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

The week at a glance: Time for the BoJ to step up, while soft PCE numbers may fool some..

Steno Signals #97 – 5 reasons why the CNY will be devalued next week and how to trade it

The Week At A Glance: ISMs, NFP, FOMC & QRA to put even more pressure on USD rates?

Steno Signals #95 – Is the Next Move a Hike?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>China is preparing something BIG. That seems more and more obvious to me by the week now. The question is what that BIG thing is.</li><li>China reported a strong 5.2% YoY Q1 despite troubles on the ground, local financial institutions are hoarding bonds because of a weak credit demand growth picture and the Chinese authorities seem to be stockpiling like crazy.</li><li>We have seen plenty of tin-foil theories speculating in the reasons behind those Chinese actions, but maybe China is just preparing a major one-off devaluation of the CNY?</li></ul>

China is preparing something BIG. That seems more and more obvious to me by the week now. The question is what that BIG thing is.China reported a strong 5.2% YoY Q1 despite troubles on the ground, local financial institutions are hoarding bonds because of a weak credit demand growth picture and the Chinese authorities seem to be stockpiling like crazy.We have seen plenty of tin-foil theories speculating in the reasons behind those Chinese actions, but maybe China is just preparing a major one-off devaluation of the CNY?

Steno Signals #96 – A major devaluation of the CNY could be imminent