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 | State vs market capitalism: expect a titanic clash as China seeks CPTPP membership

China’s SOEs are in the centre of debate, amid US and EU concerns and a desire to update global trade rules. But China is not the only SOE-dominated economy. Those picking a fight may find themselves outflanked.

China’s SOEs are in the centre of debate, amid US and EU concerns and a desire to update global trade rules. But China is not the only SOE-dominated economy. Those picking a fight may find themselves outflanked.

6 Dec 2021 - 3:30AM
Macroscope | Scary as it is, the argument that inflation is here to stay is winning

As the IIF warns of a global inflation storm, the fear is that raising interest rates in response could spark a recession – when governments and central banks are out of ammunition.

As the IIF warns of a global inflation storm, the fear is that raising interest rates in response could spark a recession – when governments and central banks are out of ammunition.

29 Nov 2021 - 3:45AM
Macroscope | Why the global inflation surge could signal an economic collapse

The link between inflation and asset price collapse or debt market implosion might have been forgotten, but it is still there. Policymakers cannot afford to ignore the increasingly shaky foundations on which the global economy rests.

The link between inflation and asset price collapse or debt market implosion might have been forgotten, but it is still there. Policymakers cannot afford to ignore the increasingly shaky foundations on which the global economy rests.

22 Nov 2021 - 3:30AM
Macroscope | A multitrillion-dollar climate rescue is on the way – but will investors pick up the bill?

Grand plans were unveiled at COP26 but what will persuade investors to pull out of glamour stocks into climate projects, short of a market crash?

Grand plans were unveiled at COP26 but what will persuade investors to pull out of glamour stocks into climate projects, short of a market crash?

15 Nov 2021 - 12:30AM
Macroscope | If Eurasia gets its act together, the US-China power balance will shift

Caught between the East-West power struggle as part of China’s Belt and Road Initiative, Eurasia is increasingly being pushed towards integration. This would mean a China more fully integrated with Europe, a world less vulnerable to maritime choke points, and the possible toppling of the US as the world’s top economy

Caught between the East-West power struggle as part of China’s Belt and Road Initiative, Eurasia is increasingly being pushed towards integration. This would mean a China more fully integrated with Europe, a world less vulnerable to maritime choke points, and the possible toppling of the US as the world’s top economy

8 Nov 2021 - 1:30AM
Macroscope | Why bitcoin is looking more like a pyramid scheme – and central banks must act

ETFs can greatly magnify the money that bitcoin can lure – and the financial risks. Regulation is urgent, as is the launch of stable central bank digital currencies such as the digital yuan.

ETFs can greatly magnify the money that bitcoin can lure – and the financial risks. Regulation is urgent, as is the launch of stable central bank digital currencies such as the digital yuan.

1 Nov 2021 - 2:01AM
Macroscope | How the fight against climate change can get real at COP26

The meeting should not result in governments coming up with stricter – and largely meaningless – emission targets, but agreement on a joint public and private sector approach. The entry of multilateral development banks on a larger scale could bring organisation and resources into what is a largely uncoordinated exercise.

The meeting should not result in governments coming up with stricter – and largely meaningless – emission targets, but agreement on a joint public and private sector approach. The entry of multilateral development banks on a larger scale could bring organisation and resources into what is a largely uncoordinated exercise.

31 Oct 2021 - 5:10PM
Macroscope | The storm clouds of inflation are gathering despite market scepticism

The air was thick with warnings at the IMF/World Banks meetings, as economists call for central bankers to pounce on inflation expectations and take early monetary action. Only financial markets seem slow to catch on.

The air was thick with warnings at the IMF/World Banks meetings, as economists call for central bankers to pounce on inflation expectations and take early monetary action. Only financial markets seem slow to catch on.

18 Oct 2021 - 1:30AM
Macroscope | As US debt piles up, what happens if faith in Treasuries is shaken?

The sell-off last year was the first sign of something amiss, raising concerns that US government bonds failed to behave like a safe-haven asset. As central banks start to diversify away from Treasuries and markets reassess their positions, the risk is that Treasury yields could soar, igniting inflation amid tottering debt.

The sell-off last year was the first sign of something amiss, raising concerns that US government bonds failed to behave like a safe-haven asset. As central banks start to diversify away from Treasuries and markets reassess their positions, the risk is that Treasury yields could soar, igniting inflation amid tottering debt.

11 Oct 2021 - 3:00AM
Macroscope | Will Quad and Aukus alliances drive Europe into China’s arms?

With bilateral trade growing and unstable geopolitics elsewhere, China and Europe have good economic and political reasons to make common cause.

With bilateral trade growing and unstable geopolitics elsewhere, China and Europe have good economic and political reasons to make common cause.

