Obfuscated oversight

The Chinese authorities have built up a reputation for their pragmatic approach to the introduction of new risk management and mitigation techniques. When there have been hiccups, the authorities have tended to avoid knee-jerk reactions.

That is not to suggest that past problems are forgotten. While many parties lament the widely delayed introduction of listed financial futures in China, the authorities recall the bond futures fiasco of the early 1990s and are eager to avoid a repeat performance

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