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China braces for capital flight and debt stress
China braces for capital flight and debt stress as Fed tightens - Telegraph: " . . . Premier Li Keqiang has until now vowed to press ahead with loan curbs, insisting that the economy is strong enough to withstand the strain. The editorial is a clear sign that the Communist Party is preparing a volte-face, discovering that it is harder to manage a calibrated soft-landing than originally assumed. Citigroup warned in a new report that surging SHIBOR rates will cascade through the banks and damage growth later this year, with knock-on effects for commodity prices and emerging markets worldwide."