You Won’t Believe What Just Happened to Chinese Banks

Why is copper-to-gold so ugly and thoroughly deflationary? What’s happening right now inside China is one key part of it. After a small artificial rebound earlier this – where have we heard that before – Chinese bank lending has fallen even more sharply this summer adding yet another layer to the tremendous deceleration we keep seeing across China this summer. Retail sales fell yet again and investment is crashing.