Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

China Watch: The Big Losers from an Imports Pull-Back

China Deflation Watch – What Happens in China Stays in China

Steno Signals #60: Worse than Lehman in China!? The 3 Most Important Questions Right Now!

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Welcome back to another piece on the ongoing turmoil in China, which seems to have slipped headlines over the last weeks as USDCNY has stabilized around the 7.30 level, which seems to be the line in the sand for now.</li><li>Xi and PBoC currently stand in a big dilemma, as a weaker exchange rate incentivizes domestic capital flights from CNY to USD amidst a domestic consumption crisis and real estate hovering at recessionary levels.</li><li>To cope with capital flights, PBoC controls imports and exports of various commodities on the domestic market, forcing domestic banks and other players to keep their trading activity in CNY by strengthening the Yuan.</li></ul>

Welcome back to another piece on the ongoing turmoil in China, which seems to have slipped headlines over the last weeks as USDCNY has stabilized around the 7.30 level, which seems to be the line in the sand for now.Xi and PBoC currently stand in a big dilemma, as a weaker exchange rate incentivizes domestic capital flights from CNY to USD amidst a domestic consumption crisis and real estate hovering at recessionary levels.To cope with capital flights, PBoC controls imports and exports of various commodities on the domestic market, forcing domestic banks and other players to keep their trading activity in CNY by strengthening the Yuan.

China Watch – Foreign Direct Investment & Capital Controls