Sylvia Sheng

Sylvia Sheng

Sylvia Sheng, vice president, is a global strategist on the multi-asset solutions team, responsible for communicating the group's economic and asset allocation strategy, based in Hong Kong. Prior to joining J.P. Morgan, she worked as a China and Asia economist at Bank of America Merrill Lynch. She has a PhD in economics from the University of Cambridge and an MPhil and BA in economics from the same university.

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Latest from Sylvia Sheng

Macroscope | How market reforms will boost appeal of Chinese stocks and bonds for foreign investors

The next decade should see continuing capital market reforms and significant structural changes in the Chinese economy, with profound implications for Chinese assets and their role in global portfolios.

The next decade should see continuing capital market reforms and significant structural changes in the Chinese economy, with profound implications for Chinese assets and their role in global portfolios.

How market reforms will boost appeal of Chinese stocks and bonds for foreign investors
12 Nov 2021 - 2:40PM
Macroscope | Amid power cuts and property curbs, can Chinese stocks bounce back?

Power constraints are expected to ease and property deleveraging risks remain low but investor sentiment is unlikely to change unless Beijing significantly eases its fiscal and monetary policies.

Power constraints are expected to ease and property deleveraging risks remain low but investor sentiment is unlikely to change unless Beijing significantly eases its fiscal and monetary policies.

Amid power cuts and property curbs, can Chinese stocks bounce back?
8 Oct 2021 - 2:30PM
Macroscope | Why China’s slowing growth need not worry emerging Asia

China’s faltering recovery is likely to weigh on the export performance of its regional trading partners, but policy easing by Beijing and solid demand from major developed economies are likely to mitigate the impact.

China’s faltering recovery is likely to weigh on the export performance of its regional trading partners, but policy easing by Beijing and solid demand from major developed economies are likely to mitigate the impact.

Why China’s slowing growth need not worry emerging Asia
3 Sep 2021 - 2:30PM
Macroscope | Will the Delta variant derail Asia’s economic recovery?

Although the variant is rapidly transmissible, higher vaccination rates should help mitigate economic consequences by weakening the link between new cases and bad health outcomes.

Although the variant is rapidly transmissible, higher vaccination rates should help mitigate economic consequences by weakening the link between new cases and bad health outcomes.

Will the Delta variant derail Asia’s economic recovery?
30 Jul 2021 - 4:30PM
Macroscope | China’s economy seems to have peaked for the year. Is a rapid slowdown on the cards?

Major industrial activity indicators in May were disappointing and consumption recovery seems to be fizzling out. However, bad news on the growth front is good news for the policy outlook, with monetary tightening likely to be gradual.

Major industrial activity indicators in May were disappointing and consumption recovery seems to be fizzling out. However, bad news on the growth front is good news for the policy outlook, with monetary tightening likely to be gradual.

China’s economy seems to have peaked for the year. Is a rapid slowdown on the cards?
26 Jun 2021 - 6:02AM
Macroscope | Why China’s central bank is unlikely to cave in to inflation pressure from the commodities boom

For emerging markets, the inflation jump, while temporary, could put public pressure on central banks to raise interest rates. But Chinese policymakers see the commodity price surge as driven more by external factors, which cannot be directly mitigated by domestic policy tightening.

For emerging markets, the inflation jump, while temporary, could put public pressure on central banks to raise interest rates. But Chinese policymakers see the commodity price surge as driven more by external factors, which cannot be directly mitigated by domestic policy tightening.

Why China’s central bank is unlikely to cave in to inflation pressure from the commodities boom
21 May 2021 - 10:31PM
Macroscope | Booming US economy is good news for emerging Asia’s exporters, but not so much for Asian equities

US data in March reflects an economic turnaround that is likely to persist, given the strong fiscal and monetary support and rising vaccination rate. Emerging Asia will benefit from the rise in US demand, but expect the higher US yields and a stronger dollar to put pressure on the stock markets.

US data in March reflects an economic turnaround that is likely to persist, given the strong fiscal and monetary support and rising vaccination rate. Emerging Asia will benefit from the rise in US demand, but expect the higher US yields and a stronger dollar to put pressure on the stock markets.

Booming US economy is good news for emerging Asia’s exporters, but not so much for Asian equities
16 Apr 2021 - 2:30PM
Macroscope | Why China is unlikely to turn to aggressive monetary policy tightening

The magnitude of monetary easing looks modest compared with previous cycles, with inflation an unlikely risk and growth taking the weight off debt leverage. Moving aggressively would destabilise jobs and SMEs – though this is still a possibility if economic recovery comes faster than expected.

