Pay attention.  There’s a rather big meeting among #China’s leadership this week and will conclude on the 8th.  

Expect blaring headlines of some massive “stimulus”. Upwards of Rmb10tr.  Also note, however, that this isn’t actually stimulus.  

Whatever number is announced, assuming there is one, will be for funds applied to (1) a bank recapitalization program and (2) expanding the debt swap program among local governments.  

This provides net zero economic support.  Deleveraging remains the priority even if one type of debt is being recirculated into a new type of debt.  

https://www.cnbc.com/2024/11/04/china-gears-up-for-big-week-ahead-of-us-elections-stimulus-hopes.html