The China Dimension of The Global Credit Crunch
London, UK - 29 August 2007, 09:39 GMT
Dear ATCA Colleagues
[Please note that the views presented by individual contributors
are not necessarily representative of the views of ATCA, which is neutral.
ATCA conducts collective Socratic dialogue on global opportunities and threats.]
We are grateful to:
. Andrew Leung, CEO, AL International, London, UK, and frequent visitor to
China for "The China Dimension of The Global Credit Crunch;"
Dear DK and Colleagues
Re: The China Dimension of The Global Credit Crunch
When the sub-prime storm first started to brew, the Asian, and especially,
the Chinese front was relatively calm. Many believed that most Asian banks,
especially Chinese state-owned banks, tended to be more conservative in their
operations. Moreover, most Asian countries, especially China, have strong
foreign exchange reserves, robust economies, and generally undervalued currencies.
So there was little to be unduly alarmed. I, for one, believed that China's
direct sub-prime exposure was fairly limited.
[CONTINUES]
[ATCA Membership]
Best regards
Andrew K P Leung, SBS, FRSA
Andrew Leung has over 40 years of experience in a variety of senior positions
working closely with China, including Hong Kong, covering commerce, industry,
finance, banking, transport, social welfare and diplomatic representation.
He has addressed numerous local and international business and strategic fora,
groups and organisations on China, including making regular television appearances.
He has written many key commentaries on China for pre-eminent global networks
such as ATCA. His audience includes finance and investment houses, institutional
investors, large businesses, think tanks, senior officials and business executives
as well as business schools. He was twice sponsored personally by the US Government
on briefing visits to the United States, including a month-long visit to brief
Chairmen and CEOs of multi-nationals on China, post-Tiananmen Square. He was
sponsored by the Economist as a speaker at a China conference in Berlin with
the German Foreign Affairs Institute. He was invited to brief personally the
Duke of York and the Lord Mayor of London prior to their China visits.
[ENDS]
We are grateful to:
. Andrew Leung, CEO, AL International, London, UK, and frequent visitor
to China for "The China Dimension of The Global Credit Crunch;"
* The ATCA Research & Analysis Wing (RAW), based in Canary Wharf, London,
UK, and Dr Harald Malmgren based in Washington, DC, USA for "Off-Balance
Sheet Conduits & SIVs Raise Wider Concerns;"
* Prof Charles Calomiris, Columbia Business School, New York & Prof
Joseph Mason, LeBow College of Business, Drexel University, Philadelphia,
USA for "The Conflict of Rating Agencies and
Regulation - We need a Better Way to Judge Risk;"
. Dr George Feiger, President & CEO, Contango Capital Advisors, based
in Berkeley, California, USA for, "Questioning
the Views of a Nobel Laureate;"
. Prof Joseph Stiglitz, Nobel Laureate in Economics (2001), Columbia University,
New York, USA , for "Day of Reckoning for Americans
who lived Beyond their Means;"
. Dr George Feiger, President & CEO, Contango Capital Advisors, based
in Berkeley, California, USA for "Suggestions
for Resolving Sub-Prime Dilemma Step by Step;"
* Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, USA
for "Understanding Rating Agencies beyond
the Sub-Prime Meltdown;"
* The ATCA Research and Analysis Wing (RAW), based in Canary Wharf, London,
UK, for "Asymmetric Knowledge Risk and Market
Deadlock;"
* Anthony Whitehouse based in Coppet and Geneva, Switzerland, for "High
Credit Ratings and Breakdown of Trust;"
* John Pickering, Vice-Chairman, Labour Finance and Industry Group, based
in London and Tunbridge Wells, UK, for "Role
of Auditors;"
* The ATCA Research and Analysis Wing (RAW), based in Canary Wharf, London,
UK, for "ATCA QUERY: Role of Credit Rating
Agencies;"
. Peter Tasker, Founding Partner, Arcus Investment, based in Tokyo, Japan,
for "Resilience of Corporate Profits &
Sub-Prime Fiasco -- Global View from Japan;"
. Daniel Morler, Head of Middle East, LGT Private Bank, based in Vaduz,
Liechtenstein, for "Human Factor, Information
Lag, Geo-Politics and Central Banks;"
. Justin Urquhart Stewart, Director, Seven Investment Management, London,
UK, for "Pride Before the Fall -- Those Who Don't Know that they
Don't Know;"
. Martin Wolf, Associate Editor & Chief Economics Commentator, Financial
Times, London, UK, for "To Cut or Not to
Cut: Federal Reserve must Prolong the Party;"
. The Hon Al McDonald, Chairman and CEO, Avenir Group, from Michigan, USA,
for "Balancing The Role of Management in Extreme
Financial Turbulence."
