Independent Strategy

China real estate – no bazooka

The latest measures leaked and announced by China to address the real estate issue are additive to what has already been implemented. There is no Big Bang here. And its very far from being modelled on the US Resolution Trust. The measures will help at the margin. But the systemic problems will remain.

We remain short RMB with a target of 8.20 to the USD in 12 months. We have no other exposure to Chinese assets.

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