December 3, 2011
China Heading for a Hard Landing
Wall Street Journal, Wall Street Journal
The People's Bank of China's surprise announcement Wednesday of a half percentage point cut in banks' required reserve ratio is an admission that the economy is facing stiff headwinds. Consumer price inflation remains relatively high at 5.5%, and the true level of inflation as reflected in the GDP deflator is probably closer to 10%.
TAGGED: global economy, China