Anthony Rowley

Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs. He was formerly Business Editor and International Finance Editor of the Hong Kong-based Far Eastern Economic Review and worked earlier on The Times newspaper in London
Anthony Rowley
Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs. He was formerly Business Editor and International Finance Editor of the Hong Kong-based Far Eastern Economic Review and worked earlier on The Times newspaper in London

Latest from Anthony Rowley

Macroscope | Could the next global recession start in the obscure short-term US money markets?

After weeks of trying to hose down these dark arcane markets with liquidity, the US Fed’s announcement that it would resume buying Treasury bills was a bland acknowledgement that US short-term money markets are the new flashpoint. Brace yourselves

14 Oct 2019 - 1:48AM

After weeks of trying to hose down these dark arcane markets with liquidity, the US Fed’s announcement that it would resume buying Treasury bills was a bland acknowledgement that US short-term money markets are the new flashpoint. Brace yourselves

Could the next global recession start in the obscure short-term US money markets?
Macroscope | Why Trump’s threat to cut China from US capital markets makes no sense

The administration is reportedly considering delisting Chinese stocks from US markets. But this would only push more belt and road business onto the Hong Kong and London exchanges, leaving New York out in the cold. Who exactly is Trump trying to punish?

6 Oct 2019 - 11:12PM

The administration is reportedly considering delisting Chinese stocks from US markets. But this would only push more belt and road business onto the Hong Kong and London exchanges, leaving New York out in the cold. Who exactly is Trump trying to punish?

Why Trump’s threat to cut China from US capital markets makes no sense
Macroscope | Why the next global financial crisis may dwarf the one in 2008

Big risks today include the nonbank financial sector and high corporate debt. There are more ‘zombie companies’ now than at the time of the 2008 financial crisis. Huge dollar liabilities in banks outside the US and emerging market indebtedness add to the risks.

29 Sep 2019 - 11:21PM

Big risks today include the nonbank financial sector and high corporate debt. There are more ‘zombie companies’ now than at the time of the 2008 financial crisis. Huge dollar liabilities in banks outside the US and emerging market indebtedness add to the risks.

Why the next global financial crisis may dwarf the one in 2008
Macroscope | With a global recession looming, will cash-rich corporations swoop to the rescue?

Central banks and governments are stretched to the limit while big businesses sit on cash mountains that dwarf national economies. In a downturn, they can make investments and retain staff to shore up consumption and the economy. But will they do it?

23 Sep 2019 - 3:10AM

Central banks and governments are stretched to the limit while big businesses sit on cash mountains that dwarf national economies. In a downturn, they can make investments and retain staff to shore up consumption and the economy. But will they do it?

With a global recession looming, will cash-rich corporations swoop to the rescue?
Macroscope | The London Stock Exchange was wrong to reject Hong Kong’s US$36.6 billion offer. It needs to think bigger or risk being left behind

In rebuffing Hong Kong, the London Stock Exchange has failed to consider the role it could play as a funding centre for China’s belt and road. If Brexit happens and its position is diminished as a result, attitudes may well change.

16 Sep 2019 - 1:07AM

In rebuffing Hong Kong, the London Stock Exchange has failed to consider the role it could play as a funding centre for China’s belt and road. If Brexit happens and its position is diminished as a result, attitudes may well change.

The London Stock Exchange was wrong to reject Hong Kong’s US$36.6 billion offer. It needs to think bigger or risk being left behind
Macroscope | The trade war has changed US-China ties forever, so Beijing is building bridges to the EU through the belt and road

The trade conflict will more likely than not end in a stalemate, sending Beijing scrambling for sophisticated partners. China’s overtures to Europe make sense in this light, since Donald Trump has not shown the foresight to counter them.

9 Sep 2019 - 5:22AM

The trade conflict will more likely than not end in a stalemate, sending Beijing scrambling for sophisticated partners. China’s overtures to Europe make sense in this light, since Donald Trump has not shown the foresight to counter them.

The trade war has changed US-China ties forever, so Beijing is building bridges to the EU through the belt and road
Macroscope | Unlimited government spending? Modern monetary theory is a seductive but dangerous idea

As recession looms and monetary easing options dwindle, the theory that governments can ‘borrow from themselves’ to finance unlimited spending is becoming attractive. But the dangerous idea hinges on complicit central banks buying up government debt.

