Artificial economies will always be exposed. And they’ll either fold under their own pressure or deceive the world economy which China has already done. So now crumbling slowly is their fate
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but they're not 'digging into reserves' to lend more, are they? Banks don't lend reserves. The PBOC has allowed banks to grow their balance sheets, both assets and liabilities, without having to persuade some holders of bank liabilities to convert them to bank equity
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