A source in Australia told me that everyone's personal vantage points skew their perceptions of China. He said analysts routinely underestimate growth rates there thanks to thoughts that the currency is being held too weak and constant upside surprises. If true, then commodities should continue to be quite strong, weak fiat currencies or not.
I have a problem with that as the market told us in no uncertain terms that something is not quite right. The Shanghai composite and its giant-sized baby brother the Hang Seng in Hong Kong have ery shaky stock charts.
Still, it is a thought. At least we need to apply Chinese standards, not our own standards, when we look into what is going on over there.