There may not be Reds under the bed, but the Chinese are in the City of London in an effort to boost renminbi use in the rest of the world.
Should investors be excited by the prospect of buying into renminbi assets, or fearful of contagion from a deflating Chinese credit bubble? The risks are big, but so are the powers of the totalitarian Chinese government.
The biggest danger comes from the past decade’s poor investments: excess capacity in almost everything, funded in large part by one of the biggest debt ramp-ups in history.
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