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short A+ A- Написана на : 2017-05-19 15:33:38

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??