Beijing is back in investors’ good books. To justify the euphoria, it needs some meaty goals, says Bloomberg Opinion’s Daniel Moss.
changed the conversation about global prospects. The Federal Reserve, usually the principal force driving market sentiment and forecasting, has company.
Draghi's task was clear - and quantifiable. The euro is still very much alive; more nations use it than ever. Draghi's challenge had the benefit of being lofty. The euro symbolised a half-century of ever-deeper integration.When the first steps were rolled out on Sep 24, they were interpreted as an attempt to secure Xi’s growth target of around 5 per cent. That clip was in some jeopardy, but a dramatic undershoot was unlikely.
The spectre of deflation has followed China for a while, so lifting overall demand can't hurt on that score. But without an inflation target, it's hard to exactly know the destination.
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