This graph shows the surge in Chinese junk yield on liquidity squeeze from higher interest rates, higher DXY, and, next, decreasing USD liquidity when tariffs start to bite.

#China #EmergingMarkets #Gold

Chart fr. ZH.

The Fed has been hammering Chinese banks, that have borrowed $2T short in the offshore interbank market & lent long domestically, with higher rates & now DX.

$200B tariff list clear notice of less USD liquidity.

#China bank & CNH crisis on deck. #Gold