Well today just show how much power have the Reserve Banks.
We just needed the Chinese finance Minister Jiwei to say that China will practically accept a lower expansion that the market came down crashing.
I admire the Chinese even more as they understand that to spur the changes needed they need to inflict pain – not like in the US where the Fed cauterize everything for now.
The Chinese, as I wrote last week, have immense issue to solve and we do not know if they will succeed. But at least they are trying hard.
And do not dismiss the importance for Australia
-Mining is linked to China
– banks are linked to China
-real estate is linked to China
So wish well to China unless you want an Australia total wipe-out, care of our two decades of political choices.
In the G12 most developed country none is so dependent on China.
investorpolitico 