Special Report

Executive Summary Dollar Still The Largest Global Reserve Currency  The rise of cryptocurrencies like stablecoins theoretically pose risks to fiat currencies and their general use. In the US, the Federal Reserve will look…

Executive Summary Was FAANGM A Bubble?  US inflation has become broad-based, and the labor market is very tight. Wages are a lagging variable, and they will be rising rapidly in the coming months, even as the economy slows…

Special Report

Executive Summary The US Still Dominates Economic Output  While the Ukraine war has been positive for the greenback, there is a slow tectonic shift away from the dollar as China rethinks holding concentrated foreign currency…

Special Report

Dear client, This week we are sending you a joint Special Report with my colleague Chester Ntonifor, Foreign Exchange Strategist. The Special Report provides our outlook on the RMB. I trust that you will find the report very insightful.…

Special Report

Executive Summary The RMB And Real Interest Rates  The RMB has overshot and will likely consolidate gains in the coming months. That said, the yuan remains underpinned by a current account surplus, positive real rates, and a…

Executive Summary The RMB And Real Interest Rates  The RMB has overshot and will likely consolidate gains in the coming months. The said, the yuan remains underpinned by a current account surplus, positive real rates, and a…

Executive Summary No Contagion Yet  The risk of contagion into other FX pairs from the collapse of the RUB remains contained but is rising. The main transmission mechanism will be a global rush into dollars, should the…

Executive Summary China Needs To Create RMB35 Trillion In Credit In 2022  The pace of credit creation in January increased sharply over December. However, the jump was less than meets the eye compared with previous easing…

Feature This week, we present the third edition of the BCA Research Global Fixed Income Strategy (GFIS) Global Credit Conditions Chartbook – a review of central bank surveys of bank lending standards and loan demand. The data from…

Executive Summary Chinese Onshore Stock Prices And Earnings Are Set To Deteriorate  Macro fundamentals indicate that for the time being there is no basis to overweight Chinese onshore stocks (in both absolute terms and…