China’s issue is economic, not political
Having just returned from Europe, I was struck by the different perspectives on the two dominant themes in the markets at the moment- China and Greece, the former is being painted as a political issue while the latter is being painted as an economic one. In fact, to me at least, it seems to be very much the other way around. China is being accused of trying to manipulate markets when, in my opinion at least, it is merely trying to stabilise them to prevent unnecessary contagion while it maintains necessary economic and financial sector reform. Meanwhile Europe is said to be holding a hard line on Greece in order to achieve necessary economic and financial sector reform when to me it looks like the politicians are trying to enforce political will in the face of economic reality. Read my latest note here: (VIEW LINK)
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