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NOTHING IS PERMANENT EXCEPT CHANGE

https://www.nytimes.com/2020/01/30/world/asia/coronavirus-chinese-racism.html

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What is different in this slowdown is China’s floating currency. In prior periods, China’s strategy was demand stimulation. Now, quite a bit of the work can be done through depreciation of the renminbi. Exports have increased. Compare a strategy of insulating China through currency depreciation as opposed to demand stimulation: The former is somewhat destructive […]

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