4 Oct 2021 - 3:30AM
Macroscope | Are IMF chief Kristalina Georgieva’s troubles the result of darker forces at work?

Bad luck seems to go with the job of heading the IMF, particularly when it comes to boosting the organisation’s reserve currency function. Polarisation of influence within the IMF can only get worse as the US and China vie for global influence.

Bad luck seems to go with the job of heading the IMF, particularly when it comes to boosting the organisation’s reserve currency function. Polarisation of influence within the IMF can only get worse as the US and China vie for global influence.

27 Sep 2021 - 1:30AM
Macroscope | US-China relations: two economies linked by financial risk can’t afford to go to war

The interconnected fates of the US and China have become apparent from recent exchanges between George Soros and BlackRock. Financial markets in the US and China have perhaps never looked so fragile, and that is never a good position from which to go to war.

The interconnected fates of the US and China have become apparent from recent exchanges between George Soros and BlackRock. Financial markets in the US and China have perhaps never looked so fragile, and that is never a good position from which to go to war.

20 Sep 2021 - 3:30AM
Macroscope | Ailing Japan needs new ideas from leadership contest to revive its regional role

The contest to replace Yoshihide Suga should be wide open, but Japan’s mindset remains closed on key issues. Economic opportunities in the shape of trade and investment abound if only the restraints of Japan’s relationship with the United States can be loosened.

The contest to replace Yoshihide Suga should be wide open, but Japan’s mindset remains closed on key issues. Economic opportunities in the shape of trade and investment abound if only the restraints of Japan’s relationship with the United States can be loosened.

13 Sep 2021 - 8:45AM
Macroscope | Harsh reality is about to pop central banks’ bubble over painless tapering

Financial markets really seem to believe that monetary easing can go on forever without consequences. The beautiful bubble in which reality seems to be forever suspended will strike the craggy side of the equity and debt mountains it has created and pop.

Financial markets really seem to believe that monetary easing can go on forever without consequences. The beautiful bubble in which reality seems to be forever suspended will strike the craggy side of the equity and debt mountains it has created and pop.

6 Sep 2021 - 4:00AM
Macroscope | When the invisible hand of the market can’t fight climate change, intervention is needed

Separately, the G7 and Asian Development Bank have decided ‘the market’ can’t solve problems like climate change by itself. Instead, an institutional form of capitalism combining private and public money may be emerging.

Separately, the G7 and Asian Development Bank have decided ‘the market’ can’t solve problems like climate change by itself. Instead, an institutional form of capitalism combining private and public money may be emerging.

30 Aug 2021 - 2:30AM
Macroscope | How can inflation be transitory if supply chain disruptions are here to stay?

Increased US-China rivalry, coupled with Covid-19, has caused unprecedented disruptions to supply chains, threatening global production. The last thing the world needs is for inflation to trigger a disastrous stock market or debt crisis.

Increased US-China rivalry, coupled with Covid-19, has caused unprecedented disruptions to supply chains, threatening global production. The last thing the world needs is for inflation to trigger a disastrous stock market or debt crisis.

23 Aug 2021 - 3:30AM
Macroscope | Climate change: a Marshall Plan is needed to curb emissions and avert disaster

Climate change should figure as large as the US$15 billion Marshall Plan enacted by the US to help rebuild a war-shattered Europe. But there is no such plan, only a naive reliance on private-sector initiatives. It cannot be left to markets to decide how trillions in savings should be deployed against climate change.

Climate change should figure as large as the US$15 billion Marshall Plan enacted by the US to help rebuild a war-shattered Europe. But there is no such plan, only a naive reliance on private-sector initiatives. It cannot be left to markets to decide how trillions in savings should be deployed against climate change.

15 Aug 2021 - 5:30PM
Macroscope | Why the IMF wants to rein in the wild, wild west of digital currencies

Over 100 central bank digital currencies are being planned as stablecoins and cryptocurrencies surge in popularity. Yet the only law prevailing is that of the jungle.

Over 100 central bank digital currencies are being planned as stablecoins and cryptocurrencies surge in popularity. Yet the only law prevailing is that of the jungle.

9 Aug 2021 - 3:30AM
Macroscope | Tech and tuition crackdown: why China doesn’t want stock market heroes

China wants to avoid a tech-led bubble bursting. But whether more pain now means more gain later will not be put to the test until the US tech bubble bursts.

China wants to avoid a tech-led bubble bursting. But whether more pain now means more gain later will not be put to the test until the US tech bubble bursts.

2 Aug 2021 - 1:30AM
Macroscope | Why Japan is unable to arrest its economic decline, despite a weak yen

Japan’s business corporations are largely responsible for the badly skewed yen exchange rate. They have been instruments of capital flight. A stronger yen could deliver the wake-up call the economy needs.

