A mounting energy crisis, with rolling power outages in China and fuel shortages in Britain, is adding to the case for higher inflation and putting growth in the Asian giant at risk, as reflected by rising bond yields and a sell-off in global shares.

Thermal coal prices have risen by close to 90 per cent in the past three months to $US113 a tonne while Brent crude touched $US80 a barrel for the first time since October 2018 on Tuesday.