China’s ‘Dreaded’ Vote Of Confidence

Authored by Jeffrey Snider via Alhambra Investment Partners,

Chinese officials are getting nervous. Everyone knows that whenever your favorite sports team struggles and fans are calling for the head coach’s head, any owner or general manager who then issues the dreaded (from the coach’s perspective) vote of confidence is essentially sealing his fate. PBOC Governor Yi Gang issued a similar sort of statement today.

CNY is in freefall, which is dangerous in and of itself but more