CNY/EUR, construction spending

Good chance China is now rebuilding euro reserves sold when they panicked over negative rates, qe, etc. In fact, they could now be targeting the euro area for export growth:
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This came out this am. Note how construction flattened in the middle of last year when the NY tax incentives expired, and so far there is no sign of a repeat of last year’s growth for this year:
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When it comes to downsizing govt, Obama looks to have been the best ever. What more could the Tea Party ask for?
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