Michael Pettis: China's Economic Growth Model Is Dying
Forward Guidance
The Importance of Global Liquidity
There's very little contagion between the Chinese markets and the international markets because of capital controls. So if you have a banking crisis in China or an expansion in liquidity in China, that will have very limited impact on the rest of the world through financial means. Now, it could have an impact through the real economy. But it's not a direct thing. It's from the Chinese financial system to the current account. And from the Chinese current account to the US financial system, it's much more indirect.
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