ON MY POST ABOUT CHINESE BANK RUNS FROM LAST NIGHT, a friend writes: “The PRC bank runs might explain that order a few weeks back for top party officials to keep all their money in China. That probably would be multiple billions. One way of propping up the banks. Plus the side benefit of keeping them on a leash.”

Yes, and if they started moving more money abroad word would spread and make things worse. But the leash effect probably predominates.