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CNBC/Evelyn Cheng/5-31-2022
“The Chinese government faces a growing shortfall of cash, analysts say, as they predict an increase of debt to fill the gap. ‘The latest wave of Omicron and the widespread lockdowns in place since mid-March have resulted in a sharp contraction in government revenue, including land sales revenue,’ Ting Lu, chief China economist at Nomura, and a team said in a report last week.”
USAGOLD note: Looks like China will be resorting to the printing press. The strong appetite for gold in China is likely to become even stronger as a result. The question is to what degree China will be able to supply goods to the world economy while in a major lockdown. Economists (and central bankers) are likely to read more global price inflation in this development due to supply-side constraints.
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