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December 3, 2011

China Heading for a Hard Landing

Wall Street Journal, Wall Street Journal

AP Photo

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%.

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TAGGED: global economy, China

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