China's endangered animal spirits
Beijing props up the yuan and vows to promote trade, but the spark may have died
Beijing is struggling to prop up China’s currency as its economy falters.
That explains why the People’s Bank of China cut mortgage rates last week but not its short-term prime rate. The central bank is trying to arrest a weakening yuan ahead of the “two sessions” gathering of top Communist party leaders next week. The annual plenary sessions of the Nati…