To The Honorable Edward Irving Koch served as a member of Congress from New York State from 1969 through 1977, and New York City as its 105th Mayor from 1978 to 1989. It’s the Seminal Fluid that you’r sipping with cereal every time you author an Ed Koch Commentary outfucked your mindset. Try Ukrainian Preteens. They are really good

To The Honorable Edward Irving Koch served as a member of Congress from New York State from 1969 through 1977, and New York City as its 105th Mayor from 1978 to 1989. It’s the Seminal Fluid that you’r sipping with cereal every time you author an Ed Koch Commentary outfucked your mindset. Try Ukrainian Preteens. They are really good.

Your question:

Mr. President, Mr. Romney, Tell Us Please Why You Support American Soldiers Continuing to Remain in Afghanistan by Ed Koch.

I thought you are smarter than that Eduardo! With Heroin Street Price touching $40 per gram. It’s UNAMERICAN to pull out all those Endangered US Troops Species outta Afghanistan. Americans ain’t losing here nor are they getting killed. They are safe and Making Money, they protect USA. Killing millions of Praying Elders, poor women, Sleeping Babies, exporting their Corpses to Human Organs Market in Israel and turning useless Human Parts to Key-Chains and KKK-Memorabilia sold in neo-Nazi Skinheads & Rednecks Boutiques of the Midwest. They are very creative, enterprising & business minded entrepreneurs. The good news is that the troops as we speak are Fucked I mean sodomized by Afghan Bachabazz (Bachabazz usually fuck mountain goats & donkeys as Aphrodisiac to enlarge the Genitals. Be by guest Eduardo!) Whereas DoD Contractors training Iranian sleeper cells to turn Afghanistan into another Iranian-Bitch-State as they did to Iraq and dole Afghanistan to Khomeini in 2014. How about that? And now to James Dao and Andrew N. Lehren Googledjunk & Wikitrash, the Mayhem, and the Misinformation! Here you go…

