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Politics at its dirtiest and the truth about the Dalai Lama & Tibet Regarding the recent terrorists attacks in China by the Xinjiang separatists, the USA and to a lesser extent UK / Europe adopts a "US" and "THEM" attitude. If Islamic terrorists attack the USA and Europe it is because the Islamic terrorists are uncivilised barbarians who deserve to be hunted down, shot, killed and exterminated. But if it happens in China or an Asian country it is because they lack "human rights" and the terrorists deserve sympathy and support from the west. It is such hypocritical, sanctimonious attitudes that China condemns. In fact about 20 of the Guantanamo incarcerated detainees were Islamist terrorists from Xinjiang but the US released them to third world and friendly countries and not to China. China believes some of these released terrorists have subsequently engaged in terrorist activity in China.
In regards to the Flying Tigers during WW 2, they were based in a small town (half a million in China is small) called Tengchong which is in the south of Yunnan. My university organised a special trip for the foreign teachers to Tengchong last November and it is a well preserved town dating back to the Ming dynasty (about 1344 - 1640) with well preserved buildings and houses as it existed then. The town has the most famous and best hot spring resort in the whole of China - I went to one resort that has about 40 hot springs within which can accomodate about 50 persons per pool. There are pools with tea, coffee, Chinese herbs, aloe vera, wine, rose petals, lime/lemon etc etc. It is such a delight. Of course there are also museums about the Flying Tigers Air Force and today the township holds special regard to their contribution and maintain well kept burial grounds for the unfortunate who sacrificed their lives.
In regards to China's holdings of US Treasury bonds - there is little that China can do without upsetting the world financial order. China currently has about US$3.8 trillions in foreign currency reserves, most of which are invested in US denominated currencies, US stocks, US investments etc. A small portion is invested in Euros, and a much smaller amount in Sterling, Yen etc. China has not invested much in Euros because the Euro itself went through a crisis last year when economists wondered if the Euro would survive given the national debt problems of various memebr countries.
Can and should China diversify out into commodities like gold, silver, platinum? Pundits have been expecting this for years and their forecast is for gold to reach US$2500 to $5000 per ounce. However China plays the long game and never never does things in a hurry or for short term gain. If China were to diversify its vast financial holdings into gold, yes gold price will explode. But who will gain? It is not China but the USA that will benefit. The USA has the largest gold reserves in the world with over 8500 tons of gold in its Fort Knox reserves while China only has about 1500 tons. However China is the biggest gold producer in the world and has been for the last few years. China will I believe slowly accumulate its gold holdings surreptitiously buying when prices fall until it is in a dominant position. Then it can have a free hand.
While China's financial assets give the USA "cheap money" at the same time these vast US investment holdings give China some leverage. The USA knows that if China pulls the plug and withdraws a large portion of these holdings it could mean financial Armageddon for the USA. So the US will always be mindful that China is its main banker in its dealings with China and never go too far. It will irritate China but it will never cause so much distress to China as to result in a total withdrawal of its vast holdings. The USA knows that it is in a terrible financial state and needs all the help it can get. It cannot afford to get into a fight with its main banker.
Professor Michael N T Tan,
School of International Business
B.Com (Hons), FCA, CFP, PhD (UNSW), Yunnan University of Finance & Economics, Kunming, China
(M):86-1364885243
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