China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

Euromoney’s 2012 FX survey results

Euromoney’s 2012 FX survey results

Access the results now

May 2011

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Off the record



Euromoney: "What is it about your client’s economic fundamentals that make it such a compelling story?"

Banker: "You mean in terms of GDP growth?"

Euromoney: "Yeah. What is the country’s competitive advantage?"

Banker: "Err... can I get back to you? I don’t have the notes in front of me. I did the deal a week ago and was a lot sharper then"

A DCM banker struggles to remember his client’s unique selling points


"It appears that senior bank debt is the new lower tier 2 and that covered bonds are the new senior"

One credit investor predicts a dark future for bank bonds


"We don’t even have any biscuits to offer. Don’t put that in your gossip column"

A PR at a European bank where cost cutting has reached extreme levels


"Yes, it would be great to get together for a drink when you’re next in town. Then I’ll be able to give you my real opinion"

A Tokyo-based banker ends a long conference call with a hint that the presence of his colleagues from corporate communications on the line might have stifled him somewhat


"I’ve never really been interested in money"

A Goldman Sachs banker explains his career choice


"It’s like having internet sex"

Veteran FX dealer on the behaviour of high-frequency traders








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