Japan’s business corporations are largely responsible for the badly skewed yen exchange rate. They have been instruments of capital flight. A stronger yen could deliver the wake-up call the economy needs.

26 Jul 2021 - 8:45AM
Macroscope | How crash-sobered markets can start funding climate action and other urgent areas

Hopefully, capital market reforms and new investor attitudes will finally channel much-needed funds into climate action, health services and infrastructure development.

Hopefully, capital market reforms and new investor attitudes will finally channel much-needed funds into climate action, health services and infrastructure development.

18 Jul 2021 - 9:30PM
Macroscope | The real danger of the ESG investment boom is not a stock bubble

What really matters is not the ‘greenness’ of ESG stocks or green bonds but how these distract from the critical issue of countering climate disaster.

What really matters is not the ‘greenness’ of ESG stocks or green bonds but how these distract from the critical issue of countering climate disaster.

12 Jul 2021 - 7:15AM
Macroscope | Strains on China-Japan marriage of convenience could trigger a big row

The diplomatic dance that Japan and China perform to do business with each other while remaining stand-offish in public could become difficult to maintain before long if things go on as they are.

The diplomatic dance that Japan and China perform to do business with each other while remaining stand-offish in public could become difficult to maintain before long if things go on as they are.

4 Jul 2021 - 4:45PM
Macroscope | In the West’s infrastructure battle with China, the G7’s empty promises show politics trumps reality

For all the talk of ‘building back better’, the truth is that G7 nations are still coming up short in finding the cash for such grand gestures. The ostracising of China and its institutions on political grounds is unworthy of those who aspire to global leadership.

For all the talk of ‘building back better’, the truth is that G7 nations are still coming up short in finding the cash for such grand gestures. The ostracising of China and its institutions on political grounds is unworthy of those who aspire to global leadership.

28 Jun 2021 - 1:30AM
Macroscope | How the politics of China-centred supply chains is weighing on global economic recovery

Prices are rising as stimulus-fuelled consumer demand runs up against supply constraints. While inflation sceptics expect the problem to go away as supply systems reopen, there are signs that all is not well on the global factory floor.

Prices are rising as stimulus-fuelled consumer demand runs up against supply constraints. While inflation sceptics expect the problem to go away as supply systems reopen, there are signs that all is not well on the global factory floor.

21 Jun 2021 - 1:30AM
Macroscope | What differentiates the US-driven Blue Dot Network from China’s Belt and Road Initiative? Money

The revived Blue Dot Network is the latest in a series of attempts by the US, Japan and Australia to counter China’s transnational infrastructure-focused scheme. But it lacks the funds needed to back projects in the way China has been able to, using its foreign exchange reserves and financing from state banks.

The revived Blue Dot Network is the latest in a series of attempts by the US, Japan and Australia to counter China’s transnational infrastructure-focused scheme. But it lacks the funds needed to back projects in the way China has been able to, using its foreign exchange reserves and financing from state banks.

14 Jun 2021 - 3:30AM
Macroscope | Why Chinese and Japanese savers will be the next force shaping global stock markets

Chinese and Japanese households have huge amounts of savings, and both countries see the need to deploy those assets more effectively. This is with an eye to boosting their roles as financial centres and the transfer of asset management technology.

Chinese and Japanese households have huge amounts of savings, and both countries see the need to deploy those assets more effectively. This is with an eye to boosting their roles as financial centres and the transfer of asset management technology.

6 Jun 2021 - 8:14PM
Macroscope | In seeing China’s economic rise as a security threat, the US is undermining globalisation

The true reasons for China’s rise are obscured as analyses focused on ‘security’ threats often understate the complexities and mutual benefits of economic interaction.

The true reasons for China’s rise are obscured as analyses focused on ‘security’ threats often understate the complexities and mutual benefits of economic interaction.

30 May 2021 - 10:15PM
Macroscope | Hostility to China preventing groundbreaking global cooperation on infrastructure building

With enough support, the China-led AIIB could expand to lead a joint effort to address the huge infrastructure gaps, to boost economic recovery. The other major Chinese project, the belt and road, is similarly shunned by the US and others.

With enough support, the China-led AIIB could expand to lead a joint effort to address the huge infrastructure gaps, to boost economic recovery. The other major Chinese project, the belt and road, is similarly shunned by the US and others.

24 May 2021 - 1:38AM
Opinion | As inflation fears burn through stock markets, our best hope is for a delayed crash

The notion that inflation is a thing of a past has been breached, alongside the dam of investor confidence. We can only hope the market crash is delayed until the pandemic is under control and economic growth secured.

The notion that inflation is a thing of a past has been breached, alongside the dam of investor confidence. We can only hope the market crash is delayed until the pandemic is under control and economic growth secured.

16 May 2021 - 10:19PM