<?xml version="1.0" encoding="UTF-8"?>
<rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:wfw="http://wellformedweb.org/CommentAPI/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
	xmlns:slash="http://purl.org/rss/1.0/modules/slash/"
	>

<channel>
	<title>China Financial Markets &#187; PBoC</title>
	<atom:link href="http://www.mpettis.com/category/pboc/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.mpettis.com</link>
	<description>Michael Pettis&#039; finance blog...</description>
	<lastBuildDate>Fri, 18 May 2012 14:38:38 +0000</lastBuildDate>
	<language>en</language>
	<sy:updatePeriod>hourly</sy:updatePeriod>
	<sy:updateFrequency>1</sy:updateFrequency>
	<generator>http://wordpress.org/?v=3.3.2</generator>
		<item>
		<title>Foreign capital, go home!</title>
		<link>http://www.mpettis.com/2011/08/17/foreign-capital-go-home/</link>
		<comments>http://www.mpettis.com/2011/08/17/foreign-capital-go-home/#comments</comments>
		<pubDate>Wed, 17 Aug 2011 11:32:14 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance of payments]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Reserve currency]]></category>
		<category><![CDATA[Reserves]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=1544</guid>
		<description><![CDATA[Is the PBoC going to stop buying USG bonds?  Once again we are hearing very worried noises from various sectors about the possibility of a reduction in Chinese purchases of USG bonds.  Here is what an article the South China Morning Post said: China will press ahead with diversification of its US$3.2 trillion in foreign exchange [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2011/08/17/foreign-capital-go-home/feed/</wfw:commentRss>
		<slash:comments>55</slash:comments>
		</item>
		<item>
		<title>What the PBoC cannot do with its reserves</title>
		<link>http://www.mpettis.com/2010/02/22/what-the-pboc-cannot-do-with-its-reserves/</link>
		<comments>http://www.mpettis.com/2010/02/22/what-the-pboc-cannot-do-with-its-reserves/#comments</comments>
		<pubDate>Mon, 22 Feb 2010 09:24:58 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance sheets]]></category>
		<category><![CDATA[Currency regime]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Reserves]]></category>
		<category><![CDATA[Policy]]></category>
		<category><![CDATA[wages]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=1173</guid>
		<description><![CDATA[It is a real toss-up as to which generates more bizarre comment in the international press: Beijing’s long-feared dumping of US Treasuries, or the use and value of the PBoC’s central bank reserves.  The revelation last week that Chinese holdings of US Treasury obligations fell in December by $34.2 billion, to $755.4 billion, generated a [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2010/02/22/what-the-pboc-cannot-do-with-its-reserves/feed/</wfw:commentRss>
		<slash:comments>155</slash:comments>
		</item>
		<item>
		<title>Debt is up, trade is down, and we still don’t know which way to list</title>
		<link>http://www.mpettis.com/2009/06/15/debt-is-up-trade-is-down-and-we-still-dont-know-which-way-to-list/</link>
		<comments>http://www.mpettis.com/2009/06/15/debt-is-up-trade-is-down-and-we-still-dont-know-which-way-to-list/#comments</comments>
		<pubDate>Mon, 15 Jun 2009 11:32:42 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance of payments]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Economic growth]]></category>
		<category><![CDATA[Exports and imports]]></category>
		<category><![CDATA[Fiscal debt and deficits]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Real estate]]></category>
		<category><![CDATA[Greendown]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=528</guid>
		<description><![CDATA[I am still working on my piece on the global savings adjustment and will probably post it in the next week or so. The main point is to discuss what the implications are for China if we see simultaneously over the next few years an increase in US savings and a reduction in global investment. [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/06/15/debt-is-up-trade-is-down-and-we-still-dont-know-which-way-to-list/feed/</wfw:commentRss>
		<slash:comments>35</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>Did China experiencing January hot money outflows?</title>
		<link>http://www.mpettis.com/2009/03/17/did-china-experiencing-january-hot-money-outflows/</link>
		<comments>http://www.mpettis.com/2009/03/17/did-china-experiencing-january-hot-money-outflows/#comments</comments>
		<pubDate>Tue, 17 Mar 2009 11:43:08 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance of payments]]></category>
		<category><![CDATA[Hot money]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Reserves]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=399</guid>
		<description><![CDATA[The market (or at least that part of the market that obsesses over balance of payment flows) has been swept with rumors today that foreign exchange reserves were down in January by $30 billion.  My experience with these sorts of rumors is that they tend to be fairly accurate, and I suspect they will soon [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/03/17/did-china-experiencing-january-hot-money-outflows/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Trade, CPI and other numbers came in this week</title>
		<link>http://www.mpettis.com/2009/03/11/366/</link>
		<comments>http://www.mpettis.com/2009/03/11/366/#comments</comments>
