It’s quiet. Too quiet.
Currency markets are broadly lacking in conviction this morning, with the British pound the only significant mover among the majors, and the dollar inching lower against its rivals in generally-directionless trading. Equity markets and commodity prices are unimpressed after the People’s Bank of China and the National Financial Regulatory Administration told lenders to roll over outstanding loans to property developers – a step that might prevent a string of defaults, but which won’t do much to improve household confidence. After what might have been the biggest property bubble in history, many cities are overbuilt, local governments and millions of households are carrying...