There are disturbing reports floating around today that the Chinese government has “ordered its reserve managers to divest itself of riskier securities and hold only Treasuries and US agency debt with an implicit or explicit government guarantee.”
The FT, and the city analysts it has spoken to, are speculating that the move may be in retaliation for US arms sales to Taiwan and Obama’s decision to meet the Dalai Lama.
In other cheery news, Iran is promising the ‘demise’ of the liberal capitalist system. But that’s supposed to be tomorrow.
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David Steven is a senior fellow at the UN Foundation and at New York University, where he founded the Global Partnership to End Violence against Children and the Pathfinders for Peaceful, Just and Inclusive Societies, a multi-stakeholder partnership to deliver the SDG targets for preventing all forms of violence, strengthening governance, and promoting justice and inclusion. He was lead author for the ministerial Task Force on Justice for All and senior external adviser for the UN-World Bank flagship study on prevention, Pathways for Peace. He is a former senior fellow at the Brookings Institution and co-author of The Risk Pivot: Great Powers, International Security, and the Energy Revolution (Brookings Institution Press, 2014). In 2001, he helped develop and launch the UK’s network of climate diplomats. David lives in and works from Pisa, Italy.
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