The magnitude of monetary easing looks modest compared with previous cycles, with inflation an unlikely risk and growth taking the weight off debt leverage. Moving aggressively would destabilise jobs and SMEs – though this is still a possibility if economic recovery comes faster than expected.

Why China is unlikely to turn to aggressive monetary policy tightening
27 Mar 2021 - 7:03AM
Macroscope | China’s stock markets are set for another bull run of the year

Chinese equities will ride the recovery expected in consumption, GDP, manufacturing and exports, helped by a global wave of stimulus. The major risk is an overtightening of monetary policy, which is unlikely given Beijing’s pledge to avoid sudden policy turns.

Chinese equities will ride the recovery expected in consumption, GDP, manufacturing and exports, helped by a global wave of stimulus. The major risk is an overtightening of monetary policy, which is unlikely given Beijing’s pledge to avoid sudden policy turns.

China’s stock markets are set for another bull run of the year
15 Jan 2021 - 6:07PM
Opinion | Vaccine optimism must be tempered with attention to coronavirus resurgence

While market sentiment has been dominated by hope that encouraging vaccine results will lead to economic recovery, the resurgence of the virus, especially in the US and Europe, means policy support must continue.

While market sentiment has been dominated by hope that encouraging vaccine results will lead to economic recovery, the resurgence of the virus, especially in the US and Europe, means policy support must continue.

Vaccine optimism must be tempered with attention to coronavirus resurgence
11 Dec 2020 - 10:17PM
Macroscope | Chinese stocks buoyed by coronavirus containment, economic recovery and an improving outlook for reforms

In Europe and the US, fears of a resurgence in coronavirus cases have weighed heavily on market sentiment. In contrast, China’s better control of Covid-19 and broader economic recovery explain the resilience of Chinese equities.

In Europe and the US, fears of a resurgence in coronavirus cases have weighed heavily on market sentiment. In contrast, China’s better control of Covid-19 and broader economic recovery explain the resilience of Chinese equities.

Chinese stocks buoyed by coronavirus containment, economic recovery and an improving outlook for reforms
6 Nov 2020 - 3:54PM
Macroscope | Coronavirus, US election and Brexit will weigh heavily on markets in the fourth quarter

Apart from a winter resurgence of Covid-19 in the northern hemisphere, uncertainties about the outcome of the US presidential election, the future of UK’s departure from the European Union and US stimulus packages will make for volatility in the fourth quarter.

Apart from a winter resurgence of Covid-19 in the northern hemisphere, uncertainties about the outcome of the US presidential election, the future of UK’s departure from the European Union and US stimulus packages will make for volatility in the fourth quarter.

Coronavirus, US election and Brexit will weigh heavily on markets in the fourth quarter
2 Oct 2020 - 10:33PM
Macroscope | Why the yuan could soon shake off its sluggishness against the US dollar

Demand for Chinese exports and bonds is likely to grow in the coming months as economies recover and Chinese yields continue to stand out. But US-China tensions remain a key risk.

Demand for Chinese exports and bonds is likely to grow in the coming months as economies recover and Chinese yields continue to stand out. But US-China tensions remain a key risk.

Why the yuan could soon shake off its sluggishness against the US dollar
29 Aug 2020 - 4:09AM
Macroscope | Why China’s A-share market is starting to look like a safe haven

China’s economic recovery is on track and policies are cautiously supportive. US tensions and tariff risks remain but China’s containment of resurgent infections lends its stock market characteristics of a relative safe haven.

China’s economic recovery is on track and policies are cautiously supportive. US tensions and tariff risks remain but China’s containment of resurgent infections lends its stock market characteristics of a relative safe haven.

Why China’s A-share market is starting to look like a safe haven
17 Jul 2020 - 10:24PM
Macroscope | Expect more stock market volatility as US presidential election nears if tariff threats heat up again

The greatest risk to seesawing markets is an escalation in US-China tensions. While rhetorical sabre-rattling is unlikely to unsettle investors in the near term, an increase in tariff threats closer to the November election could see renewed turbulence.

The greatest risk to seesawing markets is an escalation in US-China tensions. While rhetorical sabre-rattling is unlikely to unsettle investors in the near term, an increase in tariff threats closer to the November election could see renewed turbulence.

