Idea on Macro:
- China's Credit Impulse has turned negative.
- Credit impulse is the change in new credit issued as a % of GDP.
- China's Government Bonds 10 YR Yield are correlated with China's Credit Cycle.
- The Credit Cycle taking a downturn signals deflation. Bond prices will rise as borrowers (issuers) will expect to pay back the principal at a loss, and...