1 Sep 2019 - 11:44PM

As recession looms and monetary easing options dwindle, the theory that governments can ‘borrow from themselves’ to finance unlimited spending is becoming attractive. But the dangerous idea hinges on complicit central banks buying up government debt.

Unlimited government spending? Modern monetary theory is a seductive but dangerous idea
Macroscope | Will protest-hit Hong Kong lose financial business to Singapore amid a growing climate of fear? The answer isn’t so clear-cut

Hong Kong is still the market of choice for large equity offerings but businesses may well consider moving regional headquarters and private banking business to Singapore. In the current climate, most analysts in Asia are reticent to discuss Hong Kong’s future, to avoid offending China.

26 Aug 2019 - 10:41AM

Hong Kong is still the market of choice for large equity offerings but businesses may well consider moving regional headquarters and private banking business to Singapore. In the current climate, most analysts in Asia are reticent to discuss Hong Kong’s future, to avoid offending China.

Will protest-hit Hong Kong lose financial business to Singapore amid a growing climate of fear? The answer isn’t so clear-cut
Opinion | Trump is wrong. Trade wars are not easy to win, even non-players end up as losers

The fallout of Trump’s trade and currency wars can’t be rolled back with the throw of a switch. A global rescue can be financed only by central banks undertaking even bigger purchases of government debt than they have done already.

19 Aug 2019 - 12:30AM

The fallout of Trump’s trade and currency wars can’t be rolled back with the throw of a switch. A global rescue can be financed only by central banks undertaking even bigger purchases of government debt than they have done already.

Trump is wrong. Trade wars are not easy to win, even non-players end up as losers
Macroscope | Donald Trump and Xi Jinping are both in the construction business – one builds infrastructure, the other builds barriers

The US can’t match Beijing’s plans for the Belt and Road Initiative, so it has resorted to trying to block them. However, signs from the financial world offer no indication that this plan is working.

12 Aug 2019 - 3:00AM

The US can’t match Beijing’s plans for the Belt and Road Initiative, so it has resorted to trying to block them. However, signs from the financial world offer no indication that this plan is working.

Donald Trump and Xi Jinping are both in the construction business – one builds infrastructure, the other builds barriers
Macroscope | As the Federal Reserve and ECB follow in the Bank of Japan’s footsteps, they skirt some inconvenient truths

Japan’s central bank pioneered the policy of zero interest rates and easy money, now seen as a panacea for the world’s economic ills. However, the side effects of this model are not fully known, nor how long it can continue without posing system risks.

5 Aug 2019 - 7:17AM

Japan’s central bank pioneered the policy of zero interest rates and easy money, now seen as a panacea for the world’s economic ills. However, the side effects of this model are not fully known, nor how long it can continue without posing system risks.

As the Federal Reserve and ECB follow in the Bank of Japan’s footsteps, they skirt some inconvenient truths
Macroscope | Next IMF chief must stand up to Trumpian protectionism, but need not be European

Efforts to change the age limit for the new IMF head look like a ploy to keep the job in European hands, when what’s needed most is knowledge and skill for building global consensus.

28 Jul 2019 - 7:44PM

Efforts to change the age limit for the new IMF head look like a ploy to keep the job in European hands, when what’s needed most is knowledge and skill for building global consensus.

Next IMF chief must stand up to Trumpian protectionism, but need not be European
Macroscope | Japan and South Korea enter the fray of a growing war on not just trade, but also global supply chains

Under attack, the previously underrated and ignored supply chain, essentially the nervous system of international trade, is starting to deliver painful shocks throughout the global economy.

22 Jul 2019 - 6:18AM

Under attack, the previously underrated and ignored supply chain, essentially the nervous system of international trade, is starting to deliver painful shocks throughout the global economy.

Japan and South Korea enter the fray of a growing war on not just trade, but also global supply chains
Macroscope | When stock markets fall on good jobs data and easy money is the norm, we are in the midst of a Mad Hatter’s tea party

Stock markets fell despite better-than-expected US jobs data, anticipating that central banks will tighten monetary policy. This reveals a dangerous addiction to easy money.

15 Jul 2019 - 3:08AM

Stock markets fell despite better-than-expected US jobs data, anticipating that central banks will tighten monetary policy. This reveals a dangerous addiction to easy money.

