I love to cheer when China is emitting positive news. Not this time, I must pour cool water because of mind boggling bank lending growth and money supply M2. Two charts that I don't like to see -- hockey stick trend. I don't think it is sustainable. The China authority will have to issue warnings or even taking actions to cool off things. If China authority taking actions while the worldwide financial assets are pulling back, that is going to hurt quite a bit. That's why I'm still cautious, another good reason to be cautious I hope.
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