USEFUL NOTE FROM THE FED HIGHLIGHTING HOW CHINA'S CURRENT EXPORT LED EXPANSION DIFFERS FROM THE FIRST CHINA SHOCK -- CHINA IS BIGGER, CHINA PRODUCES MORE ADVANCED GOODS AND CHINA'S TRADE IS INCREASING
What changed
1/ HTTPS://T.CO/8HZMVTK8YN — VIA @BRAD_SETSER
Why it matters
Fed note highlights China's larger size, advanced goods, and asymmetric trade as key differences from first shock.