I sense things may become very tricky for China now and PBOC decisions may not do it. For a very long time Chinese bond yields have been above US yields and no doubt capital would have been attracted to those high yield, but that's not the case anymore.
Whilst the PBOC may cut rates to try and stimulate demand, that could have the consequence of lowering Chinese bond yields further and actually encourage capital flows out of China rather than capital to invest within China.
Its very tricky at the moment as there are so many competing cross currents.
I sense things may become very tricky for China now and PBOC...
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