Everyone is on the run
Caught up w a dear friend for lunch today. He runs a business in Greater China, including an office in Shanghai. He said he doesn’t travel to Shanghai much nowadays because the city is so gloomy. In his contact circle, everyone is on the run - send the wife aboard, send the kids aboard, send their money aboard, and the most successful ones are able to eventually send themselves aboard. There’s always someone asking him if he needs RMB, so they can swap their RMB for forex.
Yeah. That does sound gloomy.
We run that old joke again - the only way out is for someone to give Winnie the Pooh a bullet to the head. Market will have a rebound and everyone will be willing to give China a fresh new look. Minus that, the only question is about the pace of decline, economically, societally, politically and diplomatically.