When stock markets fall on good jobs data and easy money is the norm, we are in the midst of a Mad Hatter’s tea party
Macroscope | US-China trade war hawks are right on one count: the WTO is in sore need of reform (just not in the way they imagine)

Rather than seeking to counter export competition from China’s state-owned enterprises – as espoused by the US and some EU nations – the WTO should fundamentally rethink its rules to accommodate different economic systems.

8 Jul 2019 - 3:11AM

Rather than seeking to counter export competition from China’s state-owned enterprises – as espoused by the US and some EU nations – the WTO should fundamentally rethink its rules to accommodate different economic systems.

US-China trade war hawks are right on one count: the WTO is in sore need of reform (just not in the way they imagine)
Macroscope | Central banks are stoking the dangerous fire of inflation

The G20 summit missed the chance to examine a crucial issue: Inflation has not gone away, it is hiding in plain sight, in inflated asset and stock prices. Given towering debt levels and slowing manufacturing, more easing will only stoke inflation.

1 Jul 2019 - 3:20AM

The G20 summit missed the chance to examine a crucial issue: Inflation has not gone away, it is hiding in plain sight, in inflated asset and stock prices. Given towering debt levels and slowing manufacturing, more easing will only stoke inflation.

Central banks are stoking the dangerous fire of inflation
Macroscope | China wants India to be part of its Asian free-trade pact – flexibility on liberalisation may be an acceptable price

The Regional Comprehensive Economic Partnership is China’s chance to forge a Trump-proof trade deal that can accommodate the Belt and Road Initiative. Patience with India, which wants to protect domestic manufacturing, may be the way forward.

23 Jun 2019 - 10:25PM

The Regional Comprehensive Economic Partnership is China’s chance to forge a Trump-proof trade deal that can accommodate the Belt and Road Initiative. Patience with India, which wants to protect domestic manufacturing, may be the way forward.

China wants India to be part of its Asian free-trade pact – flexibility on liberalisation may be an acceptable price
Macroscope | Titanic iceberg of world debt could sink a slowing global economy

Debt levels are rising and the fear is that much of the world’s debts are unrecorded, making for a bigger reckoning than official data suggests. This means a bigger crisis should the global economy slow down

17 Jun 2019 - 5:12AM

Debt levels are rising and the fear is that much of the world’s debts are unrecorded, making for a bigger reckoning than official data suggests. This means a bigger crisis should the global economy slow down

Titanic iceberg of world debt could sink a slowing global economy
Macroscope | Brace for a global recession unlike any other amid a world polarised by the US and China

The 2019 recession will be different, in a heavily leveraged global economy with already slowing trade – where normal policy tools may no longer work. Post-recession, Asian nations in particular should expect to have to take sides.

9 Jun 2019 - 11:04PM

The 2019 recession will be different, in a heavily leveraged global economy with already slowing trade – where normal policy tools may no longer work. Post-recession, Asian nations in particular should expect to have to take sides.

Brace for a global recession unlike any other amid a world polarised by the US and China
Macroscope | How Trump’s trade war has morphed into an attack on global tech supply chain networks

Any company in the world doing business with Chinese tech firm Huawei or its affiliates risks US sanctions, with grave implications for the worldwide tech supply chain and the global economy in general.

3 Jun 2019 - 1:00AM

Any company in the world doing business with Chinese tech firm Huawei or its affiliates risks US sanctions, with grave implications for the worldwide tech supply chain and the global economy in general.

How Trump’s trade war has morphed into an attack on global tech supply chain networks
Macroscope | Donald Trump has a friend in Japan, even as the trade war puts US alliances to the test

America’s relations with its allies will be sorely tested by the economic fallout of the escalating trade war, which increasingly shows the US president is mistaken in believing China will cave in quickly when under pressure.

26 May 2019 - 8:30PM

America’s relations with its allies will be sorely tested by the economic fallout of the escalating trade war, which increasingly shows the US president is mistaken in believing China will cave in quickly when under pressure.

Donald Trump has a friend in Japan, even as the trade war puts US alliances to the test
Macroscope | How Asian stock markets became world leaders in raising new capital

Under the World Bank’s auspices, David Gill led the drive into the then-frontier markets of Asia in the 1970s, laying the groundwork for Asia’s stock market success today.

19 May 2019 - 8:53PM

Under the World Bank’s auspices, David Gill led the drive into the then-frontier markets of Asia in the 1970s, laying the groundwork for Asia’s stock market success today.

