The mainland Chinese authority begins to audit local governments' finance. So-called shadow banking piles up covered debts of governmental sections via local financial services which are under the power of local governments. This symptom is same as in the time of the nineties of Japanese economy. At that time, private banks established non-bank financial services which were out of the reach of the authority's audit. Those non-bank financial services accumulated off-balance-sheet debts which had the babble economy rapture finally. I talked to EK in London about Chinese babble's end last September.
Even last Spring, HFL told me that Hong Kong people never would buy Chinese Yuan beyond a certain low level of quota in their savings. Neighbors know truth of their neighbors. It's a world-wide acceptable golden rule.