Barely three months ago, when President Obama was feted in Beijing, it was euphoria. At the moment, when Beijing hurls insults at Washington almost daily, it is decidedly depression.
LastAugust, forexample, the bankthought that inflation would barely rise above 2% in the firstthreemonths of this year. Indeed, ayear ago, the bank thought it wouldpeak in early 2010 at 1.4%.