While much of this latest round of exuberant short-squeezing stocks and hot money flows into EM FX is driven by a Fed that is scared of its own shadow, the underlying meme has been that China is "stabilizing"... that everything will land softly... that policymakers have got this...
However, as Bloomberg's Tom Orlik points out - it is not! China's economic weakness widened and deepened in September...
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Source: Bloomberg's @TomOrlik