In September, the Federal Reserve raised rates by 25 basis points, its first hike in three years, and global markets immediately fell into a debate: Is this the start of a sustained tightening cycle, or a short-term policy recalibration amid strong economic resilience? Meanwhile, the People's Bank of China (PBOC) is holding to a prudent, accommodative stance of "keeping to its own course," widening the divergence between the Chinese and US monetary policy cycles.
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