Finally, we know that Beijing's foreign exchange position is tenuous, and it would be catastrophic if the US were to actually do something feral like impose 100% tariffs. Providing significant fiscal support will put more pressure on the yuan to depreciate.
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You've already taken an incredible number of chances. Debt, domestic and international. SOE's. BRI. Real estate. I could keep going, but the main point is: You've already taken chances. You can't just take them back. It's like asking for a refund on a losing lotto ticket.
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And easing monetary policy with a peg is just begging to get arbitraged, even with capital controls in place. The current account must remain open. So just buy gold, move gold, sell gold in jurisdiction of your choice. This is self-destructive and reeks of desperation.
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I understand that the set of policy options available to Beijing at this point is extremely unpalatable, and it probably has chosen the least bad option. But such poor decisions were made in prior years that I don't think there's a soft landing ahead.
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Mainland Chinese are super rich, especially the Oversea ones in Canada, USA, UK, Australia. It's time for them to be real Patroits (as they claim) and donate (nationalize) their money back to Communist China CCP government and the people
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