What is behind global financial markets’ extreme moves since China’s decision to allow its currency to move to a managed float? One explanation is that investors increasingly fear that global disinflation is not a dragon that has been slain by muscular central bank measures, but a phoenix that is rising from the ashes.
自中國決定允許人民幣邁向「有管理的浮動」以來，全球金融市場經歷了極端波動，這背後的原因是什麼？有一種解釋是，投資者日益擔心全球「通膨減速」(disinflation)並不是一條被強硬的央行措施手刃的巨龍，而是一隻浴火重生的鳳凰。
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