China: "Western Institutions Cannot Be Trusted"
R. Minder, G. Dyer & J. Anderlini, Financial Times | December 4, 2008
China Investment Corporation, a fund that manages foreign exchange reserves for China, says it does not dare invest in western financial institutions. ++ When "government policies change every week, how can you expect that to make me confident?," said Lou Jiwei, head of the fund. ++ US officials are trying to convince China not to let its currency, the renminbi, devalue, as this would give China an unfair export advantage. ++ Expectations of a falling renminbi may trigger a sell-off, which could force China to sell US Treasury bonds.
