China – no stimulus
January credit data suggest limited monetary stimulus, and no turnaround in real estate. To be bullish, you need to argue that infrastructure/capex can offset exports/real estate, or that January data are still backward-looking.
January credit data suggest limited monetary stimulus, and no turnaround in real estate. To be bullish, you need to argue that infrastructure/capex can offset exports/real estate, or that January data are still backward-looking.
