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China Slowdown Now a Clear & Present Danger


Concerns about China’s economy intensified Thursday after a private measure of manufacturing came in at its lowest level in nine months. The HSBC/Markit flash China PMI survey also featured a steep drop in new export orders, indicating China is suffering from global weakness, notably in Europe.

Even more troubling is a sharp rise in interbank lending rates, suggesting Chinese banks are becoming wary about lending to each other. If you recall, the crisis of 2008 reached its apex when banks stopped lending t