Anthony Rowley

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 | Why the US dollar slide may be a sign of real danger this time

The rare event of a general depreciation of the world’s leading currency suggests a fundamental lack of faith that could sink financial markets and undermine the global economy.

3 Aug 2020 - 10:02AM

The rare event of a general depreciation of the world’s leading currency suggests a fundamental lack of faith that could sink financial markets and undermine the global economy.

Why the US dollar slide may be a sign of real danger this time
Macroscope | Coronavirus crisis puts ‘immune systems’ of market and state capitalism to the test

While the US economy is predicted to contract 8 per cent this year, China’s GDP is expected to grow slightly. Governments around the world should take their cue from China and boost investment in infrastructure.

27 Jul 2020 - 3:32AM

While the US economy is predicted to contract 8 per cent this year, China’s GDP is expected to grow slightly. Governments around the world should take their cue from China and boost investment in infrastructure.

Coronavirus crisis puts ‘immune systems’ of market and state capitalism to the test
Macroscope | ESG investing: How markets are going the wrong way to save the planet

Worthy as its basic aims are, ESG fails to offer direct routes for private investors to fund critical projects at scale. The participation of governments and multilateral development agencies, for example, is needed, to provide a pipeline of projects and markets to help finance them.

20 Jul 2020 - 1:20AM

Worthy as its basic aims are, ESG fails to offer direct routes for private investors to fund critical projects at scale. The participation of governments and multilateral development agencies, for example, is needed, to provide a pipeline of projects and markets to help finance them.

ESG investing: How markets are going the wrong way to save the planet
Macroscope | Busy with coronavirus bailouts, the world has taken its eyes off the looming debt crash

The global debt crisis racked up in the decade before the pandemic has not gone away and, together with the added burden from bailouts, could crush banks and leave many companies without a financial lifeline.

13 Jul 2020 - 12:08PM

The global debt crisis racked up in the decade before the pandemic has not gone away and, together with the added burden from bailouts, could crush banks and leave many companies without a financial lifeline.

Busy with coronavirus bailouts, the world has taken its eyes off the looming debt crash
Macroscope | Coronavirus bailouts can secure a better future – if policymakers can get their act together

There needs to be a consensus on what reforms should be and where new sources of economic growth are, and a better bridge between state capitalism and market capitalism. Countries must swim together or sink.

6 Jul 2020 - 3:43AM

There needs to be a consensus on what reforms should be and where new sources of economic growth are, and a better bridge between state capitalism and market capitalism. Countries must swim together or sink.

Coronavirus bailouts can secure a better future – if policymakers can get their act together
Coronavirus: Asian governments will have to decide which sectors, firms should be saved from pandemic

After the Covid-19 pandemic, a few economic sectors may no longer be viable, forcing policymakers in Asia to make some tough choices, says IMF’s Changyong Rhee.

1 Jul 2020 - 1:03AM

After the Covid-19 pandemic, a few economic sectors may no longer be viable, forcing policymakers in Asia to make some tough choices, says IMF’s Changyong Rhee.

Coronavirus: Asian governments will have to decide which sectors, firms should be saved from pandemic
Macroscope | Coronavirus bailouts: governments and central banks can’t keep throwing money at the problem

The largesse keeping the world from a depression is saddling governments with growing debts and limiting the space for stimulus in the event of a second Covid-19 wave. The focus must also be on getting the pandemic under control and everyone back to work.

29 Jun 2020 - 1:20AM

The largesse keeping the world from a depression is saddling governments with growing debts and limiting the space for stimulus in the event of a second Covid-19 wave. The focus must also be on getting the pandemic under control and everyone back to work.

Coronavirus bailouts: governments and central banks can’t keep throwing money at the problem
Macroscope | White elephant? China’s Belt and Road Initiative deserves more credit in pandemic-ruined economy

China’s infrastructure initiative, which has been unfairly singled out for criticism, has made more progress than similar projects proposed by the US and others.

22 Jun 2020 - 9:47AM

China’s infrastructure initiative, which has been unfairly singled out for criticism, has made more progress than similar projects proposed by the US and others.

