China’s year of lessons, heard loud and clear – Opinion
Chinese regulators have played hardball this year on topics ranging from money-market liquidity to bail-outs to export invoicing. After six months of tough lessons, market participants now understand that a new economic regime is in order.
China’s newly appointed leadership has apparently adopted a new mantra: sparing the rod spoils the child.
It’s been years since Mainland regulators have taken the country’s marketplace to task for their shiftless behaviour. Commercial banks have negligently relied on interbank market liquidity to pay for their off-balance sheet
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