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Money glut: more to come

While there are reasons to expect less bang for each QE buck than in previous episodes, the returns should still be positive

The PBOC will probably be the first out of the blocks with another rate cut and also further reductions in banks' required reserve ratios.

THE existence of a global money glut is generally accepted these days - the debate is over when and how should it end.

Ever since the 2008-2009 financial crisis, central banks around the world have bravely battled the secular headwinds to growth and inflation emanating from global excess...

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