Chinese banks are swapping cash to each other, to meet regulatory requirements. This is how bad the Chinese loan market it. With the situation with the developers it is no surprise.
This is not a very optimistic sign. When the banks have cash and no borrowers, things can get messy.
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This means the Chinese are seeing monetary deflation. It is going to really crush the economy.
For economies to expand, more money is required.
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That does sound like bad news. I am wondering what will happen once the Chinese economy falls because it's going to affect the entire world.
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