Stocks were down modestly today, ostensibly on news that the Chinese government was taking real action to limit leverage.
It’s hard to say if that’s really the culprit, or if it was something else, but actually that doesn’t matter. It sure feels that way.
We can’t be sure what the culprit is, but we now know that the central banker everyone looks to is PBOC chief Zhou Xiouchuan.
It’s possible Ben Bernanke still has this much sway, but since he’s pinned to the mat regarding rates, it’ll be a longtime before he does anything world-moving.
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See Also:
- China Sneezed And Brazil, Australia, The Commodities Industry, And The US Market All Just Caught A Cold
- Gartman: Here’s How The Chinese Tightening Could Prick The Real Estate Bubble, But Help Inflate Stocks
- Chinese Bank Lending Hits Record High, As Regulators Demand That Banks Slow Down