China: Deleveraging reform resumes
The Chinese economy has recovered well, and therefore the government has restarted structural reform. We have revised our USD/CNY forecast for 2021. The…
China economic growth to support deep financial deleveraging reform
In recent months the Chinese financial regulators have unveiled measures aimed at reducing leverage in asset management, interbank and in the overall…
Early China bond market concerns unjustified
Chinese sovereign bond yields have increased. But that is not alarming - for us, it is more a combined result of financial deleveraging and the usual…