Topic
Macro
5 pieces.
When a political change abroad reaches Asia at second order
A change of government in a major economy rarely hits Asian markets head-on. It reaches them through a few slower channels, and which of…
From lever to toll: what the Hormuz trade is actually pricing
Markets price a chokepoint as a binary switch. The logic behind that framing, and the question of who pays for it, carries further than…
What Chinese institutional investors see that Western analysts miss
The dollar story looks different from the other side of it. The structural question was settled years ago; what oscillates is the discount.
How the PBOC runs monetary policy: rates, reserves, and the Loan Prime Rate
The People's Bank of China, or PBOC, manages liquidity and the cost of credit through a small set of interlocking tools: the money…
GDP, demographics, and the 2025 baseline for China's markets
Two long series sit behind every call on Chinese markets: the growth path of the economy and the aging curve of its population. Neither…