ACWI - China Credit Impulse Is Plunging But It's Different This Time

• The China credit impulse indicator has plunged, typically this is a dire signal for the global economy.
• By a number of measures on the policy stimulus front, China has been zigging while the rest of the world has been zagging.
• This actually also highlights the point that the rest of the world has been doing the heavy lifting on stimulus and so we say "this time is different"

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