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China’s love affair with the Dollar

When former Chinese Politburo member Zhou Yongkang was arrested in 2014 on corruption charges, the scale of his ill-gotten gains was astounding, totalling some $16bn. When sums that large are involved most of the assets have to be invested in financial instruments and real estate.

But the list of physical currency found in his homes is revealing: 152.7 million Chinese yuan (valued at the time at $24.5m), 662,000 Euros, 10,000 British pounds, 55,000 Swiss francs – and $275m.

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The full text of this article is available online at:

http://www.aljazeera.com/indepth/opinion/2016/12/china-love-affair-dollar-161221130505651.html

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Sydney-based globalization expert Salvatore Babones is available to speak on the Chinese economy (demographics, growth, technology), the Belt & Road Initiative, global trade networks, and Australia-China relations. Contact: s@salvatorebabones.com