China Slashes Lending Rate to Support Slowing Economy

Very good article. This problem has been building for awhile, but they are just now admitting it.

China has some serious troubles, which most here on ET will refuse to acknowledge (ETers seem to think China is going to quickly slide into the US role. Will take a long time to happen, if ever).

The place could easily implode if this recession is long enough. China has massive excess capacity and contracting production in several industries. Employing their masses is going to be a major challenge. Lucky for them, and the World, they have lots of reserves to play with.
 
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