Welcome to the first day of the 三伏天, the dog days of summer. It certainly feels like it here in DC. Two big things are on my radar today: There has been a remarkable public airing of a debate between officials of the PBoC and the Ministry of Finance. It appears that the growing economic stress is also pressuring Liu He and the finance and economic bureaucracies over which he presides. Policy disagreements are not necessarily unhealthy but this kind of public airing may point to some continued underlying dysfunction;