China is not decoupling from the US
Talk of China decoupling from the US is a fantasy. China is where the US bubble originates.
ItÆs a topsy-turvy world when banks lose billions of dollars in investments over the subprime crisis, and equity markets still rise. ItÆs a topsy-turvy world when the US economy threatens to sink into recession, and China keeps growing.
ôEquity can be a bit thick. It doesnÆt understand whatÆs going on in the credit space,ö is the way leading CLSA commentator Christopher Woods explained the paradox at the recent Hong Kong CLSA Forum.
It increasingly looks as if Woods is right,...
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