The People’s Bank of China (PBoC) lifted borrowing costs in step with the Fed overnight. But the real question is: can China’s economy handle this sort of tightening at this stage in its cycle?
Diana Choyleva of Enodo Economics (one of the few economists to accurately forecast the yuan’s depreciation) believes it can’t.
On one hand the PBoC is lifting rates, on the other, it’s been engaged in the injection of a record amount of liquidity over the last year to prevent market rates from rising organically.
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