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Finance & economics | The fleeing committee


XI JINPING PROVOKES A SPECTACULAR SELL-OFF IN CHINA’S MARKETS


INVESTORS MUST NOW CHOOSE BETWEEN VALUE AND VALUES


Oct 25th 2022 | Hong Kong
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On october 23rd China’s ruler, Xi Jinping, asked the Central Committee of the
Communist Party to endorse him and his team of loyalists to run the country for
the next five years. He had no trouble in securing their support. But the next
day, he had a lot more difficulty with the highly decentralised committee that
is the global financial market.

Foreign investors dumped China’s shares and its currency in spectacular fashion.
Hong Kong’s Hang Seng stockmarket index, dominated by mainland firms, fell by
over 6%. The sell-off was even worse in New York. The Golden Dragon index of
Chinese companies listed on the tech-heavy Nasdaq, which includes giants like
Alibaba and Baidu, fell at one point by 20%, reaching levels last seen before Mr
Xi took power ten years ago. The offshore yuan, which fluctuates more freely
than its onshore counterpart, weakened to its lowest value against the dollar
since the market began in 2010, before recovering a little in subsequent days.

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FINANCE & ECONOMICS OCTOBER 29TH 2022

 * Even super-tight policy is not bringing down inflation
 * Xi Jinping provokes a spectacular sell-off in China’s markets
 * Asia’s vast financial institutions are being enlisted to defend currencies
 * Can Gary Gensler solve every problem in American finance?
 * The surprising maturity of the crypto-rave crowd
 * How to escape scientific stagnation

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