Last week, The New York Times in an article authored by James Dao and Andrew N. Lehren laid out the impact of the Afghan war on the families of those fighting in a way that only The Times is able to do. God bless The Times for the article and the published pictures of the 2,000 Americans who have died in that war defending our country. It is the longest war in our history. It started as most Americans will remember on 9/11/2001 when Osama bin Laden, then headquartered in Afghanistan under the protection of the Afghan Taliban government planned and executed the acts of terrorism – blowing up the two World Trade Center towers in lower Manhattan, destroying part of the Pentagon in Washington, D.C. and seeking with a third plane to destroy the Capitol, which plane was recaptured by its passengers over Pennsylvania where it crashed. All together, 2,977 people were killed, not including the hijackers, 2,606 at the World Trade Center, 125 at the Pentagon and 246 on the four planes involved, including 40 passengers and crew who died in Shanksville, Pennsylvania. For nearly eleven years, we have waged war in Afghanistan and have had significant victories. Not long ago, our special forces Navy Seals killed Osama bin Laden who was living in Pakistan apparently under the protection of the Pakistani Inter-service Intelligence (I.S.I.), our supposed ally. According to the C.I.A. director, now Secretary of Defense, Leon Panetta, we have through various means, including assassinations with the aid of drones, reduced the number of al-Qaeda personnel to less than 50 in Afghanistan. However, the Taliban now controls near half of the country and is able to effectively wage war against the combined American and Karzai government forces. Our government has announced that we intend to leave Afghanistan by the end of 2014 – more than 2 years away – after we have trained the Karzai government forces so they can defend their own country. However, the Karzai government, which is corrupt and has reportedly skimmed off billions of U.S. government monies intended for infrastructure and military supplies, does not have the support of the Afghan population except for his own Pashtun ethnic group, the largest in Afghanistan, and is unlikely to be able to defeat the Taliban. The Taliban, a terrorist organization, apparently did and does have more of the hearts and minds of the Afghanis for the following reasons: (1) its religious fundamentalism, including the application of Sharia or Muslim religious law; (2) its lack of corruption or at least far less than that of Karzai’s government; and (3) its better trained soldiers endowed with the strength of their own convictions. Why would we think it is our mission in life to keep the corrupt Karzai government in power? This is sheer madness stemming from our government deluding itself into thinking that we are protecting the American homeland by preventing the Taliban from taking over the Afghan government. The people of Afghanistan, not just those supporting the Taliban, but those supporting Karzai, hate us. The immediate affect of that hate is demonstrated by the fact that the very people being trained in the Karzai army by American military trainers are killing those American military personnel. The Times article of August 21st reported, “But this year, another threat emerged: an intensified wave of attacks by Afghan security forces. In just the past two weeks, at least 9 Americans have been killed in such insider attacks. For the year to date, at least 40 NATO service members, most of them American, have been killed by either active members of the Afghan forces or attackers dressed in their uniforms – already outstripping the toll from all last year.” An even worse indictment of our policy is that, according to The Times, “[m]ore active duty and reserve soldiers killed themselves last year, 278, than died in combat in Afghanistan, 247.” They broke under the pressure of it all. Think of the many who thought of killing themselv, but are psychologically severely damaged. Why are we still in Afghanistan? Apparently, we are there for the same reason the Obama administration hoped to stay in Iraq: to have a military base forever. While President Obama now points to our having gotten out of Iraq as a source of pride, we know had he had his druthers, he would have stayed forever, but the Iraqi government demanded we leave even before 2014. The Iraqi government is no friend of ours and is part of the conference of 40 nations now convening in Iran in a show of support for the Iranian regime. That regime is proceeding with its nuclear program, despite heavy international sanctions, and is continuing its call for wiping out Israel. The Taliban is our enemy, but without the ability to injure the U.S. were we to leave and it became the government. The countries with the ability to injure us physically here in the U.S. are Pakistan and ultimately Iran. Both of those countries also provide modern bases for terrorist networks. We are now approaching what happened in Vietnam when ultimately we fled Saigon. Remember the sight of helicopters lifting people from the roof of our embassy and flying them to carriers off the coast? Must we wait for that to happen here? General Dempsey, Chairman of the Joint Chiefs of Staff, was recently in Kabul conferring with General Allen, head of our forces in Afghanistan, trying to come up with a solution to the problem of Karzai soldiers shooting their American trainers. During his stay in Kabul, his plane sitting on the tarmac in a highly secure area was attacked forcing him to use another. The Times of August 19th described the meeting between Generals Dempsey and Allen as follows: “After months of military leaders’ attempts to tamp down worries over the killings of American and NATO troops by the Afghan forces serving beside them, Gen. John R. Allen, the top commander in Afghanistan, called an urgent meeting of his generals last Wednesday to address the escalating death toll. In a room crowded with more than 40 commanders, the general underscored the need to quickly stop the bloodletting that is sapping morale, according to NATO officials, part of a new emphasis on protecting American and NATO forces after a spate of attacks that included the killing of six Marine trainers this month. In one of a series of recent steps, the military decreed that American and NATO service members should always carry a loaded magazine in their weapons, to save precious moments if attacked by Afghan forces. Another initiative, now a priority, is a program named ‘Guardian Angel’ that calls for one or two soldiers to monitor the Afghans during every mission or meeting, officials say. The ‘angels,’ whose identities are not disclosed to the Afghans, must be prepared to fire on anyone who tries to kill a coalition service member.” The Times article of August 21st quoted a Marine Colonel who said: “Everyone was shocked, including me, that we lost that many guys that quickly,’ Colonel Morris said. ‘But honestly, me and most of my Marines would have rather come home in body bags than let the Taliban claim a victory.’” America does not want its sons to come home in body bags. The American public wants them to come home alive and only sacrifice their lives to protect Americans. No, America weeps at the anguish of the mother of a Marine who was killed, quoted in the Times, ” He was the most lovable, caring human being,’ she said of her son. ‘He wore his heart on his sleeve. Beautiful, beautiful, beautiful.’”This morning, August 27th, Reuters reported, “[a] rogue Afghan soldier shot dead two U.S. troops in east Afghanistan on Monday, the NATO-led coalition said, the latest in a series of insider killings that have strained trust between the allies ahead of a 2014 pullout by foreign combat troops. The deaths in Laghman province brought to 12 the number of foreign soldiers killed this month, prompting NATO to increase security against insider attacks, including requiring soldiers to carry loaded weapons at all times on base.” Mr. President and Mr. Romney, why do both of you continue to support our remaining in Afghanistan? Please tell us why.

Aside from all-that-jazz

Obaid Karki is a Sexagenarian UAE Paleoconservative Provocateur with a Picassoic Attitude, Blackbelt Diehart Paulite Constitutionalist Libertarian, Diogenesist, Spinoziste, Qutbist, Kabbalist, Pantheon, Hexalingual, Automath, Antitribal-Gentiles-Cabal, Unaffiliated to State or any Religiosity Cult and Seigniorage Banksters Sharia Scam.

