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The most recent macroeconomic figures show that the Chinese slowdown is much more severe than expected and not only attributable to the Covid-19 lockdowns.
It is easy to use the Covid-19 lockdowns as the reason for the weakening of the Chinese economy but that would be a gross simplification. The problem is deeper.
Confidence in the local currency is low due to the extreme intervention on the currency market, which is preventing China from having a truly international means of payment.