Policy divergence between the US and China post-pandemic may lead some investors to rethink the market trajectory, which is different from what we saw in the aftermath of the Global Financial Crisis. While monetary and fiscal policy in the US is extremely loose, policy in China is becoming more prudent. We noted earlier that China's credit growth may have already peaked during the third quarter of 2020, and we highlighted the impact of the de-leveraging risk on copper, which is very different from the post-GFC cycle. Recently, Chinese authorities have repeatedly warned on inflation pressures from rising commodity ... (full story)