DEBT-LADEN UNPRIVILEGED EMARATI MOTHER DITCHED HER KIDS IN MAID’S CUSTODY FOR 10 MONTHS TO EVADE PRISON. Here’s Zeitgeist Privileged Emarati Cabal Whorsmanure from Salam Al Amir of The National

UAE is unable to settle $218k to save Debt-Laden Unprivileged Emarati mom & her 5 kids from Debt Collecting Mercenaries. Whereas UAE Partnered Saudi to have Pederast Qaboos & Bahrain Kingling $40B cash wasted on Underage Boys & Weapons Respectively.

Here’s Zeitgeist Privileged Emarati Cabal Perspective in THE NATIONAL:

A mother suspected of leaving her five children alone in a house with their two housemaids for ten months as she hid from creditors is to face charges of neglect. The woman, an Emirati whose identity has not been disclosed, is thought to have been hiding from creditors to whom she owed debts of Dh800,000 while the maids cared for the three boys and two girls – aged between two and 10 years. The mother is thought to have paid occasional visits during which she would order the maids to lock the children in a room so they could not spot her. A friend of the woman noticed the children were unattended during an unannounced visit in June and notified police when she was informed that the mother no longer lived there. She was told the mother had last visited the house in March. Dubai Police’s General Department of Human Rights then visited the children and found them in poor condition. Their investigation found that the mother had gained custody of the children after divorcing in 2009. She had promised to take care of the children while the father agreed to provide financial support. The mother told police that she was facing financial problems and that her husband was not providing for them. However, the father said that he had been paying the children’s expenses as ordered by court, but added that he had filed a lawsuit to regain custody as he believed his wife was neglecting them. Only two of the children were registered in school. The department’s director Colonel Mohammed Al Murr said that following their investigation the children had been placed with their father while authorities decided how to proceed. On receiving the department’s report, Dubai’s Attorney General Essam Al Humaidan ordered the woman to be charged with endangering the lives of juveniles. salamir@thenational.ae

 

Obaid Karki is a Sexagenarian UAE Paleoconservative Provocateur with a Picassoic Attitude, Blackbelt Diehart Paulite Constitutionalist Libertarian, Diogenesist, Spinoziste, Qutbist, Kabbalist, Pantheon, Hexalingual, Automath, Antitribal-Gentiles-Cabal, Unaffiliated to State or any Religiosity Cult and Seigniorage Banksters Sharia Scam.

What’s NAMs’ Attendants Motives in Tehran?