		<pubDate>Wed, 11 Mar 2009 12:51:48 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Currency regime]]></category>
		<category><![CDATA[Exports and imports]]></category>
		<category><![CDATA[Inflation]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Policy]]></category>
		<category><![CDATA[Trade protection]]></category>
		<category><![CDATA[Art]]></category>
		<category><![CDATA[Irving Fischer]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=366</guid>
		<description><![CDATA[Deflation and debt On Monday CPI and PPI numbers for February came out. CPI was down 1.6% year and year and PPI was down 4.5%, in line with or slightly below expectations and, according to Bloomberg, the highest rate of deflation among the 78 countries they follow. Some of this may be caused by one-off [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/03/11/366/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Can Smoot-Hawley only happen in the US?</title>
		<link>http://www.mpettis.com/2009/02/26/can-smoot-hawley-only-happen-in-the-us/</link>
		<comments>http://www.mpettis.com/2009/02/26/can-smoot-hawley-only-happen-in-the-us/#comments</comments>
		<pubDate>Thu, 26 Feb 2009 11:38:44 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance of payments]]></category>
		<category><![CDATA[Consumption and production]]></category>
		<category><![CDATA[Exports and imports]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Trade protection]]></category>
		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[People's Daily]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=314</guid>
		<description><![CDATA[Yesterday in a meeting I was asked by an investor why, even while I have been writing maniacally about the crucial importance of global cooperation, I was so consistently pessimistic about the possibility of the major economies arriving at a “grand bargain” that will minimize over the long term the cost of the current crisis. [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/02/26/can-smoot-hawley-only-happen-in-the-us/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Chinese real estate is in the headlines again</title>
		<link>http://www.mpettis.com/2009/02/24/chinese-real-estate-is-in-the-headlines-again/</link>
		<comments>http://www.mpettis.com/2009/02/24/chinese-real-estate-is-in-the-headlines-again/#comments</comments>
		<pubDate>Tue, 24 Feb 2009 08:53:01 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Informal banks]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Real estate]]></category>
		<category><![CDATA[Jack Rodman]]></category>
		<category><![CDATA[Pawnshops]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=309</guid>
		<description><![CDATA[The LA Times came out Saturday with a widely-noticed article on Beijing real estate, which features my friend Jack Rodman. Jack, who runs a firm called Global Distressed Solutions, is a bad-loan and distressed real-estate expert who has spent the last several years in China, and somehow has the energy to poke around among all [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/02/24/chinese-real-estate-is-in-the-headlines-again/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>There are monetary echoes from the 1930s too</title>
		<link>http://www.mpettis.com/2009/01/21/there-are-monetary-echoes-from-the-1930s-too/</link>
		<comments>http://www.mpettis.com/2009/01/21/there-are-monetary-echoes-from-the-1930s-too/#comments</comments>
		<pubDate>Wed, 21 Jan 2009 11:32:01 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance sheets]]></category>
		<category><![CDATA[Currency regime]]></category>
		<category><![CDATA[Hot money]]></category>
		<category><![CDATA[PBoC]]></category>
		<category><![CDATA[Reserves]]></category>
		<category><![CDATA[Eichengreen]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=185</guid>
		<description><![CDATA[I have been on the road for the past few (and next ten) days, in part because of Spring Festival, so I haven&#8217;t been able to post as much as I normally do, but I was asked to write an article for a Chinese magazine, which I recently finished, on comparisons between today and the [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/01/21/there-are-monetary-echoes-from-the-1930s-too/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Monetary conditions might exacerbate the Chinese adjustment</title>
		<link>http://www.mpettis.com/2009/01/15/monetary-conditions-might-exacerbate-the-chinese-adjustment/</link>
		<comments>http://www.mpettis.com/2009/01/15/monetary-conditions-might-exacerbate-the-chinese-adjustment/#comments</comments>
		<pubDate>Thu, 15 Jan 2009 13:38:21 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Currency regime]]></category>
		<category><![CDATA[Hot money]]></category>
		<category><![CDATA[Informal banks]]></category>
		<category><![CDATA[PBoC]]></category>

		<guid isPermaLink="false">http://mpettis.com/?p=182</guid>
		<description><![CDATA[I think if I were an economic policymaker in China I would be spending most of my time thinking about the money supply and how it works. There is a small but growing possibility that Chinese monetary conditions are going to go wrong at exactly the wrong time, and policymakers will need to have a [...]]]></description>
		<wfw:commentRss>http://www.mpettis.com/2009/01/15/monetary-conditions-might-exacerbate-the-chinese-adjustment/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
	</channel>
</rss>

