We are approaching the first anniversary of when the credit crunch was recognised as having hit the UK. Over-ambitious lending strategies brought down one bank and threatened others. As one commentator put it, the toxic chickens have come home to roost.rnBut keeping its head well above water is the star of the China story. This has been highlighted in the Howe Robinson quarterly report, just published.rnIt says that industrial activity in the developing world and most particularly in India and China, has remained robust regardless of a deepening of the financial crisis that has affected much of the US and Europe. There is mounting evidence that this is beginning to spill over from balance sheets and stock prices into sharply weakening economic activity.rnDespite the challenges of severe weather in most continents, the major suppliers of iron ore and coal responded to record-breaking rises in demand andrnbreathtaking price increases by expanding their already-tight supply chains.
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