At the same time, I think the evidence continues to mount that the scale of outflows is significantly a function of expectations—so the best way to limit outflows is simply to hold the exchange rate stable for an extended period of time (technical note: China has an ongoing current account surplus, so stable reserves imply ongoing outflows at a modest pace).China merely provides the fundamental backdrop. This is entirely a story about the U.S. dollar. If the U.S. dollar declines, then China dodges a bullet. Global credit growth will revive, global economic growth will follow, the U.S. dollar will decline. If instead credit growth remains tight, global economic growth will disappoint, and the U.S. dollar will rally.
波士顿中国留学生因骚扰民主活动人士被判入狱
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4月24日,来自中国的前伯克利音乐学院学生吴啸雷被美国法院判处九个月监禁。法院要求吴啸雷6月7日前往指定的监禁 […]...
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