China Near Recession in Rate-Cut ‘Panic,’ Asianomics Says
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China’s first interest rate cut since 2008 and loosened controls on lending and deposit rates are a “sign of panic” and will not do anything to boost the economy, Jim Walker, chief economist at Asianomics Ltd. said.
“The timing is a surprise but I suspect it demonstrates just how weak the Chinese economy really is,” Hong Kong-based Walker said today in an e-mail. “We believe that it is pretty close to recession.”