China’s Crisis – The Price of Change

ROSE COVERED GLASSES

Bloomber.comchinafile.com

“STRATFOR – Geopolitical Weekly”

“This is not the China of the past that tried to hide the truths of major natural or man-made disasters from its citizens.

It is not the China that operated by secret agreements made only after a consensus of Party elders, or the China that tried to protect Party officials at the expense of the public.

Last week was an eventful one for China.  The People’s Bank of China shocked the financial world when it cut the yuan’s reference rate against the U.S. dollar by nearly 2 percent, leading to a greater than 2 percent drop in the value of the yuan in offshore trading.

China dealt with one of its worst industrial accidents in years — a series of explosions at a chemical short-term storage facility in the busy port city of Tianjin.  Chinese state media issued a warning to retired officials to stay out…

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