Highlights Our long-term FX REER models suggest the dollar remains overvalued, especially against the Chinese yuan. The cheapest currencies are the yen and the Russian ruble. The Scandinavian currencies are surprisingly…
Highlights President Biden has called for the US intelligence community to investigate the origins of COVID-19 and one of Biden’s top diplomats has stated the obvious: the era of “engagement” with China is over. This…
BCA Research’s Commodity & Energy Strategy service believes that China's jawboning of participants in metals markets raises the odds the State Reserve Board (SRB) will release some of its massive copper and aluminum…
In a recent report on Indonesia, our Emerging Markets Strategy team pointed out a structural shift in the Indonesian USD bond market. Indonesian sovereign USD bonds are now considered among the safest within the EM universe.…
After a period of weakness in the first quarter, RMB strength has been reaffirmed. USD/CNY peaked at the end of March and is down more than 2.5% since then. Broad-based US dollar weakness explains some of the CNY’s recent…
Highlights China's high-profile jawboning draws attention to tightness in metals markets, and raises the odds the State Reserve Board (SRB) will release some of its massive copper and aluminum stockpiles in the near future. Over…
The Seventh National Population Census reinforced the magnitude of China’s demographic challenge. The Census showed three meaningful shifts in China’s demographics in the past decade: 1. China is getting old before…
Highlights The Seventh National Population Census highlights the seriousness of China’s demographic deterioration; apart from a shrinking working-age population, the nation’s fertility and birth rates have dropped…
Chilean equities collapsed last week on news of the ruling coalition’s surprise underperformance in the election for members of the constitutional convention tasked with rewriting the constitution. President Sebastian…