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FUNDAMENTAL ANALYSIS Yi fang jiu luan, yi luan jiu shou, yi shou jiu jiao, yi jiao jiu fang, yi fang jiu luan.


When policy is relaxed there is chaos; when there is chaos policy is tightened; when it is tightened people complain; when they complain policy is relaxed; when it is relaxed there is chaos.


Chinese saying


FX


it clear that few urbanization projects have gone ahead so far. Chinese steel prices are down about 12 percent since late Februar y, after having risen by some 15 percent during the preceding five months .


SOCIALIST BOOMS AND BUSTS


planning would make China’s “social ist market e conomy ”


larg ely fact,


investment booms and bus t s . In


however,


immune to Chinese


investment has always be en highly cyclica l, with peaks in investment growth typica l ly occurr ing approximately ever y five years .


You might think that centra l Unlike cycles in capita l is t


e conomies, Chinese booms and


bus t s on orig inate investment in


the state-sector. Booms are genera lly led by loca l government officials, who rely


to boost GDP growth within their


jurisdictions . Bus t s


projects are


imposed by Beijing, which must periodica lly inter vene for the sake of preser ving macroe conomic stabil it y.


FX TRADER MAGAZINE July - September 2013


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