China: chinese take-away

China holds the key to the next phase of the financial crisis. Falling oil and food prices will come as a relief to western policymakers, but the reality is that the West has already more or less run out of policy options – at least easy ones. They are now largely in «cross fingers and hope for the best» territory –where the best largely depends on emerging market central banks which do still control their own destiny. In particular, that puts the focus on China, which has important choices ahea...