I posted earlier on the China Beige Book, here: China 'Beige Book' notes solid growth but "potentially darker story for 2018"
The quarterly survey report is only available to its subscribers, so it's a bit of a scramble to get info on it.
Bloomberg do have more now, though, adding a bit more to the picture:
Faltering demand signaled by a reversal of the five-quarter commodity rally may be in store for 2018
Beige Book report said its survey evidence rebuts some of the key perceptions about the economy's progress:
- Capacity cuts in steel and other commodities aren't happening in reality
- Corporate borrowing continues to rise; deleveraging is a myth
- The economy isn't re-balancing to services from manufacturing
- China isn't reflating in the sense of faster growth, but profits are up
"The worry is not how the economy is faring now, but where it is headed. Beneath substantial accomplishments lies a potentially darker story for 2018"
When does the AUD start skating to where the puck is going, not where it has been? (With apologies to Wayne Gretzky)
