World-Beaters

World-Beaters

A couple of weeks back, I mentioned that China would likely need to take steps to ensure ample liquidity in August. The monetary policy divergence between the PBoC and the Fed is difficult to ignore. The Chinese central bank has taken a (much) more measured approach to stimulus over the course of the crisis, and recently warned its global counterparts that excessive accommodation risks unintended consequences -- and they should know. And yet, with core CPI slumping, PPI deflation still entrenc
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