Heard on the Street: Are banks and shadow banks free to lend again? Don’t ask Beijing.
China’s gauge of factory activity for February released Thursday fell to its weakest since early 2016 at 49.2—the third straight month of contraction. That sounds worrying, but there are some economic green shoots appearing. Unfortunately Beijing’s leadership is divided on what to do next: meaning the possibility of a policy mistake derailing growth or markets is rising.
First, the good news: new orders rebounded for the first time since May. Big, state-owned factories are starting to benefit from policy stimulus and infrastructure...
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