White elephant? China’s Belt and Road Initiative deserves more credit in pandemic-ruined economy
Macroscope | Markets expecting an early coronavirus recovery are ignoring the global economic and political mess

The knowledge that a V-shaped recovery is off the table has not dissuaded markets from surging in expectation of further injections of central bank liquidity. Political leaders are selling snake oil to secure power and central bank governors are pandering to their whims.

15 Jun 2020 - 1:06AM

The knowledge that a V-shaped recovery is off the table has not dissuaded markets from surging in expectation of further injections of central bank liquidity. Political leaders are selling snake oil to secure power and central bank governors are pandering to their whims.

Markets expecting an early coronavirus recovery are ignoring the global economic and political mess
Macroscope | There will be no dramatic Covid-19 economic collapse – or rapid recovery, the history of pandemics suggests

The staggering results of a new IMF study suggest Covid-19 could leave a generation or more with economic stagnation, depressed interest rates and low asset returns.

7 Jun 2020 - 5:56PM

The staggering results of a new IMF study suggest Covid-19 could leave a generation or more with economic stagnation, depressed interest rates and low asset returns.

There will be no dramatic Covid-19 economic collapse – or rapid recovery, the history of pandemics suggests
Macroscope | How the coronavirus has exposed the global economy’s pre-existing vulnerabilities – an overdependence on easy money

While lockdowns and other pandemic-related restrictions have hit economies hard, the world was already grappling with record levels of debt, asset inflation and an over-reliance on monetary stimulus.

1 Jun 2020 - 1:17AM

While lockdowns and other pandemic-related restrictions have hit economies hard, the world was already grappling with record levels of debt, asset inflation and an over-reliance on monetary stimulus.

How the coronavirus has exposed the global economy’s pre-existing vulnerabilities – an overdependence on easy money
Macroscope | Donald Trump’s attacks and coronavirus effects have left global trade battered and leaderless

Any post-outbreak recovery for the world economy is likely to be very slow without robust, well-supported trade infrastructure. The US administration’s choice to assail global institutions creates a potentially destabilising leadership vacuum.

25 May 2020 - 1:07AM

Any post-outbreak recovery for the world economy is likely to be very slow without robust, well-supported trade infrastructure. The US administration’s choice to assail global institutions creates a potentially destabilising leadership vacuum.

Donald Trump’s attacks and coronavirus effects have left global trade battered and leaderless
Macroscope | As others turn towards Chinese-style state capitalism to save the global economy, ‘we’re all socialists now’

There is a grudging recognition that the state’s role has to be accepted and even strengthened to avoid economic collapse, as governments take stakes in companies and central banks buy up debt in a ‘socialisation of finance’

18 May 2020 - 1:12AM

There is a grudging recognition that the state’s role has to be accepted and even strengthened to avoid economic collapse, as governments take stakes in companies and central banks buy up debt in a ‘socialisation of finance’

As others turn towards Chinese-style state capitalism to save the global economy, ‘we’re all socialists now’
Macroscope | With the coronavirus imperilling belt and road borrowers, China must not simply write off debt

Forgiving the debt will not only send the wrong message, and it will discourage China from making further infrastructure loans. Debt-to-equity conversion could allow China to turn the Belt and Road Initiative into a super-sovereign wealth fund.

11 May 2020 - 11:11AM

Forgiving the debt will not only send the wrong message, and it will discourage China from making further infrastructure loans. Debt-to-equity conversion could allow China to turn the Belt and Road Initiative into a super-sovereign wealth fund.

With the coronavirus imperilling belt and road borrowers, China must not simply write off debt
Macroscope | The dangerous disconnect between bullish stock markets and a weak global economy

Central bank liquidity injections are providing huge support for markets. But do these measures show our ability to control the ups and downs of the global economy, or are we just storing up trouble, in the form of a mega correction, for later on?

4 May 2020 - 1:23AM

Central bank liquidity injections are providing huge support for markets. But do these measures show our ability to control the ups and downs of the global economy, or are we just storing up trouble, in the form of a mega correction, for later on?

The dangerous disconnect between bullish stock markets and a weak global economy
Macroscope | Why China – not the US – remains key to Asia’s trade and economic recovery after Covid-19

China’s economy is expected to grow, it is capable of generating the jobs and trade needed for recovery, and looks ready to lead. In contrast, the US economy is shrinking and champions of free trade and investment are lacking in Trump’s ‘America first’ White House.

