If you want to know why everyone’s so freaked out about ongoing Chinese tightening, considering the following from Waverly Advisors:
Just how much more tightening is needed to slow the Chinese stimulus feed economy before it derails? M2 for February released last night registered at 25.52% Y/Y after two successive rounds of reserve ration increases by the PBOC. Compare that with the sub 2% that US money supply is growing at and you’ll get the idea.
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