Hard landing for China as factory prices fall and deflation looms

``The Politburo has thrown all engines into reverse throttle. The reserve asset requirement for banks has been cut and regions have been given the green light for another blitz of eye-watering stimulus financed by credit from state banks. Wei Yao from Societe Generale said: "The bottoming-out process is taking even longer than we anticipated. The easing policies announced so far have not fully passed through to the real economy.''