A funny thing happened in China in July. Ever so quietly, and with little aplomb, the PBOC unleashed CNY 1 trillion of ‘Pledged Supplementary Lending’ (PSL) to China Development Bank – later dubbed “QE-Lite.” Economic indicators temporarily blipped higher, a new recovery was proclaimed by the masses, and the world fell back into its stupor… despite the post-credit-impulse hangover which has seen Chinese data collapse in the last 2 months. But that did not stop speculators…