View: 20120905_china1.png (723×383)

It appears China's growth trajectory just dead-cat-bounced and is now resuming its downward trend. With Industrial Production at its lowest since March 2009 (though we are sure we will be told - "yeah, but it's still growing at 9.2% YoY"); perhaps it is better to look at this chart with no 'government-sponsored' y-axis since the bottom line is - it's bad and getting worse (and the PBoC remains 'stuck').