Re-Evaluating the RMB with FX Change
It was announced this weekend that the PBOC is ending the requirement that banks trading RMB forwards would need a 20% reserve. This has...
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China (Underweight): Equities Driven by Stimulus & Flows, Not Reform (Part 2 of 6)
Main Conclusions There is no immediate indication of an end to either of the twin flows into Chinese offshore equities, namely global investors...
148 Views
Rising Moral Hazard and Governance Issues Around Tech Threaten EM Bull Case
The steady rise in most global equity markets over the first half of this year has been mainly driven by the weakness of the USD (USD CURNCY),...
167 Views
How Chinese Banks Understate Foreign Liabilities and Facilitate Implied Outflows
Chinese banks are using foreign exchange swaps to understate their foreign liabilities to fund foreign asset purchases. This helps facilitate...
154 Views
Dollar Saved by the Fed
The USD was in crucial danger of being slammed last week after weak CPI inflation data, but has been saved by the Fed sticking to its guns. The...
124 Views