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US stocks are at a 50-year high relative to Chinese stocks

00:01 - 17/05/24

US Treasuries are at all-time lows vs Chinese government bonds

Data center power demand is set to more than double from 2023 levels by 2028

China's effort to decouple from the US shows in its BoP. In the old days, the current account surplus (black) meant reserve accumulation (red), which meant buying US Treasuries. That's over. China now channels the c/a surplus into direct investment and portfolio outflows...

Not disinflationary