Challenging crosscurrents from divergent monetary policy

China’s rebalancing adds to the difficult operating environment

Central bank watchers interpreted the Federal Open Market Committee (FOMC) statement, released after its penultimate meeting of the year on October 28, as raising the prospect of a US interest rate rise, perhaps even as early as December. The reason cited for this was that Federal Reserve policy-makers appeared less concerned about risks a slowdown in the Chinese economy might pose to the US economy, thereby making an interest rate rise more likely.

But ‘lift-off’ for the Fed – which some

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