[voisin]

I think you are implying that China has room to drop rates to stimulate the economy, but the rates you quote are nominal rather than real. I.e. they don’t subtract off inflation. China May be less capable of dropping rates without stoking greater inflation and massively upsetting social order.

I may be misinterpreting your point though.

[throwaway4good]

Yes. And the rmb is rising relative the usd and euro. Point is they have plenty of space unlike the rest of us.