What Is Happening with the RMB?
Taking all the data into account, we believe the RMB is falling because the USD is rising. The relationship between USD and RMB are inversely...
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Wholesale Funding Remains Vitally Important to Chinese Banks
A compelling takeaway from all of this is that Chinese banks remain heavily dependent on interbank and PBOC liquidity provision. We believe the...
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Summer Blues - Asian And The EM-6 Crises
I have the blues. Summer has finally arrived, even in London. Markets should be quiet. We should be packing our sun screen, books and swimming togs...
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Asian Credit Monitor: The Chinese Corporate Bond Default, Not a Systemic-Risk
2018 has seen a number of corporate defaults for the Chinese onshore bond market. That has led investors to become more risk averse, in our...
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PBOC RRR Cut in Perspective.
The PBOC announced on Sunday it would cut the RRR by another 50 bps. By their estimates this provides roughly 500 billion RMB to big banks and 200...
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