Just 50 years ago, the Cultural Revolution was starting. It was praised in France, at that time. Alain Peyrefitte, in his book “When China wakes up” concludes that” the Chinese revolution constitutes definitely the most extraordinary experience of the time being … and maybe of anytime”. Valery Giscard d’Estaing commented Mao Zedong death with these words: “a worldwide mind lighthouse has been switch off”.  Since that period, Chinese leaders took their distances in qualifying his records as a success for 70% and a failure for 30% and the People Daily, last week went further:” History has proven that the Cultural ...

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« Where is the will, there is the way » said, a long time ago, Lao-Tseu. The reading of the project of the 13th Plan, being discussed this week-end in Beijing at the People Assembly, shows that this principle is still present. Guidelines related to China monetary policy which are included in the document, give a light which it is necessary to decode in order to understand the path the country will follow and its consequences on international economic and financial exchanges.

The Yuan internationalization strategy, initiated in 2009, will go further. Its convertibility is definitely a clear objective as its use ...

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When, during 2007 summer, banks realized they had, in their books, assets which were constituted with irrecoverable loans, financial planet started to be shaken. It will be necessary to wait for Lehmann bankruptcy, a year later, to assess the size of the disaster which provoked the biggest post-war financial crisis and a major world recession. Are we on the brink of the same situation? Market value of the banking sector has fallen since the beginning of the year and it reflects this concern but, apparently, banks are in a much better situation than in 2007. Their core capital ratios have ...

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