China’s central bank is a step ahead of its US counterpart in reining in its Covid-19 emergency stimulus, relieving potential market pressure from the Federal Reserve’s looming shift in policy. The People’s Bank of China has already started curbing credit growth to tackle debt risks, although it’s doing so gradually to avoid stalling the economy’s still uncertain recovery. Consumer inflation also remains tame despite the recent surge in factory prices. It’s a different backdrop to the US, where record fiscal stimulus is driving up growth projections and prices are rising faster than expected. The Fed is now debating when it can begin scaling back its bond-buying programme and possibly start
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