China: Why Are Markets so Worried? - UBS

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China’s GDP grew by 8.7% in 2009 and 10.7% (y/y) in the fourth quarter, somewhat stronger than expected. The good growth and the visible rebound in December CPI (1.9% y/y) have made the market more worried about further policy tightening. Media reports about a lending freeze and an imminent interest rate hike spooked the market.

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