The latest moves by China have been mis-interpreted as a 'Bazooka' by the same analysts that got over excited about a Fed 'Pivot'. Stimulative monetary policy is neither needed nor appropriate in the world's two largest economies. Rather this is Chinese authorities continuing their creative destruction of the speculative element of the housebuilder bubble and facilitating the market clearing at lower prices, Far more important is the next phase of stabilising the stock market to form a base for building a Capital Market with Chinese characteristics. We don't trust the spike, but those that can invest in China should have it back on their radar