Within the quarter, sales surprised on the upside in both February and March. If China: The Hard Landing was a movie, it would be stuck in pre-production now for roughly seven years. The probable result will be slower credit growth, which, much to the joy of the hard landing crowd, will slow China's economy and surely impact its equity market. "Empirical analysis suggests that China requires approximately 14% year-on-year credit growth to maintain GDP growth at or near the 6.5%," says Wolf. With current total credit growth trending downwards, the central bank might be hard pressed to raise rates further.

Source: Forbes April 25, 2017 20:26 UTC