Currencies, Carry Trades, Fat Pigs and Pythons - Doug Noland

``Bill Gross has called China "the mystery meat of emerging-markets." I would tend to view Chinese finance and their policy regime attempting to manage system Credit the proverbial mystery wrapped in an enigma. From Bloomberg: "The jump in loans contrasts with the central bank's January warning that bank credit was increasing rapidly and also its statement in November that the economy may face long-term deleveraging. Each $1 of credit added the equivalent of 17 cents in GDP in the first quarter of 2013, down from 29 cents the previous year and 83 cents in 2007..."''