*
Fitzwilliams waved the Bank of England Financial Policy Committee statement in the air. He was rattled by the growing news of nervosity in Chinese financial markets, which came just as geopolitical risks rose a notch with the intensification of the Ukrainian crisis.
“I don’t like this at all,” he said addressing Kennedy with a side glance towards Francis.
“I can’t deny there are some problems out there Michael,” said Kennedy. The CEO was in a foul mood, which seemed to be becoming a frequent event. “It’s not as bad as it looks. The Chinese have one hundred trillion in bank deposits and their banks’ earnings are very solid, nearly three hundred billion last year … not bad by any standard1.”
Fitzwilliams glowered “That’s a lot of trillions Pat.”
Kennedy, about to open his mouth, then thought better of it.
“Are they American dollars, Hong Kong dollars or Renminbi?”
Fitzwilliams had changed, aggressive, unpredictable, making Kennedy wonder what had happened to the warm relationship they had always enjoyed.
1. quartz.com
Cornucopia Page 83