Expert Guest, Derek Scissors, has some interesting and out-of consensus observations from his most recent Beige Book data. 1) Chinese companies are not deleveraging 2) "Re-balancing has taken a backseat this year with old economies industries driving economic growth 3) China on a net basis has added capacity in 2017. http://www.aei.org/publication/china-isnt-fixing-its-flaws/

Interesting piece. Devastating conclusions!