 response to the Moody’s downgrade of Chinese sovereign debt, a potentially damaging result that could have heightened risk perceptions all over again.
Just a few weeks later, Chinese officials made a public point to announce that they were buying US Treasuries again. Having been forced to sell off an enormous quantity during the “rising dollar” period, they seemed particularly eager to highlight their expectation for such degradation to be, in their judgment, past tense. According to TIC figures the Chinese have been doing so all year but stepped it up in June, so the announcement and more so the timing of it seems peculiar in the same manner of managing risk perceptions.
That sets up an interesting divergence, perhaps one of these outlier dots waiting to be connected to something else. The central bank itself reports its forex assets continuing to decline, the very basis of the Chinese monetary system. If they are buying UST’s, especially since June, what else has to be going on?
To clarify, we should not expect a perfect relationship between TIC data and the PBOC reporting of its asset holdings. The latter is far more comprehensive in that there are much more than UST’s in those tens of trillions (RMB) of assets, and the PBOC is not the only official agency active in these places (including holding UST’s). But what else is in there? We don’t really know.
It could be that the PBOC is selling euro-denominated assets to raise dollars in order to buy UST’s, to make it seem like China has no more “dollar” problem. Or perhaps Hong Kong dollars?
If they are using HKD as an intermediary, the PBOC could do so without leaving any trace as far as accounting. The IMF templates for reporting such things remain empty in the places where swaps, forwards, and term funding arrangements would show up. Not only that, the PBOC can direct its banks to undertake these or similar transactions on its behalf.
The simple fact is that Chinese monetary policy, which includes CNY and therefore “dollars”, matters a great deal to the global economy and its markets; both as a reflection of global monetary conditions in “dollars” as well as affecting perceptions of more than liquidity risks. The ability and willingness of the PBOC to manage its RMB policy under the “rising dollar”, whether ended or still ongoing in some other form or phase, has had an enormous impact on the global system.
The effect of Chinese monetary policy, as a consequence of global “dollars”, was more than just those two stock liquidations shown above. There was the much greater matter of a serious global downturn that resulted in a near-recession here in the US and by all accounts so far in 2017 one with no real rebound or recovery. The whole economy worldwide has become that much weaker for it, and Chinese monetary policy at that time played a big role in that outcome.
The question to ask now is, “are they finally getting it right?” To my analysis, sadly, it doesn’t look that way. No matter what they do the PBOC might be doomed because the real problem is bigger than it or China or any single country. The best that might be said is they had a big hand in ending the “rising dollar” phase, but that’s still far short of ending the eurodollar decade.
I wrote last summer that global monetary policy is “written in Chinese after being developed in Tokyo and Hong Kong (and maybe still London).” It doesn’t appear as if that has changed, though the manner in which it is carried out or why may have.In general, we use the personal details indicated in applications or notifications that apply to the applicant and to other individuals. Such data include names, addresses and other basic details. Authorities also provide us with details.
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The privacy statement for the Finnish Business Information System BIS (YTJ in Finnish) is at ytj.fi. Go to the privacy statement for BIS at ytj.fi.It’s not an uncommon story in Japanese suburbia: a large plot of land gets bought up by a developer, who slices and dices into 20, sometimes 50 cookie cutter homes that look almost identical. So was the case of a family in Ikoma City, right on the border of Nara Prefecture. When they moved into their new home they found themselves with a large backyard, the majority of which was intended for parking.
So with the help of architect Takanori Kagawa of SPACESPACE, the family renovated their backyard and created a fully-defined, multi-functional space out of just concrete. The concrete begins by connecting the living room and kitchen to a large outdoor space – an extension, almost, of the living area. The concrete then rises up, creating seating and a milk-carton like shape whose inside serves as a cover for bicycles and the family car.
And if that wasn’t cool enough, the architects also went to work on the living room on the 1st floor, transforming the structural beams in the large space into shelving and hangars.
 must to keep them healthy and strong. Stuffed Banana. Ripe Banana stuffed with grated coconuts, nuts and then it is fried in ghee. nutritious snacks. I can assure you that your family and Kids will love this snack. It is a very healthy snack for kids.
[ingredients title=”Ingredients”]
- Plantain/ Ripe Bananas (Nenthrapazham ) – 4
- Grated Coconut – 1/2 cup
- Cardamom Powder – 1-2 tspn
- Broken Cashewnuts and raisins – 1/4 cup
- Sugar – 1/4 to 1/2 cup or more as per your taste
- Ghee – 3 tbspn
- All purpose flour – 5 tbspn
- Water – as required
- Oil – for deep frying
[/ingredients]
[directions title=”Directions”]
- In a pan heat ghee and roast dry fruits until they turn nearly brown. Switch off the flame. In to the same pan, add grated coconut and sugar and cardamom powder and mix well. Keep this aside.
- Now Peel and cut both the ends of banana. From at least half inch of one end make a slit in the plantain lengthwise. i.e the end parts remain intact and won’t open.
- Stuff the filling into these slit using hands.
- Make a medium thick paste of maida and water. Cover the slits using these paste. You can also coat the entire banana with the same batter, but thinner version. This is to restrain the stuffing to come out while frying.
- Repeat, till you are done with all the bananas.
- Heat oil in a pan and fry them till they turn golden brown.
[/directions]Airbus SE posted earnings ahead of expectations for the first quarter despite the negative impact of sanctions against Russia, and said it would boost future production rates for its A320, the single-aisle rival to Boeing Co.'s 737 MAX.
The European plane maker said Wednesday that adjusted earnings before interest and taxes--a key profitability metric--climbed to 1.26 billion euros ($1.33 billion) from EUR694 million in the first quarter last year. However, sanctions against Russia shaved off EUR200 million in earnings.
Standard net profit jumped to EUR1.22 billion from EUR362 million, while free cash flow before mergers and acquisitions and customer financing--another closely watched metric for the company--fell to EUR213 million from EUR1.20 billion. Revenue increased to EUR12 billion from EUR10.46 billion.
Analysts had forecasts adjusted EBIT of EUR719 million, net profit of EUR460 million and free cash flow before mergers and acquisitions and customer financing of EUR124 million, according to a company-compiled consensus. Revenue was expected to come in at EUR12.05 billion.
"Our 2022 guidance is unchanged, even though the risk profile for the rest of the year has become more challenging due to the complex geopolitical and economic environment," Airbus Chief Executive Guillaume Faury said.
"Looking beyond 2022, we see continuing strong growth in commercial aircraft demand driven by the A320 Family. As a result we are now working with our industry partners to increase A320 Family production rates further to 75 aircraft a month in 2025," he added.
For 2022, Airbus continues to target 720 commercial aircraft deliveries, adjusted EBIT of EUR5.5 billion and free cash flow before mergers and acquisitions and customer financing of EUR3.5 billion.Our webcast day ends with Arkansas Republican legislative leaders — and I do mean leaders — holding a late afternoon public session to bring around votes for their "private option" version of implementing Obamacare Medicaid expansion in Arkansas. The Democratic Party is lobbying for it. I'm for it. Kochheads aren't for it