Policy stimulus is usually positive for Chinese equities but if it comes against a backdrop of a euro-zone break-up, gains are likely to be relatively low. In these circumstances, we would also expect...

With a statement comprising a single sentence on its website, the People’s Bank of China today signalled a major policy shift. Incoming economic data have been weak and the global outlook is worsening...

Rapid wage growth, renminbi appreciation and inflation have not put much of a dent in China’s export competitiveness. We expect export growth to halve next year, but for Chinese exporters nonetheless...

Hong Kong escaped falling into recession in the third quarter, but the economy remains very weak. Given our forecast that global growth will slow further next year, and the risks of a local property...