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This could get interesting.  Bloomberg is reporting price controls are being rolled out in China.  While we hear reports of inflation in China, this is the first case of public price controls that I am aware of.

It appears that inflation in China is now out of control, so much so, that the local government in Kunming China has announced price controls to be in effect in the Walmart stores on basic necessities.

The southwestern Chinese city of Kunming, where Wal-Mart Stores Inc. and Carrefour SA have operations, has imposed temporary price ceilings on daily necessities to counter inflation.

Kunming’s government asked five retailers — three non- Chinese, one Chinese and one based in Hong Kong — to report any price adjustments and give reasons for the changes two days in advance of making any alterations, the National Development and Reform Commission’s local branch said on its website yesterday.

While all eyes are on Europe these days, with its never ending bailout story, my eyes are on China.  Currently most of Asia is showing signs of slowing down, if not out right contraction in the last Quarter.