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While the world was distracted by US recession provoking a Japanese stock market crash, China was continuing to meltdown. In just the past few days the country reported: a record drop in foreign money fleeing China; the first contraction in bank lending to the real economy in nineteen years; record low market interest rates; and the PBOC going off the rails trying to derail that bond rally. And we thought China was in rough shape...last month. Eurodollar University's Money & Macro Analysis Bloomberg China Goes to New Extreme in Crackdown on Bond-Market Frenzy https://www.bloomberg.com/news/articles/2024-08-13/china-goes-to-new-extremes-in-crackdown-on-bond-market-frenzy Bloomberg China Regulators Tell Some Rural Banks to Renege on Bond Trades https://www.bloomberg.com/news/articles/2024-08-12/china-regulators-tell-some-rural-banks-to-renege-on-bond-trades Bloomberg China Brokers Curb Bond Trading Amid PBOC Warnings on Rally https://www.bloomberg.com/news/articles/2024-08-12/chinese-brokers-curb-bond-trading-amid-warnings-on-rally Bloomberg China Asked State Banks to Keep Record of Government Bond Buyers https://www.bloomberg.com/news/articles/2024-08-09/china-s-state-banks-asked-to-record-buyers-of-government-bonds https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU |