By Adrian Ash
China's latest Gold figures look unrelentingly bullish. Too bullish perhaps...
So "Growth has [now] replaced inflation as Beijing's top policy concern," says Qu Hongbin, Asian economics expert at HSBC in Hong Kong, forecasting three cuts to China's banking reserve requirements by July.
"There is developing in Beijing, I think, almost a panic about global economic prospects and the impact of the European crisis on China," agrees Michael Pettis, finance professor at Peking University. He goes one further and forecasts debate - if not the fact - of a currency devaluation in 2012.
Yes, you read that right. In a US election year, Beijing's policy wonks are arguing over cutting the Yuan's foreign exchange value, not raising it.
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