What does 'inch down' mean?
Whereas corporate-bond prices have fallen sharply in the West—reflecting concerns about firms’ solvency—they have only inched down in China.

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It means to fall very slowly and consistenly. In the context of stocks, it would be the opposite of "plummet" or "cratered." Another example, if I go up on a high ladder, I will likely inch down, since I don't want to rush and hurt myself

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It means “moved down just a little bit,” in contrast to moving down sharply (“in a large amount”) as in the West.