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Did you see the announcement today? What a disastrous mess. Honestly, I'm not sure what the point was except not to deliver.
The problem has to do with the finance minister having required a plan by the relevant stakeholders; officials from RMB on the one hand, and a working group from financial regulators on the other hand.
The whole point of the financial reform idea under discussion was: what sort of cooperation is there between various market actors including lenders, depositors, financial institutions, regulators, international authorities and regulators in the various regions? Everybody was being told just what they wanted to hear, and this stuff was expected to be adopted in principle.
Well, of course not (or not very well) because nobody showed fortho for the very same proposals as to the structure, number, structure, minute later. And apart from constantly deleting the word "plan" from official websites, no consultation whatsoever has been carried out with the lending banks.
So you had RMB officials revealed to reject the working group's proposals, and the GEM team being told no more than that a roadmap for "systemically important banks" is being brought out. Well, nobody wants a roadmap, and within an hour the working group was gone with a PR statement insisting it was working concurrently with the GEM team to "quickly present a roadmap".
Where are the bankers worried about "lending development"? Do they really think Lehman Brothers is buying deposits from Chinese citizens to cash in on bond buying, and then suing the depositor banks for paying interest on the credit they had in the system?
At the end of the day, we had an insouciant press release saying "egregeneous conversations", and a fistful of papers being signed with the words "aside from the convenient resulting addition of milestones to the financial reform package on credit normalization, the Ministry of Finance has successfully concluded their consultations and has finalized the broad initiative evolved to grant to the financial reform package the necessary explanatory umbrella, which now awaits the approval of the Legislature. The importance and authority of dialogue, namely with the responsible stake holders in the financial institutions, creditors, and institutional stakeholders, is to be clarified through strategy, mandated process, and a frequency of engagement among stakeholders."
The EU banking industry has even announced its readiness to take part in an "activist distraction" campaign urging the application of the timetable.
This is a big mess
Did you see the announcement today? What a disastrous mess. Honestly, I'm not sure what the point was except not to deliver.
The problem has to do with the finance minister having required a plan by the relevant stakeholders; officials from RMB on the one hand, and a working group from financial regulators on the other hand.
The whole point of the financial reform idea under discussion was: what sort of cooperation is there between various market actors including lenders, depositors, financial institutions, regulators, international authorities and regulators in the various regions? Everybody was being told just what they wanted to hear, and this stuff was expected to be adopted in principle.
Well, of course not (or not very well) because nobody showed fortho for the very same proposals as to the structure, number, structure, minute later. And apart from constantly deleting the word "plan" from official websites, no consultation whatsoever has been carried out with the lending banks.
So you had RMB officials revealed to reject the working group's proposals, and the GEM team being told no more than that a roadmap for "systemically important banks" is being brought out. Well, nobody wants a roadmap, and within an hour the working group was gone with a PR statement insisting it was working concurrently with the GEM team to "quickly present a roadmap".
Where are the bankers worried about "lending development"? Do they really think Lehman Brothers is buying deposits from Chinese citizens to cash in on bond buying, and then suing the depositor banks for paying interest on the credit they had in the system?
At the end of the day, we had an insouciant press release saying "egregeneous conversations", and a fistful of papers being signed with the words "aside from the convenient resulting addition of milestones to the financial reform package on credit normalization, the Ministry of Finance has successfully concluded their consultations and has finalized the broad initiative evolved to grant to the financial reform package the necessary explanatory umbrella, which now awaits the approval of the Legislature. The importance and authority of dialogue, namely with the responsible stake holders in the financial institutions, creditors, and institutional stakeholders, is to be clarified through strategy, mandated process, and a frequency of engagement among stakeholders."
The EU banking industry has even announced its readiness to take part in an "activist distraction" campaign urging the application of the timetable.
This is a big mess
g
