last 2 crises,( '99/ '04) == when non-performing loans went crazy in China without even a recession, the Chinese banking system was not re-capitalized like ours was, it was papered over.
Chinese banks == sitting on lots of bonds from the so-called asset management companies set up in 1999 and 2004, and they are keeping them at books (at par, at full value)
Agricultural Bank of China( which we're short) == those restructuring receivables are equal to over 100% of their tangible book.
The Chinese banking system == built on quick snds
foreign reserves of $3 tril
what liabilities against that??
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