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yuan actu web
Macro Highlights

An honour for the yuan

The yuan will now be among the currencies in the IMF's Special Drawing Rights basket, an encouraging sign of China’s ongoing integration in the global financial system. Trust in the yuan will take time to build. In the short term, the Chinese currency should remain under pressure.
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Market analysis

US: Consumer spending should lose steam

Consumer spending could continue to grow in 2017, albeit at a slower pace. Household disposable income is likely to be buoyed by wage growth, which should outpace inflation. Our forecasts could be revised after the results of the presidential election.
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Market analysis

Central banks at the core of financial markets

Central banks reiterated their concerns about GDP growth, but stock markets took heart from their dovish tone. The Bank of Japan will put in place a new monetary framework “QQE with Yield Curve Control”, to achieve the price stability target of 2%. The European Central Bank could eventually take the same approach as well.
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Market analysis

Is Japan still the Empire of the Rising Sun?

The BoJ’s balance sheet rose from 30% to 80% of GDP in three years. Despite these efforts, inflation dropped back below zero at the end of 2015. The government is shifting towards Abenomics 2.0, which reworks the three arrows. Fiscal austerity has been set aside, and the consumption tax increase has been pushed off until October 2019. Japan will have to consider opening up to immigration in view of its ageing population.
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