Pay No Attention To 50
China’s PMI’s were uniformly disappointing with respect to what Moody’s was on about last week. Chinese authorities expended great effort and resources to get the economy moving forward again after several years of “dollar”-driven deceleration. There was a massive “stimulus” spending program where State-owned FAI expenditures of about 2% of GDP were elicited to make up for Private FAI that [...]
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