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Michael Pettis discusses the economic imbalances in China, arguing that the country's excess savings and low consumption have led to massive manufacturing overcapacity, which is now being exported and causing deflationary pressures globally, potentially triggering a fundamental restructuring of international trade.
George Saravelos from Deutsche Bank discusses the narrowing US-rest of world growth differential as the core driver of dollar weakness, explaining how Federal Reserve rate cuts, hedging costs, and a 4% US current account deficit threshold will shape medium-term currency movements.