Tighter Monetary Policy to Facilitate Financial Deleveraging in China

4Q: Industrywide Bad-Debt Ratio Fell, While We Believe Credit Cycle Has Yet to Peak

Independent Insight Provider

Stewart Paterson

Taurus Advisors LLP

Macroeconomics

<p>King Cnute (995-1035) is largely recognized as one of the most effective of kings in the Anglo-Saxon period. His name is most often associated with his commanding the sea to retreat and ending up with wet feet. The tide, it turned out, would obey none, not even a successful King and empire builder. The story is often represented as one of human folly and hubris. The power- mad ruler who thought he could command nature. In fact the reverse is true. Cnut was specifically setting out to teach his…</p>

King Cnute (995-1035) is largely recognized as one of the most effective of kings in the Anglo-Saxon period. His name is most often associated with his commanding the sea to retreat and ending up with wet feet. The tide, it turned out, would obey none, not even a successful King and empire builder. The story is often represented as one of human folly and hubris. The power- mad ruler who thought he could command nature. In fact the reverse is true. Cnut was specifically setting out to teach his…

Haitong Securities Co Ltd (A) (600837 CH)

Samsung Fire & Marine Insurance (000810 KS)

Shanghai Pudong Development Bank Co. (600000 CH)

Mega Financial Holding Co., Ltd (2886 TT)

China Merchants Securities Co Ltd (A) (600999 CH)

China Pacific Insurance (Group) Co., (601601 CH)

China Merchants Securities Co Ltd (H) (6099 HK)

ICICI Prudential Life Insurance (IPRU IN)

Money Matters: King Cnut and the PBOC.