"This will turn back the clock 20yrs. Before '98, PBOC had a branch in ea province. But it found local govts could easily intervene in the implementation of mon policy & finan resource allocation"

Of all Beijing's recent bad ideas, this may be the worst

https://t.co/ZloHz4lMVj

CBB's Miller talks to @BeckyQuick about why this wk's US-#China #trade talks are a charade & what it will take to actually come to a fall deal

@SquawkCNBC

https://t.co/wizFEnqE7d

Per @BaldingsWorld: "This leaves #China in a bind. If it retains soft #USD peg, it'll need to accept a weaker yuan or raise rates. If not, it'll need to peg the #yuan elsewhere or let it float—yet this would also imply a weaker yuan & higher rates"

https://t.co/J41TmJx2ko