China
Made in the USA 2035
The economic rivalry between the US and China is intense partly because it is as much a technology war as a trade war.
Read MoreWSJ: Xi is ratcheting up China’s pain threshold for a long fight with Trump
In this follow-up note on the evolving US-China trade conflict, Stephen Jen provides a…
Read MoreMy thoughts on currencies
The future trajectory of the Trade War remains highly uncertain, with too many permutations for us to plan for…
Read MoreThe Risks of Export Dumping by China
As tensions between Washington and Beijing escalate, Stephen Jen and Joana Freire explore a powerful second-order consequence: the redirection of Chinese
Read MoreMy thoughts on currencies
In this wide-ranging note, Stephen Jen offers a two-layered view of the current macro landscape: one focused on the underlying…
Read MoreChina: RMB Bonds and Equities: 2025 Outlook
2024 indeed turned out to be a ‘glass-is-half-full’ year, thanks to the fiscal interventions by Beijing. We maintain a cautiously optimistic expectation of stronger policies from Beijing in 2025.
Read MoreChina’s Local Government Debt
What is the role played by the local governments in China’s property eco-system, and how should investors think about the risks posed by China’s local governments as the property market weakens?
Read MoreAn Update on the China Property Sector
China’s property sector is big, but not overwhelmingly big, compared to the cycle that Japan had in the late-1980s…
Read MoreShelter Inflation Elevated Due in Part to the Fed
US headline inflation has fallen as sharply as it had risen, but core inflation has been stubbornly sticky on the downside for the past six months
Read MoreEmerging Markets H2 Roadmap 2023
We remain convinced that it is a watershed moment for the asset class.
Read More