China has sent a deflationary chill through global markets this year by engineering a major slowdown in the growth of bank credit in the country.
In fact, we would argue that the unravelling of many of the so-called “Trump trades” in global markets this year reflects the deflationary chill that China’s credit squeeze is creating, rather than simply registering scepticism about Trump administration policies.
As the world’s second-largest economy, with a nominal gross domestic product of nearly $12tn, China is sneezing and the world is set to catch a cold — creating further downward pressure on commodity prices and US interest rates.
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