China HY vs. IG and U.S. HY vs IG Total Return Relative
China HY vs. IG and U.S. HY vs IG Total Return Relative Should credit investors look to Asia in 2022? Image: BofA Global Investment Strategy
China HY vs. IG and U.S. HY vs IG Total Return Relative Should credit investors look to Asia in 2022? Image: BofA Global Investment Strategy
Monetary Policy – China vs. U.S. Homebuilders China and the United States are expected to diverge on monetary policy this year. Image: BofA Global Investment Strategy
Stocks – China Credit Impulse and China Stock Prices Relative to EM (Leading Indicator) China credit impulse tends to lead Chinese stock prices relative to EM by one month. Image: Alpine Macro
US vs. China – Fiscal Balance and Central Bank Assets As the chart shows, the U.S. and China have two very different policy responses to the pandemic crisis. Image: Alpine Macro
MSCI Equity Price: China Relative to U.S. and USD/CNY (Inverted) The RMB should weaken relative to the U.S. dollar. Image: BCA Research
China’s Credit Impulse as % of GDP Investors should be pleased as Chinese credit impulse is expected to rise. Image: Morgan Stanley Research
China – USD/CNY and EM Currency Index The RMB is expected to weaken relative to the U.S. dollar. Image: Alpine Macro
China Credit Impulse Investors should be pleased as Chinese credit stimulus is on the way. Image: Alpine Macro
China’s Bond Market China’s bond market is growing fast. Image: Gavekal, Macrobond
Nominal Effective U.S. Dollar and China Business Cycle Indicator (Leading Indicator) China’s business cycle tends to lead the U.S. dollar by 9 months. Image: Alpine Macro