Does China have a sherbet lemon economy? Like the boiled sweet, China’s landing may be hard on the outside, but soft in the middle.
Suppliers to the country know how hard it is on the outside. Brazil’s real is down a quarter against the dollar this year, while the Australian dollar has tumbled 12 per cent, hit by weaker Chinese demand for commodities.
The question is whether it is soft inside. Stephen Jen of hedge fund SLJ Macro thinks that urban jobs show China is having some success in switching from infrastructure and industry towards services and consumption.
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