What’s NAMs’ Attendants Motives in Tehran?
Ahmadinejad is Fucked! Damn LOW Turnouts in Tehran 16th Non-Aligned Movement Summit!
Outta 120 members only 17 Observers, 27 Presidents, 2 Kings, 7 PMs, 9 VPs, 2 Lawmakers & 5 Envoys shown.
Please read Attending Members Motives. Here you go. . .
1. Afghanistan Hamid Karzai attended to skip Taliban, piss off Obama & have a Mugshot with Manmohan Singh.
2. Bahrain (Future-Iranian-Bitch-State) Khalid bin Ahmed Al Khalifa Morbidly Obese Foreign Minister attended NAMs’ summit NAMs’ summit to hog Free Kobedeh Kebab and look for any chance to Fuck Bahrain by Worthy the Worthless. Talking to an enemy is a virtue but talking to Shiite is ain’t neither smart nor honest but stooopid infidelity.
3. Bangladesh Sheikh Hasina attended NAMs’ summit Where else this Bitch will go?
4. Benin Yayi Boni President attended NAMs’ summit Who the Fuck Cares?
5. Bolivia Evo Morales President attended NAMs’ summit for the Memory of NAM Founder Ernesto (Che) Guevara
6. Burma Wunna Maung LwinForeign Minister attended NAMs’ summit to piss off Aung San Suu Kyi
7. Cambodia Hun Sen attended NAMs’ summit for the Hick of it.
8. Cuba Raul Castro attended NAMs’ summit for the Memory of NAM Founder Fidel Alejandro Castro Ruz
9. Ecuador Rafael Correa attended NAMs’ summit for the Memory of NAM Founder Ernesto (Che) Guevara
10. Egypt Mohamed Morsi attended NAMs’ summit for the Memory of NAM Creator Jamal Abdel Nasser and to tell Khamenei: Fuck you.
11. Jordan Fayez al-Tarawneh the King sent him to look for any Immerging Begging Opportunity.
12. India Manmohan Singh Prime attended NAMs’ summit for the Memory of NAM Founder Jawaharlal Nehru who really fucked this one.
13. Iran Mahmoud Ahmadinejad is excited wow! Hugo Chavez is in Tehran.
14. Iraq Nouri al-Maliki ordered by Khamenei to be a representing sample of the Iranian Bitch State doled by Obama to Iran on Imam Mehdi Birthday.
15. Indonesia Boediono attended NAMs’ summit on behalf of Runaway Maids wanted for stealing & murdering babies worldwide.
16. Kuwait Sabah Al-Ahmad attended NAMs’ summit lest Obama turn Kuwait to another Iranian bitch state as he did to Iraq.
17. Lebanon Michel Suleiman attended NAMs’ summit what the fucking choice the Endangered Species got? Either Hezbollah or Saudi.
18. Libya Ashour Bin Khayal attended NAMs’ summit Are you kidding! Who the hell will sleep during the summit?
19. Malaysia Muhyiddin Yassin attended NAMs’ summit to sell HP Knockoffs to Iran otherwise please refer to Oman.
20. Mauritania Mohamed Ould Abdel Aziz attended NAMs’ summit Please refer to Libya.
21. Morocco Abdelillah Benkirane attended NAMs’ summit It is his first trip abroad otherwise please refer to Libya.
22. North Korea Kim Yong-nam for the Memory of NAM Fabricator Kim Il Sung
23. Oman Qaboos bin Said al Said attended NAMs’ summit to chew Hairless rectums of underage Boys. It’s Cheaper, Kosher & Religiously legal by Khomeini Jurisprudence.
24. Pakistan Asif Ali Zardari attended NAMs’ summit to cash Kerry Lugar Berman Bill and for a Mugshot with Manmohan Singh.
25. Palestine (Future-Iranian-Bitch-State) Mahmoud Abbas attended NAMs’ summit to Piss off Ismail Haniyeh and aid Israel to blackmail WhiteHouse to get more F15s for Free.
26. Philippines Jejomar Binay attended NAMs’ summit Please refer to Indonesia.
27. Qatar Hamad bin Khalifa Al Thani attended NAMs’ summit Please refer to Bangladesh.
28. Saudi Arabia (Future-Iranian-Bitch-State) Abdulaziz bin Abdullah Al Saud is King’s son. It is his Golden opportunity to overthrow his Cancerous Boss Saud al Faisal.
29. Senegal Macky Sall attended NAMs’ summit Please refer to Benin.
30. South Africa Maite Nkoana-Mashabane for the Memory of NAM initiator Nelson Mandela
31. Sri Lanka Mahinda Rajapaksa attended NAMs’ summit Please refer to Philippines.
32. Sudan (Future-Iranian-Bitch-State) Omar al-Bashir attended NAMs’ summit Please refer to Bangladesh.
33. Tunisia Rafik Abdessalem Foreign Minister attended NAMs’ summit Please refer to Libya.
34. Venezuela (Future-Iranian-Bitch-State) Hugo Chavez attended NAMs’ summit for the Memory of NAM Founder Ernesto (Che) Guevara
35. Vietnam Nguyen Tan Dung attended NAMs’ summit Please refer to Cambodia.
36. Zimbabwe Robert Mugabe attended NAMs’ summit for the Memory of NAM originator Ian Smith.
37. Armenia Serzh Sargsyan attended NAMs’ summit Please refer to Bangladesh.
38. Azerbaijan Ilham Aliyev attended NAMs’ summit Please refer to Libya.
39. Brazil Michel Temer for the Memory of NAM Founder Ernesto (Che) Guevara
40. Tajikistan Emomali Rahmonov attended NAMs’ summit because Putin is coming.
41. Australia Gary Quinlan attended NAMs’ summit Where the hell Australia will dump culled Radio-Active Sheep Corpses but in into Iranian hungry Stomachs.
42. Russia Vladimir Putin. He feels safer in Tehran than Moscow.
43. African Union Yayi Boni please refer to Benin.
44. Arab League Nabil el-Araby please refer to Egypt.
45. OICE kmeleddin İhsanoğlu please refer to Bangladesh
46. United Nations Ban Ki-moon please refer to Bahrain
47. World Peace Council Socorro Gomes please refer to Indonesia

 

HSBC & CITI pushed Bush Administration & Congress to ban and tag any cash Transaction elsewhere as Illegal Money Laundering unless it is channeled through Seigniorage Banksters.