. The ATCA Editorial Team based in Canary Wharf, London, UK, for "Subprime
Crisis Spreads Across Regions and Financial Sectors;"
* Hervé de Carmoy, European Vice-Chairman, Trilateral Commission,
based in Paris, France, for "Role of Large
Financial Institutions in Fuelling Crisis;"
* Dr Jim Walker, Chief Economist, CLSA, based in Hong Kong for "China
Chaos and Subprime Butterfly;"
. Ashutosh Sheshabalaya, CEO, India-Advisory, based in Brussels, EU, and
Bassilly, Belgium, for "India turns History
Upside Down;"
. John Elkington, Chief Entrepreneur, SustainAbility, based in London, UK,
and returning from India, for "Mother Convulsion
- India's Third Liberation;"
. Stephen Lendman, based in Chicago, Illinois, USA, for "Slow
Motion Train Wreck" via Ashok Khosla, Chairman, Development
Alternatives, New Delhi, India;
. The ATCA Editorial Team based in Canary Wharf, London, UK, for "Market
Convulsions;"
. Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, USA
for "Federal Reserve's Changed Focus;"
. Bill Emmott, Director, UK-Japan 21st Century Group, based in London and
Somerset, UK, for "Japan's Strong Yen;"
* Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, USA
for "The Asymmetric Loss of Trust and Chain
Reaction;"
. The ATCA Editorial Team, based in Canary Wharf, London, UK, for "Public
Inquisition of Credit Rating Agencies may Accelerate Downturn;"
. Dr George Feiger, President and CEO, Contango Capital Advisors, based
in Berkeley, California, USA, for "Watch
out for Dramatic Winners;"
* The ATCA Editorial Team, based in Canary Wharf, London, UK, for "Systemic
Risk & Sectoral Meltdown: Heightened Correlation and Deleveraging;"
. Rudi Bogni, Chairman, Medinvest, and Director, Old Mutual, from Basel,
Switzerland, for, "Non-Stop Central Banks'
Intervention;"
. Dr Ravi Batra, Professor of Economics, Southern Methodist University,
Dallas, Texas, USA, for, "Towards a Global
Economic Crisis?;"
. Aurora Carlson, Founder, Open One Center, based on the West Coast, Sweden,
for "The Coming Storm of Change;"
. The ATCA Editorial Team, based in Canary Wharf, London, UK, for "Large
Quake hits Quants as Computer-Driven Quantitative Hedge Funds Short-Circuit;"
* Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, USA
for "Prolonged Credit Market Correction Ahead;"
. Prof Dr Norbert Walter, Chief Economist, Deutsche Bank Group, based in
Frankfurt, Germany, for "Economic Consequences
of The Sub-Prime Crisis;"
. Anthony Whitehouse based in Coppet and Geneva, Switzerland, for "Regulators,
Hedge Fund Lending and Cross-Selling;"
. The ATCA Editorial Team, based in Canary Wharf, London, UK, for "Perfect
Storm: Credit Freeze and Distress Selling by Hedge Funds;"
. Dr George Feiger, based in Berkeley, California, USA, for "Two
Faces of the Same Coin;"
* The ATCA Editorial Team, based in Canary Wharf, London, for "Contagion
and Systemic Risk? ECB Injects Record Euro 95bn post Major Disturbance;"
. The ATCA Editorial Team, for "Flight to Quality
as Markets finally Appreciate Risk;"
. Robert McNally, Chairman, London Chamber of Commerce Property and Construction
Group, for "Erosion of Commercial Real Estate
as a Solid Asset Class;"
. Alexander Hoare, CEO, C Hoare and Co, Private Bankers, based in the City
of London, for "Destructive
Creativity, Leverage and The Derivatives Market;" and
. Dr Harald Malmgren, CEO, Malmgren Global, based in Washington, DC, for
"The Fear of Central Bankers -- Flight from
Illiquidity, Derivatives and Heightened Risk of Contagion;"
in response to, "Are the Currency Markets Warning
that there is Trouble Ahead? The Precipitous Decline of the US Dollar and
its Impact on the World."
* Denotes ATCA QUERY: Role of Credit Rating Agencies
We look forward to your further thoughts, observations and views. Thank
you.
Best wishes
For and on behalf of DK Matai, Chairman, Asymmetric Threats Contingency
Alliance (ATCA)
ATCA: The Asymmetric Threats Contingency
Alliance is a philanthropic expert initiative founded in 2001
to resolve complex global challenges through collective Socratic
dialogue and joint executive action to build a wisdom based global
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and CEOs of corporations; 1,000 Heads of NGOs; 750 Directors at
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as well as 250 Editors-in-Chief of major media.
The views presented by individual contributors are not necessarily
representative of the views of ATCA, which is neutral. Please
do not forward or use the material circulated without permission
and full attribution.
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