China’s central bank this week faced reality and revised down its inflation estimate to half the level targeted by Beijing, implying it is failing — as global peers have before — to combat the threat of deflation.
That is not only bad news for a country struggling to stimulate growth, it also threatens a ripple effect around the world: cheap made-in-China goods contained price rises around the world when that was a force for good.
Now, as Europe, Japan and the US struggle with stagnant or falling prices, the spectre of exported deflation is a far from benevolent force.
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