China Looks Poised To Inflate A Tech Bubble Of Its Own

The Chinese economic recovery continued apace in August -- or at least that's the official story. PMIs for the month held up well, and an upside surprise on the services gauge was especially welcome news Monday. The "official" (i.e., NBS) non-manufacturing gauge printed 55.2 for the month, up from July and better than expectations. That sounds dry (and it is) but monthly activity data out of China has habitually disappointed on the retail sales front, suggesting a supply-driven recovery that m

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