27 Apr 2020 - 1:02AM

China’s economy is expected to grow, it is capable of generating the jobs and trade needed for recovery, and looks ready to lead. In contrast, the US economy is shrinking and champions of free trade and investment are lacking in Trump’s ‘America first’ White House.

Why China – not the US – remains key to Asia’s trade and economic recovery after Covid-19
Macroscope | The US dollar is standing in the way of a truly global monetary response to the coronavirus crisis

The dollar’s dominance denies the IMF the right to act as a global lender of last resort with the SDR. Instead, the world’s reliance on the dollar risks an erosion of confidence in national currencies as central banks print more of them.

20 Apr 2020 - 6:06AM

The dollar’s dominance denies the IMF the right to act as a global lender of last resort with the SDR. Instead, the world’s reliance on the dollar risks an erosion of confidence in national currencies as central banks print more of them.

The US dollar is standing in the way of a truly global monetary response to the coronavirus crisis
Macroscope | Coronavirus crisis is a wake-up call for Asia to better manage its own capital

The sharp fall in capital flows to emerging Asian economies is particularly ominous, given these economies’ dependence on public equity. Yet, much of the savings that flow into non-Asian institutions for management originate within Asia itself.

12 Apr 2020 - 7:16PM

The sharp fall in capital flows to emerging Asian economies is particularly ominous, given these economies’ dependence on public equity. Yet, much of the savings that flow into non-Asian institutions for management originate within Asia itself.

Coronavirus crisis is a wake-up call for Asia to better manage its own capital
Macroscope | The coronavirus crisis reveals what’s gone wrong with health care investment

Amid the Covid-19 panic, the cry has gone up for better health care and other services. But the question of how all these priorities are to be financed by public or private enterprise remains largely unaddressed.

6 Apr 2020 - 3:21AM

Amid the Covid-19 panic, the cry has gone up for better health care and other services. But the question of how all these priorities are to be financed by public or private enterprise remains largely unaddressed.

The coronavirus crisis reveals what’s gone wrong with health care investment
Macroscope | Corporate Asia can no longer raid global stock markets for cheap and easy capital, just when they need it most

The stock market crash has ended Asian companies’ access to cheap capital financing, exposing their long-nurtured dependence on capital markets, just as their need for financing is acute, and likely to come at much greater cost than before.

30 Mar 2020 - 11:30AM

The stock market crash has ended Asian companies’ access to cheap capital financing, exposing their long-nurtured dependence on capital markets, just as their need for financing is acute, and likely to come at much greater cost than before.

Corporate Asia can no longer raid global stock markets for cheap and easy capital, just when they need it most
Macroscope | Why the world should not be throwing stimulus money at stock markets

Covid-19 has hit financial markets hard because their health was in a parlous state to begin with. As central banks and governments rush to launch economic stimulus, they should stop propping up stock markets, and focus on rebuilding a more sustainable economy.

23 Mar 2020 - 1:40AM

Covid-19 has hit financial markets hard because their health was in a parlous state to begin with. As central banks and governments rush to launch economic stimulus, they should stop propping up stock markets, and focus on rebuilding a more sustainable economy.

Why the world should not be throwing stimulus money at stock markets
Macroscope | Central banks riding to the rescue of crashing debt markets must think twice

Aside from the moral hazards of such a massive bailout, the risk is that a wall of central bank money meeting slumping growth and output can cause the greater damage of hyperinflation.

16 Mar 2020 - 2:05AM

Aside from the moral hazards of such a massive bailout, the risk is that a wall of central bank money meeting slumping growth and output can cause the greater damage of hyperinflation.

Central banks riding to the rescue of crashing debt markets must think twice
Macroscope | The coronavirus is bringing a painful but much-needed end to an era of economic excess

The global economy and its credit-fuelled markets have a long way to fall and things will not return to normal after the epidemic. The hope is that governments, forced to spend to boost the economy, will invest sustainably and target inequality.

9 Mar 2020 - 3:00AM

The global economy and its credit-fuelled markets have a long way to fall and things will not return to normal after the epidemic. The hope is that governments, forced to spend to boost the economy, will invest sustainably and target inequality.

