At the end of November, we showed a troubling observation for China - and global - macro watchers from Axiom's Gordon Johnson: for the first time ever, record Chinese credit creation had failed to stimulate the economy, and in fact the exact opposite appeared to be unfolding – economic growth is slowing across a number of data points despite massive new credit injected into the economy over the past year.
One day after the Fed hiked rates by 25 bps as part of Janet Yellen's final news conference, it is central bank bonanza day, with rate decisions coming from the rest of the world's most important central banks, including the ECB, BOE, SNB, Norges Bank, HKMA, Turkey and others.
China, somewhat unexpectedly, hikes rates this evening, minutes before dumping economic data that showed no major surprises other than a modest disappointment in retail sales growth.
Of course, we had a suspicion that they might hike rates...
So what time is China hiking by 25 Bps
— zerohedge (@zerohedge) December 14, 2017
Authored by Nick Giambruno via InternationalMan.com,
I recently spoke with my friend and colleague Chris Lowe about China’s new alternative financial system - and how it could mortally wound the US dollar. It was such an important discussion that I had to pass it along.
Chris is the editor of Bonner & Partners’ Inner Circle. His publication shares insights from Bill Bonner’s personal global network of analysts and investment experts.
Amid all the chatter of Venezuela and Russia potentially creating oil-backed cryptocurrencies, the "huge news" of China's launch of the Petro-Yuan has fallen off the front page... until now.
This week saw the Shanghai Futures Exchange complete its fifth yuan-back oil futures contract trading drill successfully...