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Iran conflict could flip China’s deflation into ‘bad inflation’

China’s long fight with deflation risks morphing into something harsher, with economists warning the war in Iran could ​spark “bad inflation” at a time when chronically weak consumption and fading external demand leave the economy with little cushion. Beijing’s deep strategic oil reserves, diversified energy mix ‌and tightly regulated energy market give it a buffer few developed economies enjoy, particularly in Europe, where stagflation risks are rising. [...]