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    • Sep 10, 2023

Getting Ahead of Coming Risk Reduction


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James Wang
2023年9月11日

Dear David,


Can we say the negative view on EMLC but not on China is mainly due to idea on FX trend right?

EMLC is more impacted by FX but stock market has other drivers.

In addition, how can you comment some on BOJ's comment, its impact and timing of the influence this mor?


Cheers,


James


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David
2023年9月11日
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Yes, I see limited downside risk to Chinese stocks but see limited upside risk to the CNY. If CNY keeps going down, it would be bearish for EM FX. EMLC is largely a EM FX play. The BOJ will normalize rates but I think real rates will continue to decline. So I am not sure that changes anything

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