Heard on the Street: The latest round of monetary stimulus from Beijing has stoked inflation without much helping industry
Lending binges in China used to produce lots of new houses, factories and growth. These days they mostly produce higher prices for food and housing—and more debt.
On Friday China will report its third-quarter economic growth, which is broadly expected to be slower than the second quarter’s 6.2% increase. But nominal growth—which includes changes in prices—is likely to be roughly flat, and could even accelerate. This is starting to shape up as a significant problem and has become a major constraint on monetary policy.
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