The firebreak between mounting economic threats and a continuation in the global recovery: an imposing concrete and glass structure in the heart of Beijing’s financial district, elephant statues guarding the door, the Chinese flag flying above.
That’s the headquarters of the People’s Bank of China which, in contrast with the U.S. Federal Reserve, has shifted to stimulus mode to shield the world’s biggest growth engine from the Evergrande property slump, virus lockdowns and higher global borrowing costs as the Fed tightens.
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