The Balance Sheet on QE
When quantitative easing (QE) was introduced in 2008, it was seen as a panacea for many economic ills. But eight years on there is a mountain of...
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RMB FX Flow Report
China became a net capital exporter for the first time in 2014 as outward direct investment (ODI) overtook foreign direct investment (FDI)....
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Liquidity and Technical Drivers of Hybrids
Bank hybrids have been issued in the Australian financial landscape for over 20 years in various forms. While drivers of performance have varied...
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ANIMAL SPIRITS Update: OPEC Fuels Base Effect - Oil, Inflation & The Fed, Yields, Financials and EM
Executive Summary OPEC production cut plan supports our macro thesis of an oil-led, inflation expectations uplift. Our original WTI peak base...
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Encouraging Non-Interest Income in China's Banks
For too long China's state banks have relied on a guaranteed profit from state-sanctioned lending rates. Electronic payment systems will provide...
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