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China can’t afford to have a renminbi meltdown. Contrary to popular belief, the Communist Party needs a strong RMB to purchase the oil, gas, food, and basic materials that it desperately needs EACH AND EVERY DAY. They use USD but the artificial RMB/USD rate that’s carefully 1/5
Manipulated by the PBOC each day is very important to China Inc. The fact that they have charged a key propaganda outlet @ChinaDaily with delivering this message to the market evidences China’s fear of a meltdown.They must be very worried given the fact that despite rare cuts 2/5
The consumer credit impulse continues to plummet. Household debt to discretionary income now exceeds US levels just before the global financial crisis. Chinese GDP is currently plummeting due to sales volumes and price declines of real estate (which represents the core 3/5
