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UPCOMING WEBINAR - CAUCASUS AND CENTRAL ASIA: POLITICAL PASSIONS IN THE...

Bond Default Recaps: Recapitalization Patterns
CHINA ADVISORY · Report · 18 Aug 2017

As the economy slows and bad debt increases, the outcome of the current round of defaults, along with related programs like the debt-for-equity swaps, tell us a lot about what China will do and not just what it says it will do. We believe this initial pool of defaults provides a clue to how the s...

Rising Consumer Concerns about WMPs
CHINA ADVISORY · Report · 30 Jun 2017

In May, we conducted a survey of buyers of Wealth Management Products (WMPS) in China and also examined related data on defaults from the courts and public sources. We believe the RMB 26 trillion WMP market is the most liquid and volatile within China’s financial system and would be prone to runs...

Bad Economic Benchmarks in China
CHINA ADVISORY · Report · 22 Jun 2017

A fund manager recently told me he relies on three sets of data to monitor the strength of the Chinese economy: 1. Interbank interest rates. 2. The value of the yuan. 3. The rise or decline of China’s foreign exchange holdings. However, I would disagree with the use of these three benchmarks ...