OPINION_ China gives up the ghost of its debt-fuelled boom

FINANCIAL TIMES

China gives up the ghost of its debt-fuelled boom

John Plender
September 6, 2015 5:23 am

John Plender considers the problem of saving surpluses



China is at the end of a debt-fuelled investment boom that created ghost towns

One of the factors behind today’s exceptionally low global interest rates has been the return of excess savings in Asia since the turn of the decade. Much of this excess saving is channelled through foreign-exchange reserves. So the fact that China’s official reserves fell to $3.65tn in July from a peak of $3.99tn a year earlier is striking, especially against the background of the botched attempt to prop up Chinese equities. Note, too, that other emerging markets are using up official reserves to support their ailing currencies, Russia being a notable case in point. Could it be that one of the great drivers of the search for yield is going into reverse?

READ MORE:
http://www.ft.com/intl/cms/s/0/5b954d76-50aa-11e5-8642-453585f2cfcd.html#axzz3kvnVpas1


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