At a secret meeting of top Communist officials at the start of this decade, Zhu Rongji, then China's premier, summoned senior academics and finance officials to teach a crash course on complex financial instruments.
Financial derivatives, in the best explanation provided that day, were described as like putting a mirror in front of another mirror, allowing a physical object to be reflected into infinity.
China's leaders, most of whom are engineers by training, decided to take a cautious approach towards these exotic products and still have yet to allow most kinds of derivatives.
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