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In my meetings with members of US Congress over the past few days.Something strange happening.Jiang Feng (former head of the chinese SEC (CSRC) and now head of Shanghai Stock exchange)has been making the rounds in DC telling congressmen that chinese companies don’t need audits 1/
Because all chinese company data is a “national secret”. MSCI has been cajoled into forcing US investors to funnel hundreds of billions of USD investments into chjnese companies that don’t adhere to basic US securities laws. When confronted with the fact that we demand audits 2/
Of companies like Northrop Grumman, Boeing, Raytheon, etc...Feng didn’t have an answer. The chinese are so short USD that Feng must make the rounds in DC in an attempt to try to kee the passive money flowing their way. He pushed for MSCI inclusion and for the heavier weighting 3/
