小编按：其实小编觉得最值得分享的是这幅图，来自于法兴中国首席中国经济学家姚炜《Gyration of bubbles》
In China, money flow is tightly controlled and capital markets are relatively underdeveloped, meaning theeconomy works like squeezing a balloon.
Earlier this month,thermal and coking coal futures hit a record high since their debut in 2013 while zinc soared to the highest since 2011. Steel rebar, nickel, tin, iron ore and rubber futures also climbed to multi-year highs.
Its also interesting that buyers are piling in to get their hands on more obscure commodities such as glass, which is traded on the nations futures exchanges, and garlic.
Data compiled by the Commerce Ministry in Beijing shows the price of the bulbs soared to record high or 14 yuan per kg, a rise of more than 80 percent from a year-ago.
Glass futures in Zhengzhou ran up to the highest in more than twoyears on Nov. 11 amid heavy trading.
Fundamental issues of declining supply and rising demand are partly to blame, but market watchers reckon that an uptick in trading volumes smacks of speculation, likely nudged bytightening measuresin property markets.
Despite slowing widereconomic growth, real-estate prices of Chinas top-tier cities have climbed very quicklyin the last few years.Shenzhen, for example, saw home prices skyrocketing as much as 60 percent just in the past year.
In an attempt to cool the rally, Beijing rolled outnew measuresin October to more than 20 — mostly top-tier — cities where property prices have disproportionately rallied.
The countrys ball of hot money has also beenmaking its way back to bonds markets, less than a year afterthe home-buying frenzy almost drovethe bond "bubble" to a collapse."Despite no substantial monetary easing, bond yields have been falling until recently, which is a clear sign that a lot of the money has gone into fixed income markets as well," said Yao at AXA Investment.
He added that the recent development is a "mirror image" of post-equities meltdown over the summer last year. "When the stocks market collapsed, the housing market became the magnet for capital and nowcommodities is a popular destination," he said.
SocGen’s Yao agrees, saying that “the wall of liquidity and the dynamics are still there.” But this time around, she cautiously raises a red flag on such a rapid price rally in the commodities.
A persistently rising CPI will be a “straitjacket” on the Peoples Bank of China next year, giving a serious conundrum to the central bank in terms of its policy direction next year.
To the senior economist at AXA Investment, its not yet "alarming" for overall price levels due to “problems of overcapacity” in sectors where inflationary fears are high.