信不，全球国债利率高升源于中国经济转暖

Donald Trump’s election victory is blamed for a sudden spike in bond yields. More economic growth and more issuance of government debt to fund Trump’s spending plans, markets reckon, will push up inflation as well as the underlying growth rate.

The United States, though, isn’t the only giant world economy subject to rising growth expectations. China’s unexpectedly strong economic performance prepared the ground for the big bond rout even before the US elections on November 8.

 

 

 

 

The impact of Chinese reflation on the world economy prior to the US election was measurable, if modest. It was noteworthy, though, that the real impact of China’s economic recovery has been far greater for Western pricing expectations than the impact of central bank quantitative easing, which failed to interrupt the West’s descent into deflation.