The coronavirus is bringing a painful but much-needed end to an era of economic excess
Macroscope | A coronavirus pandemic may well be the trigger for the long-feared global debt crash

A pandemic would hit confidence, possibly prompting lenders to raise rates, recall loans or simply stop lending, just when governments and companies are neck-deep in debt and desperate to borrow more to stay on their feet.

2 Mar 2020 - 11:30AM

A pandemic would hit confidence, possibly prompting lenders to raise rates, recall loans or simply stop lending, just when governments and companies are neck-deep in debt and desperate to borrow more to stay on their feet.

A coronavirus pandemic may well be the trigger for the long-feared global debt crash
Macroscope | Coronavirus or not, the world’s economy remains deeply troubled – and China is the hope, not the cause

The world should be offering China help, not criticism, because a global economy long weakened by trade wars, protectionism and credit-fuelled debt is in desperate need of continued Chinese growth.

24 Feb 2020 - 3:00AM

The world should be offering China help, not criticism, because a global economy long weakened by trade wars, protectionism and credit-fuelled debt is in desperate need of continued Chinese growth.

Coronavirus or not, the world’s economy remains deeply troubled – and China is the hope, not the cause
Macroscope | Coronavirus chaos lays bare the price of uncertainty in a connected global economy

Fukushima, Sars and now the novel coronavirus are showing up the increasing vulnerability of global supply chains to uncertainty and disruption. We need to study, map and measure these risks before global cooperation crumbles.

17 Feb 2020 - 1:00AM

Fukushima, Sars and now the novel coronavirus are showing up the increasing vulnerability of global supply chains to uncertainty and disruption. We need to study, map and measure these risks before global cooperation crumbles.

Coronavirus chaos lays bare the price of uncertainty in a connected global economy
Macroscope | Why Asia, too, mourns Brexit and the end of the European dream

Asia has sought in vain for a euro-style regional currency to challenge the US dollar since the 1997 financial crisis. The euro, for all its faults, is still the only currency capable of opposing dollar tyranny. But now, with a weakened EU, even that dream is fading

10 Feb 2020 - 1:00AM

Asia has sought in vain for a euro-style regional currency to challenge the US dollar since the 1997 financial crisis. The euro, for all its faults, is still the only currency capable of opposing dollar tyranny. But now, with a weakened EU, even that dream is fading

Why Asia, too, mourns Brexit and the end of the European dream
Macroscope | Falling FDI flows are yet another wake-up call about the health of the global economy

The stalling of FDI growth, the lifeblood of trade and economic activity, is another sign the global economy has swapped honest growth for a risky model based on excess liquidity, borrowing and consumption, making it vulnerable to risks such as the Wuhan coronavirus.

2 Feb 2020 - 7:35PM

The stalling of FDI growth, the lifeblood of trade and economic activity, is another sign the global economy has swapped honest growth for a risky model based on excess liquidity, borrowing and consumption, making it vulnerable to risks such as the Wuhan coronavirus.

Falling FDI flows are yet another wake-up call about the health of the global economy
Macroscope | Stock markets are grossly overvalued, but Trump’s not going to burst the bubble in an election year

Stock markets across the world have price-to-earnings ratios well above their 15-year averages. But with accommodative monetary policy entrenched, and Trump sure to keep up pressure on the Fed, expect easy credit to continue to push markets to morbid heights, for now.

27 Jan 2020 - 1:00AM

Stock markets across the world have price-to-earnings ratios well above their 15-year averages. But with accommodative monetary policy entrenched, and Trump sure to keep up pressure on the Fed, expect easy credit to continue to push markets to morbid heights, for now.

Stock markets are grossly overvalued, but Trump’s not going to burst the bubble in an election year
Macroscope | Thawing China-Japan relations may have hit a cold front with latest World Trade Organisation move

China and Japan’s slowing economies should motivate greater cooperation. However, Japan teaming up with the US and EU to push for WTO rules that strike at the heart of China’s economic model presents a challenge.

17 Feb 2020 - 3:23PM

China and Japan’s slowing economies should motivate greater cooperation. However, Japan teaming up with the US and EU to push for WTO rules that strike at the heart of China’s economic model presents a challenge.

Thawing China-Japan relations may have hit a cold front with latest World Trade Organisation move