Tomas Ragina It's been a terrible year to be a China optimist, and since my last writeup on the Templeton Dragon Fund (NYSE:TDF), the fund has underwhelmed along with the broader Chinese markets. Yet, last month's policy meeting offered some light at the end of the tunnel. In a new first, Beijing has introduced considerable fiscal flexibility, adding ~80bps to its deficit 'red line' (~3%) to be funded via ~RMB1trn of additional sovereign bond issuance in Q4. To be clear, any near-term economic impact will likely be limited, given most of this funding will be allocated to low multiplier projects...