先ずはキムチ大国の崩壊が始まったわけですが・・・（ｗ

韓国経済、進む「トリプル安」でピンチ

　世界的な信用不安の波が韓国にも押し寄せ、株・債権・為替などウォンで表示される資産価値が同時に下落するトリプル安が連日続いている。


　21日の韓国総合株価指数（KOSPI指数）は前日よりも65.25ポイント（3.49%）安の1806.99で取引を終えた。この日の下げ幅は史上10番目だ。KOSPI指数は最近5営業日連続で165ポイント下げ、時価総額に換算すると82兆ウォン（約9兆5700億円）が失われたことになる。外国人投資家はこの日も468億ウォン（約55億円）を売却して10日連続の売り越しを記録、「韓国売り」に対する不安が高まっている。


　ソウル外国為替市場でも、ドルに対するウォンは前日よりも6.70ウォン安の1ドル928.90ウォンを記録し、9月18日以来2カ月ぶりの最安値となった。


　円に対しては100円＝856.40ウォンで昨年5月19日以来1年6カ月ぶりに850ウォン台にまで下がり、ユーロに対しては1ユーロ＝1375ウォンでこれも今年の最安値を記録した。


　債券市場では国債3年物の金利が前日よりも0.1%高い年5.65%を記録した。一般的に株安になると債券価格は上昇するものだが、最近は株価と債券価格が同時に下落するという異常な事態が発生しているのだ。


　世界的な信用不安で外国人投資家たちが韓国など新興市場から資金を引き上げており、その過程でウォンの価値が同時に暴落している、との見方が市場では支配的なようだ。欧州系投資銀行UBSのアイリーン・コ氏は、「新興市場の株式は現在あまりにも高く評価されているため投資の比重を下げている」と述べた。


　現状の混乱は当分続くというのも市場関係者の大方の予想だ。世界経済を引っ張ってきた米国経済がサブプライム問題の衝撃から立ち直れていないからだ

http://www.chosunonline.com/article/20071122000015

そしてそのご主人様も時間の問題でしょう・・・（爆ｗ

China: In Hidden Danger of Sub-prime Crisis

New America Media, News Report, Jun Wang, Posted: Nov 21, 2007

Editor's Note: The relative ease with which someone can get a loan to buy a house in China, which is enjoying a real estate buying frenzy, is sure to have disastrous consequences, warn economists. NAM writer Jun Wang examines this.

SAN FRANCISCO The American sub-prime mortgage crisis is like the recent fires in Southern California it spread quickly and was hard to put out. Were such a thing to happen in China a country whose booming economy has no credit rating system it would be an even more serious disaster, economists warn.

The American mortgage market reached three trillion dollars after being around for more than 50 years. As Yi Xianrong, economist at the China Academy of Social Science points out, although China’s GDP is much less than America’s, in less than 10 years the Chinese mortgage market is already valued at the same level as the U.S. mortgage market.

One reason for the real estate boom in China, and one of the triggers of the international sub-prime crisis, is that Chinese approval for a loan is easy. China doesn’t have any credit rating system. “Anyone who applies for a mortgage can get it by presenting an income statement,” Yi said, noting that people can easily get fake income statements. He suspects that if a credit rating system were introduced, most people seeking real estate loans would not qualify.

In the sizzling real estate market, Chinese banks don’t even bother to run a thorough check on all mortgage applicants. In 2004, for example, a man living in Shanghai got a 780 million yuan (about 111.4 million U.S. dollars) mortgage by providing fake income and asset statements. He managed to buy 128 apartments in Shanghai.

That's not surprising since it’s easy to get around the down payment requirement. Chinese real estate policy officially requires a minimum 30 percent down payment when buying a property, but some banks come up with ways to help potential buyers get around this, says Yi.

“China is not far away from a serious sub-prime crisis,” Yi warns, “unless we break the myth that all money in the Chinese mortgage market is A-plus.”

Most people believe that the excitement generated by the upcoming Beijing Olympics will keep the bubble from bursting, at least until next summer, or longer. People in the real estate and stock markets have even written songs that reflect this belief.

An apartment in Hangzhou City, not far from Shanghai, the financial hub of China, recently set a new record in real estate prices. The 2,220 square foot apartment sold for 27 million yuan (about 3.6 million U.S. dollars).

Mindful of the runaway real estate buying frenzy that could end in disaster, the Chinese government keeps launching new economic and financial regulations to cool the real estate and stock markets. Interest rates have been raised four times this year alone, but with little success. Compared to the fall in stock prices triggered by the sub-prime crises in other countries, the value of the Chinese stock market increased by 30 percent in 2006, and by 90 percent in 2007, according to the New York Times.

American money is migrating into Chinese real estate. Phoenix, a real estate project in Beijing, reportedly sold more than 120 apartments to Chinese Americans from San Francisco and Los Angeles in two weeks. Since last year, two-thirds of those who applied for Chinese visas at the Los Angeles and New York consulates went to China to buy real estate, according to the Beijing-based Chinese-language newspaper, Economic Reference. That same publication notes that if only 10 percent of the six million Chinese Americans were to buy real estate in China, it would mean a sale of hundreds of thousands of apartments and houses.

A Chinese saying, “Watch the fire from across the river,” aptly describes the attitude of the Chinese people, who are enjoying their country’s economic success and concerning little about what’s happening in the mortgage markets across the Pacific Ocean and in other parts of the world, including Britain and Japan. Although its economy is tied to those of some of the nations now in the throes of a sub-prime mortgage crisis, the 4.9 billion U.S. dollars lost by six Chinese banks on their investments because of the sub-prime crisis in the United States isn’t seen as a big deal.

The Financial Times says that Bank of China, the second largest bank in the country, holds 9.7 million securities backed by sub-prime mortgages the most among Asian banks from the United States. “But it’s a small portion compared to Bank of China’s $770 billion USD assets,” says the Financial Times.

The American sub-prime mortgage crisis will have little impact on China, says Zheng Jingping, spokesman for the National Bureau of Statistics of China, because the Chinese mortgage market is still pretty much a closed system. The yuan is not totally freely convertible in the world currency market, which keeps crises in other countries from having major impacts on China.

But, Yi predicts, a sub-prime mortgage crisis in China will likely come exactly the same way as it did to the United States, fast and devastating as the Southern California wildfires.

http://news.ncmonline.com/news/view_article.html?article_id=a9f1b37c700849f0e81f465f26a04d7c

まあ要するにですね。

中国国内の住宅ローンはほぼ全てサブプライム以下ってことです。（爆ｗ
そしてその残高が既に米国内の住宅ローン残高とほぼ同額のレベルに
達してるわけです。（爆ｗ
おまけに株式市場もバブル真っ只中・・・

オリンピックまで持つかどうか・・・

とりあえず・・・


中国と韓国とは今の内に


縁を切っといた方がイイよ。


莫大な金をせびられるだけだから。（爆ｗ




で、欧州もカバードボンドでアウト。
誰かさんの希望的観測空しく
最終的にドル復活、米国の一人勝ち
ともう後戻りできないシナリオが
出来上がっちまってるんですね。（爆ｗ