Justin had the news on Tuesday here:
China is said to be planning a record budget deficit of 4% of GDP for next year. That will be a step up from the target of 3% of GDP for this year.To 4% from 3% is substantial. Justin adds the caveat:
Yep.
Adam posted his take on China overnight, with a chart of Chinese bond yield tumbling off a cliff. I did a double take on the chart Adam posted, I thought it was a Heikin Ashi with all the flat-butts, but no ... just super-ugly.
Here's a longer view ... even uglier. Just for giggles I stuck a US yield chart underneath it ... and you want to know why the yuan is under pressure?
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