China’s moves to curb market speculation are not ‘abrupt’ exit from coronavirus stimulus

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Unexpected moves by China’s central bank to reduce liquidity in the banking system do not represent an “abrupt” and long-lasting policy change, but are in fact an effort to protect against property and financial speculation by drawing a “red line” to guard against increasing debt.As part of its regular operations to control liquidity, the People’s Bank of China (PBOC) offered 2 billion yuan (US$309 million) in new liquidity on Tuesday, a far lower amount than expected, raising market…

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