Wall Street is getting excited about moves by China's central bank that appear designed to revive the nation's flagging economy. China's main street has not noticed.
Iron ore contracts traded in the northeastern Chinese port city of Dalian fell 4 per cent on Monday morning to a five year low of Rmb 556 per metric tonne. That points to flagging demand for the steel-making material by the manufacturers that drive China's growth.
This is not what many predicted when the People's Bank of China last week added $81bn of short term money to the banking system and also lowered the interest rate on a facility where it lends banks money for two weeks.
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