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All China Publications

Macro Comment China — CNY to be kept stable, but only in effective terms

We revise our USD/CNY forecast after seeing signs of Chinese authorities being less worried about CNY weakness, and on the back of revisions to our USD forecast. Our underlying view of a stable effective exchange rate is unchanged and we continue to expect a weakening of the CNY versus the USD in the short term, but a stronger CNY in the long term.

Bjarke Roed-Frederiksen, Senior Economist |

Fast Comment China — Party congress in full swing

  1. Long-term growth target not mentioned
  2. SOE reforms among main economic policy priorities
  3. Leadership for the coming five years to be formed

Bjarke Roed-Frederiksen, Senior Economist |

Fast Comment China — Growth was still strong in Q3

  1. GDP growth fell only marginally to 6.8 percent in Q3
  2. Monthly indicators improved in September

Bjarke Roed-Frederiksen, Senior Economist |

Global macro forecast — Tailwinds now, but autumn storms are coming

• The end of the recovery, into the boom
• Tricky reorientation of monetary policy
• Global slowdown in 2019

Ann Öberg, Head of Economic Research |

Macro Comment China — China Trip 2017: Healthy growth leaves room to tackle overcapacity

• Our travel notes: we left China more positive than we arrived
• Party congress will consolidate President Xi's power
• Cutbacks in China finally rebalance commodity markets

Martin Jansson, Strategist |

Global Macro Comment — A shift in tide for the EURUSD

The weak USD seen throughout the year will gradually feed into higher inflation, which in turn will lift interest rate expectations for the US and strengthen the USD.