Chill, China's economy isn't collapsing: China Beige Book
Current market perceptions of China are "thoroughly divorced" from the reality on the ground, according to the latest China Beige Book (CCB) survey, which has found that while the economy slowed in the third quarter, there are no signs of an impending growth collapse.
"In the aftermath of the stock market collapse and a surprise currency action in August, global sentiment on China has veered sharply bearish—too bearish," Leland Miller, president of CBB said.
"While we have long cautioned clients against relying on rosy official views of the Chinese economy, we believe sentiment has swung substantially too far in the opposite direction," he said.
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