Two days ago, markets exhaled a collective breath of relief when China published its monthly data dump which disclosed that in addition to beating (almost) across the board for retail sales, industrial output, and fixed investment, the country's GDP came well above expectations of 4.50%, printing at a 4.90% increase YoY. {chart} This was good news for a world starved for any positive developments out of China, and Chinese assets promptly bounced (if only to sink shortly after as attention return to China's rapidly disintegrating property sector). There is just one problem: as with every economic data coming out of ... (full story)