Chinese stimulus may not save the day this time around

China’s policymakers have had a busy few weeks. Between the ongoing lockdown policy, the depreciation of the renminbi, and the various fiscal and monetary stimulus measures that have been rolled out, it is increasingly difficult to estimate how it all stacks up in terms of the impact on global markets and what may already be discounted. Our sense, however, is that those hoping for a swift rebound in “risky asset” prices fuelled by stimulus measures in China will be disappointed.