Central banks around the world are raising interest rates: UK up Europe up Japan up South Korea up The Fed is also raising. 中国 Only China is going against the trend, increasing liquidity, 1.2 trillion yuan in outright reverse repos! Why does it dare to go the opposite way? Because others are raising rates, forced by inflation. China is injecting liquidity to ensure money flows to where it’s needed. While others are hitting the brakes, China is stepping on the gas. Different directions, because they’re facing different challenges.