Almost every central bank in the world is raising interest rates, but there’s one exception! The Fed is raising, Europe is raising, Japan is raising, and even India is raising rates. Meanwhile, the People’s Bank of China just injected another 700 billion today, net injection: 200 billion. On October 8, they already injected 1.2 trillion, net injection: also just 200 billion. In ten days, two moves, 400 billion. Why is the People’s Bank of China going against the global trend? Because in 2025, China’s CPI was 0, and PPI dropped by 2.6%. At that time, while others were fighting inflation, China was battling deflation. Fast forward to the latest data from September 2026: CPI +0.9%. PPI +5.0%, the highest since July 2022. Non-ferrous metals +21.4%, coal +35.3%, oil +24.5%. Deflation is no longer an issue. The problem is, the People’s Bank of China is still injecting liquidity. The old illness just left, but the medicine can’t be stopped immediately. China’s central bank is like the most meticulous super nanny