Amid Rising Antibank Sentiments. HSBC Chief Stuart Gulliver Purchased Lavin & Lawsky Argument at $700m. Stuart Gulliver said sorry for shameful and embarrassing scandal. HSBC & CITI pushed Bush Administration & Congress to ban and tag any cash Transaction elsewhere as Illegal Money Laundering unless it is channeled through Seigniorage Banksters. They Divert World Narcos Traffic to México for Fed to print cash generated from Narcos. Let’s assume that Cocaine is sold at $26  per Gram. Narcos Turnover annual is $13 Trillion equal to us GDP. Ultimately, HSBC’s American operations furnished at least $1 billion, according to Senate report. Lavin & Lawsky Redherring the public opinion from all-that-jazz to Bogus Petty Cash wired by Saudis to al-Qaeda & Hamas. Under pressure from DC-Israelifirsters and Extortion of al-Saud. al-Rajihi Transferred billions of Saudi surpluses to burn rescuing Outfucked Zionist Bankruptcies Worldwide went unmentioned. What the Fuck is going on?

And now to the Astrologists Pigeons of Wall Street, the Mayhem, and the Misinformation!

Jessica Silver-Greenberg. Paul Taggart/Bloomberg News

A version of this article appeared in print on August 25, 2012, on page B1 of the New York edition with headline: Cash Moves By HSBC In Inquiry. © 2012 The New York Times Company.

Here you go:

Cash Moves by HSBC in Inquiry

 The bank is said to have already set aside $700 million to cover the cost of potential fines. Prosecutors investigating the movement of money by global banks suspect HSBC of laundering money for Mexican drug cartels and moving cash for Saudi Arabian banks with ties to terrorists, according to federal authorities with direct knowledge of the investigations. Senator Carl Levin leads a Senate panel that said HSBC failed to stop illegal behavior at many points from 2001 to 2010. The federal and state prosecutors are also investigating whether HSBC flouted United States law by transferring money through its American subsidiary for sanctioned nations, including Iran, Sudan and North Korea. The weight of the accusations could force HSBC, which has already set aside $700 million to cover the cost of potential fines, to pay at least $1 billion to settle the inquiry, said the authorities with knowledge of the investigation, which would make it the largest such settlement in history. The money-laundering accusations against HSBC so far are more extensive than the potential violation of United States sanctions that is the focus of the investigations against other foreign banks, including Deutsche Bank and Commerzbank of Germany, BNP Paribas and Crédit Agricole of France and the Royal Bank of Scotland, said the law enforcement authorities, who requested anonymity because the investigations are continuing. “This case is not about HSBC complicity in money laundering,” a spokesman for HSBC said in a statement on Friday. “Rather, it’s about lax compliance standards that fell short of regulators’ expectations and our expectations, and we are absolutely committed to remedying what went wrong and learning from it.” The other banks either declined to comment or did not respond to requests for comment. Anxious to resolve the investigation, HSBC reached out to federal prosecutors in July in hopes of securing a settlement by September, according to the law enforcement officials. But a settlement in the next couple of weeks is highly unlikely, the officials said. The Justice Department and the Manhattan district attorney’s office are poring over HSBC records and still need more time to gauge the full extent of the potential wrongdoing, according to the law enforcement officials. The Justice Department and the Manhattan district attorney’s office declined to comment. HSBC was put in the spotlight in July when the Senate Permanent Subcommittee on Investigations said the bank “exposed the U.S. financial system to money laundering and terrorist financing risks” between 2001 and 2010. HSBC bank executives testifying at the hearing apologized for the bank’s past conduct and promised reform. On Friday, the bank said in its statement that it had “doubled global expenditure to significantly strengthen compliance as a control function.” Pressure to resolve the investigation increased in the last month after Benjamin M. Lawsky, the superintendent of the New York Department of Financial Services, broke with federal and state prosecutors and moved against Standard Chartered, another British bank. He accused it of scheming for nearly a decade with Iran to hide from regulators 60,000 transactions worth $250 billion. Adding to the desire for a speedy settlement, the authorities said, was rising antibank sentiment after recent scandals, including accusations that banks manipulated a crucial interest rate affecting the cost of trillions of dollars in mortgages and other loans. To assuage prosecutors, HSBC officials have pointed out that they had strengthened controls to prevent money laundering and had replaced employees tainted by the accusations, according to the law enforcement officials. Further distinguishing HSBC from other banks under investigation, law enforcement officials said, was the complicity of senior bank officials. The Senate panel said in its report on HSBC that bank officials ignored warning signs and failed to stop illegal behavior at many points between 2001 and 2010. An HSBC executive reportedly argued that the bank should resume its relationship with Al Rajhi Bank, a Saudi Arabian bank founded by an early supporter of Al Qaeda. Ultimately, HSBC’s American operations furnished the bank with at least $1 billion, according to the Senate report. Federal officials repeatedly warned the bank to closely monitor its bulk-cash business in Mexico amid concerns that drug traffickers could seize on these operations. But HSBC officials from 2000 to 2009 gave Mexico, “a country under siege from drug crime, violence and money laundering,” the bank’s lowest risk rating for money laundering, according to the Senate report. As a result, the bank’s Mexican clients were not subjected to rigorous scrutiny. Even after HSBC’s Mexican branch became the “single largest exporter of U.S. dollars” to its United States operations from 2007 to 2008, money laundering controls did not improve, the Senate investigation found. Between 2007 and 2008, HSBC’s Mexican operations moved at least $7 billion to its United States counterparts — a volume that law enforcement officials cautioned at the time must include “illegal drug proceeds.” The investigations into the other global banks, some of which are in very preliminary stages, largely are delving into what appears to be a widespread practice of transferring money through their American subsidiaries for Iranian banks and corporations. Still in its very early stages, the Deutsche Bank investigation has not turned up evidence that the bank moved money on behalf of Iranian clients through its American operations after 2008, law enforcement officials said. Much of the activity that federal and state prosecutors are looking at involves so-called U-turn transactions, where a foreign bank transfers money through its United States operations to another offshore entity. Until 2008, foreign banks were permitted to perform these transactions for Iran. In their continuing investigations, the prosecutors are examining whether the banks violated United States law by performing transfers for nations under sanction. An inquiry into one bank has already revealed billions of dollars transferred on behalf of Sudan, according two law enforcement officials with direct knowledge of the investigation. The continuing investigations are part of a push by federal and state prosecutors to crack down on global banks that violate United States sanctions. Since 2009, the Justice Department, the Treasury Department and the Manhattan district attorney’s office, working largely in concert, have brought charges against five foreign banks — ABN Amro, Barclays, Credit Suisse, Lloyds and most recently ING. 

