of [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2008/10/19/south-korean-jitters-may-make-matters-worse-in-china/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Worrying about the banking system</title>
		<link>http://www.mpettis.com/2008/09/23/worrying-about-the-banking-system/</link>
		<comments>http://www.mpettis.com/2008/09/23/worrying-about-the-banking-system/#comments</comments>
		<pubDate>Wed, 24 Sep 2008 06:35:32 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Bank run]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Financial crisis]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=1001</guid>
		<description><![CDATA[While Monday’s stock market, led by the banks, continued Friday’s big bounce back, rising 7.8% to add to Friday’s 9.5% surge, leaving us at a 2-week high (largely on buyback talk, I think), worries about the banking sector actually seemed to be deepening.  Today, perhaps in response, the stock market was a lot more confused, [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2008/09/23/worrying-about-the-banking-system/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Markets surge, but little has improved</title>
		<link>http://www.mpettis.com/2008/09/21/markets-surge-but-little-has-improved/</link>
		<comments>http://www.mpettis.com/2008/09/21/markets-surge-but-little-has-improved/#comments</comments>
		<pubDate>Mon, 22 Sep 2008 06:29:17 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Financial crisis]]></category>
		<category><![CDATA[Stock market]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=998</guid>
		<description><![CDATA[As everyone by now knows, a massive intervention Thursday by the Fed and the US Treasury, which the Financial Times calls “the most extensive peacetime expansion of the role of government in the financial system since the Great Depression,” and seemingly coordinated world-wide, caused a huge rally in global stock markets.  Chinese markets were no [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2008/09/21/markets-surge-but-little-has-improved/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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