How Asian stock markets became world leaders in raising new capital
Macroscope | Trump is foolish to use US stock market as a weapon in the trade war with China while a real crisis looms

Trump should realise that the stock market powers the domestic economy to a much greater extent than elsewhere, and a protracted trade war could have a devastating effect amid signs that the next global financial crisis is brewing.

12 May 2019 - 11:00PM

Trump should realise that the stock market powers the domestic economy to a much greater extent than elsewhere, and a protracted trade war could have a devastating effect amid signs that the next global financial crisis is brewing.

Trump is foolish to use US stock market as a weapon in the trade war with China while a real crisis looms
Macroscope | Belt and road bonds are poised to make a splash as investors eye infrastructure gains

With returns on equity uncertain in a challenging global economy, China’s massive project will propel infrastructure to become the next red-hot asset class for investors.

6 May 2019 - 3:00AM

With returns on equity uncertain in a challenging global economy, China’s massive project will propel infrastructure to become the next red-hot asset class for investors.

Belt and road bonds are poised to make a splash as investors eye infrastructure gains
Macroscope | The great game of the Belt and Road is a global competition for resources, strategic reach and soft power diplomacy

Just as all roads led to Rome at the time of the Roman Empire, so all roads (and sea lanes) could one day lead to Beijing under the Belt and Road Initiative.

1 May 2019 - 11:16AM

Just as all roads led to Rome at the time of the Roman Empire, so all roads (and sea lanes) could one day lead to Beijing under the Belt and Road Initiative.

The great game of the Belt and Road is a global competition for resources, strategic reach and soft power diplomacy
Macroscope | Trump and his economic aides are wrong with their ‘managed trade’ because forced diversion of commerce is neither free nor fair

‘Managed trade’ is neither free nor fair, because it causes commerce to be diverted from the channels into which it naturally wants to flow

21 Apr 2019 - 8:54PM

‘Managed trade’ is neither free nor fair, because it causes commerce to be diverted from the channels into which it naturally wants to flow

Trump and his economic aides are wrong with their ‘managed trade’ because forced diversion of commerce is neither free nor fair
Macroscope | Cause for jubilation is very much exaggerated as global markets are sleepwalking in unison toward a cliff’s edge. Here’s why

The world’s financial markets are obeying the herd instinct ever more strongly – and could be herding toward a cliff’s edge

14 Apr 2019 - 10:10PM

The world’s financial markets are obeying the herd instinct ever more strongly – and could be herding toward a cliff’s edge

Cause for jubilation is very much exaggerated as global markets are sleepwalking in unison toward a cliff’s edge. Here’s why
Macroscope | Britain’s quest for a role in China’s Belt and Road is a journey to nowhere because of the UK’s disconnection from Europe

Britain’s quest for a role in the Belt and Road Initiative is a case of wishful thinking, because China wants a link to the heartland of industrial Europe, not to an island that’s cutting its umbilical cord with the continent

7 Apr 2019 - 7:41PM

Britain’s quest for a role in the Belt and Road Initiative is a case of wishful thinking, because China wants a link to the heartland of industrial Europe, not to an island that’s cutting its umbilical cord with the continent

Britain’s quest for a role in China’s Belt and Road is a journey to nowhere because of the UK’s disconnection from Europe
Macroscope | China’s Belt and Road may be the closest the world has to a stimulus plan that can kick some vigour back into the global economy

In a world that’s suffering from a malaise of economic ills – from Brexit to the US-China trade war – the Belt and Road may be the closest thing to a stimulus package that can kick some vigour back into the global economy

31 Mar 2019 - 8:11PM

In a world that’s suffering from a malaise of economic ills – from Brexit to the US-China trade war – the Belt and Road may be the closest thing to a stimulus package that can kick some vigour back into the global economy

China’s Belt and Road may be the closest the world has to a stimulus plan that can kick some vigour back into the global economy
Macroscope | The US-China trade war is drawing a new battle line over megaproject funding. At least it will be good for infrastructure

The signs of the new battle front can be seen from Italy’s endorsement of China’s Belt and Road Initiative (BRI) and the naming of a Trump loyalist to head the World Ban

24 Mar 2019 - 8:38PM

The signs of the new battle front can be seen from Italy’s endorsement of China’s Belt and Road Initiative (BRI) and the naming of a Trump loyalist to head the World Ban

The US-China trade war is drawing a new battle line over megaproject funding. At least it will be good for infrastructure