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The Credit Impulse is not Telling the Whole Story in China

The Credit Impulse is not Telling the Whole Story in China

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Jon Turek
Jun 04, 2021
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Cheap Convexity
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The Credit Impulse is not Telling the Whole Story in China
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There seems to be this large disconnect between the macro community’s take on China vs. the anecdotal, survey, and hard data on the ground, which from PMIs to earnings calls all say that the economy is humming. Of course, it is very possible that these readings could be on a lag to things like credit impulse. But what if this time is really different?

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