ZIMMERMAN The asshole who is unable to steal a decent lie to save his life

UNLEASH YUAN AS WORLD SECOND CURRENCY

Here is Some Mindsteroid Must-Read:
The People’s Bank of China, the country’s central bank, said in a statement published on its official website that the floating band in the inter-bank spot foreign exchange market will be enlarged from 0.5 percent to 1 percent effective April 16.
To keep the exchange rate stable, the PBOC has set a daily reference rate for the yuan and it will be allowed to fluctuate only to the daily limit on either side of the reference rate. The trading range was widened to 0.5 percent from 0.3 percent in May 2007.
It also raised the spread between dollar selling and buying prices offered by the foreign exchange-designated banks to their customers to 2 percent of the reference rate, from the current level of 1 percent.
News of this announcement was widely supported by the International Monetary Fund (IMF) as it promoted market transparency and economic stability. From CBS Market Watch:
Christine Lagarde, managing director of the International Monetary Fund, welcomed the move.
“This underlines China’s commitment to rebalance its economy toward domestic consumption and allow market forces to play a greater role in determining the level of the exchange rate,” Lagarde said in a statement.
The scale of the widening is bigger than the 0.7% the market had expected, according to Ting Lu, a China economist at Bank of America Merrill Lynch, in emailed comments.
Earlier this week, China Securities Regulatory Commission increased the quotas for foreign institutional investors from $30 billion to $80 billion. This move highlights a strategic economic shift from an export model to a consumption model. From Bloomberg News:
China, the world’s second-biggest economy, has pledged this year to free up control of the yuan and liberalize interest rates as the government deepens reforms to revive growth and offset slowing exports and a cooling housing market. China needs to rely more on markets and the private sector as its export- oriented model isn’t sustainable, World Bank President Robert Zoellick said in February.
“More action on opening up their markets to outside investment is definitely a positive,” Jeff Papp, a senior analyst in Lisle, Illinois at Oberweis Asset Management Inc., which oversees about $700 million, said in a phone interview. “It’s not a huge amount. They’re taking a small-steps approach to see how markets will react with more participants.”