Export economies without consumption can fall a lot harder than those built on debt based consumption. The Brits can print and lower their excahnge rate the difficulty the Chines have is they can print but its not a traded currency so it doesnt move much. China is likly to have a capital flight problem where no one is willing to put money into the country because of massive fraud and all the Kleptocrats try to move money out , the wealth distribution issue between classes is much worse than anywhere else and the wealth Chinese are the ones who can skirt the capital controls and suck money out. The Chinese system is not a credit system like the US its actually worse , they lend to banking intermediaries who are controlled by the Chinese government who then lend back to the provincial governments , its the same in practice as just printing and spending, except it behind a wall of loans that are never repaid. Chanos estimates that 25% of the loans will never be serviced and he estimates the government debt to GDP at 225%. Thats only fully accounted basis, so if you take the US reserves as collatoral and assume that the CCP stands behind all the banking sector loans to government their debt to GDP like Greece. We get distracted by the US reserves and assume there is little debt, the problem with all those reserves is that if they sold them they would send the USD downward making their trading terms harder and crash their export sector
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