China's Great Swindle: How Public Officials Stole $120 Billion and Fled the Country

By XIN HAIGUANG / ECONOMIC OBSERVER / WORLDCRUNCH – Mon Jun 27, 12:50 am ET
This post is in partnership with Worldcrunch, a new global-news site that translates stories of note in foreign languages into English. The article below was originally published in The Economic Observer.
(BEIJING) - Just how many corrupt Chinese government officials have fled overseas? How much money have they stashed away? And how did they manage to transfer such colossal sums abroad?
Last week the Bank of China published a report entitled "How corrupt officials transfer assets overseas, and a study of monitoring." The report quoted statistics based on research by the Chinese Academy of Social Sciences. Since 1990, the number of Communist Party and government officials, public security members, judicial cadres, agents of State institutions, and senior management figures of state-owned enterprises fleeing China has reached nearly 18,000. Also missing is about 800 billion yuan (more than $120 billion). (See photos of the flooding in China.
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Greece to debate austerity package under EU pressure

A look at the chart of the inverse China Stock Index ETF -- the ProShares UltraShort FTSE/XINHUA 25 Stock Index (FXP) -- suggests strongly that slowing Chinese growth and climbing inflation remain part of the problem, not part of the solution -- at least, not yet.
As we noted for subscribers last night, Wednesday's sharp afternoon advance in the FXP after the morning's weakness positions the inverse China ETF to accelerate to the upside towards a test of multi-month resistance between 32.00 and 33.00. If hurdled, this will confirm the upside breakout from a major base formation that has the potential to propel the FXP to 39.00-41.00 in the weeks ahead.
Let's notice that the price structure has carved out a significant "W" pattern, which represents accumulation of the FXP -- or price distribution within the iShares FTSE China 25 Index Fund (FXI). In either case, the pattern forewarns us to expect potentially serious negativity and equity liquidation in the China equity markets in the weeks immediately ahead.
While I have no idea what the fundamental story will be, I strongly suspect the global stock markets are entering a period of vulnerability to the China headline risk.
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Weekend Open Thread...



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Gold Central Banks are Buying




Upside Breakout for China Short ETF

by Mike Paulenoff, Thu June 23rd, 2011

A look at the chart of the inverse China Stock Index ETF -- the ProShares UltraShort FTSE/XINHUA 25 Stock Index (FXP) -- suggests strongly that slowing Chinese growth and climbing inflation remain part of the problem, not part of the solution -- at least, not yet.
As we noted for subscribers last night, Wednesday's sharp afternoon advance in the FXP after the morning's weakness positions the inverse China ETF to accelerate to the upside towards a test of multi-month resistance between 32.00 and 33.00. If hurdled, this will confirm the upside breakout from a major base formation that has the potential to propel the FXP to 39.00-41.00 in the weeks ahead.
Let's notice that the price structure has carved out a significant "W" pattern, which represents accumulation of the FXP -- or price distribution within the iShares FTSE China 25 Index Fund (FXI). In either case, the pattern forewarns us to expect potentially serious negativity and equity liquidation in the China equity markets in the weeks immediately ahead
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