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

EM by EM #22 The Good, the bad and the ugly

EM by EM #20 Another Energy Squeeze in the Cards?

EM by EM #19 The Simsek Effect kicking in?

EM by EM #18 – Why Jackson Hole is more important than Johannesburg

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Key points upfront:The USDCNY tourist trade is no longer a quick and easy source of profit, as the PBoC aims to discourage speculative activities by letting speculators bleed.</li><li>Despite facing challenges related to structural growth and domestic fragility, the CCP remains committed to safeguarding its export sector, even if it means sacrificing consumption and local government investments.</li><li>We expect ongoing depreciation, albeit at a rate that aligns with the PBoC’s tolerance.</li></ul>

Key points upfront:The USDCNY tourist trade is no longer a quick and easy source of profit, as the PBoC aims to discourage speculative activities by letting speculators bleed.Despite facing challenges related to structural growth and domestic fragility, the CCP remains committed to safeguarding its export sector, even if it means sacrificing consumption and local government investments.We expect ongoing depreciation, albeit at a rate that aligns with the PBoC’s tolerance.

EM by EM #21 Why China is uninvestable yet tough to short