China is taking the right action by taking away the punch bowl, and nothing like a little Ghost of Maoists past to tamp down resistance...
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“The central bank wants to send a message to banks to be more cautious in their risk control and to improve their own liquidity management,” said Peng Wensheng, an economist with China International Capital Corp. “It is saying that you cannot expand credit as you like, and then simply rely on the central bank to back you up.”China is doing the right thing first. Dressing it up in Maoist costume will certainly give people cause about criticizing. But being the first to begin the clean-up will be the earliest to recover. Buckle up!
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