A commercial jet has collided with a residential tower in Beijing, but the details remain frustratingly opaque. The Chinese authorities have erected a wall of silence, blocking international investigators and restricting local media. This is a disturbing pattern for a nation that markets itself as a global financial leader.
When transparency vanishes, markets take note. Capital flight is a quiet stampede, and this lack of information is a red flag for investors already jittery about geopolitical risk. The yuan may face pressure, and Beijing's bond yields could see a flight to safety spike.
The absence of a clear narrative is the most dangerous currency of all.
