The deleveraging of the Chinese economy has always seemed likely to be a long and troublesome saga, lasting many years or even decades if it is to prove successful. The latest episode involves a sudden collapse in domestic “A” shares, which have dropped by 19 per cent in less than a fortnight, and have triggered what has been widely described as an “emergency” easing in monetary policy this weekend.
中國經濟的去槓桿化一直似乎會是一個漫長而麻煩的故事，將持續許多年甚至數十年才能被證明取得成功。最近的一個章節涉及國內A股突然暴跌，在不到兩週時間裏下跌了19%，並催生了上週末被廣泛形容爲「緊急行動」的貨幣政策放鬆舉措。
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