Expect more stock market volatility as US presidential election nears if tariff threats heat up again
19 Jun 2020 - 10:22PM
Macroscope | Amid coronavirus-driven volatility, three reasons the rennimbi has remained stable

The renminbi is backed by a Chinese economy that is recovering faster than others, an improving current account balance and a central bank not keen on devaluation. However, an escalation of US-China trade tensions could trigger a weakening of the currency.

The renminbi is backed by a Chinese economy that is recovering faster than others, an improving current account balance and a central bank not keen on devaluation. However, an escalation of US-China trade tensions could trigger a weakening of the currency.

Amid coronavirus-driven volatility, three reasons the rennimbi has remained stable
15 May 2020 - 8:20PM
Macroscope | Investors still favour China’s assets amid the coronavirus economic shock – for good reason

Chinese equities and the yuan have fared better than their counterparts elsewhere. Without ignoring the downside risks, it is safe to say China is likely to lead the rest of the world in the recovery from Covid-19 outbreak.

Chinese equities and the yuan have fared better than their counterparts elsewhere. Without ignoring the downside risks, it is safe to say China is likely to lead the rest of the world in the recovery from Covid-19 outbreak.

Investors still favour China’s assets amid the coronavirus economic shock – for good reason
3 Apr 2020 - 10:17PM
Macroscope | Asia must brace for short-term volatility as Covid-19 hits China and South Korea harder than expected

The surge in infections in South Korea is dampening economic activity even as China struggles to return to work, hurting demand for exports from rest of Asia. Governments are rolling out accommodative measures but if Covid-19 continues to spread, expect uncertainty to remain in the near term.

The surge in infections in South Korea is dampening economic activity even as China struggles to return to work, hurting demand for exports from rest of Asia. Governments are rolling out accommodative measures but if Covid-19 continues to spread, expect uncertainty to remain in the near term.

Asia must brace for short-term volatility as Covid-19 hits China and South Korea harder than expected
6 Mar 2020 - 10:28PM
Macroscope | Coronavirus will hit hard, but Asia’s economies can rebound on the back of strong policy support

The sharp impact of the epidemic on China’s economy will depress growth in the rest of emerging Asia via trade links and tourism flows. But quick action by central banks and policymakers will ensure the impact is temporary.

The sharp impact of the epidemic on China’s economy will depress growth in the rest of emerging Asia via trade links and tourism flows. But quick action by central banks and policymakers will ensure the impact is temporary.

Coronavirus will hit hard, but Asia’s economies can rebound on the back of strong policy support
14 Feb 2020 - 10:14PM
Macroscope | 2020 will be the year emerging Asia’s economic growth catches up with its equity markets

The easing of US-China trade tensions and a recovery in the tech cycle are likely to stimulate growth in the region this year, on the back of continuing monetary and fiscal policy support, even if the growth is expected to be modest.

The easing of US-China trade tensions and a recovery in the tech cycle are likely to stimulate growth in the region this year, on the back of continuing monetary and fiscal policy support, even if the growth is expected to be modest.

2020 will be the year emerging Asia’s economic growth catches up with its equity markets
10 Jan 2020 - 10:33PM
Macroscope | People’s Bank of China may be turning dovish, but investors should not bet on major stimulus in 2020

Chinese policymakers seem inclined to stabilise the economy through monetary and fiscal easing measures, but a substantial ramp-up of policy stimulus appears unlikely.

Chinese policymakers seem inclined to stabilise the economy through monetary and fiscal easing measures, but a substantial ramp-up of policy stimulus appears unlikely.

People’s Bank of China may be turning dovish, but investors should not bet on major stimulus in 2020
7 Dec 2019 - 5:09AM
Macroscope | The trade war’s damage is done in Asia, and even an interim US-China deal can’t undo the past year

Even if the US and China reached a place-holder deal, uncertainty caused by past reversals in talks would weigh on Asia. The trade war has also taken its toll on exports and supply chains, and this cannot easily be undone.

Even if the US and China reached a place-holder deal, uncertainty caused by past reversals in talks would weigh on Asia. The trade war has also taken its toll on exports and supply chains, and this cannot easily be undone.

The trade war’s damage is done in Asia, and even an interim US-China deal can’t undo the past year
11 Oct 2019 - 10:17PM
Macroscope | US-China trade war turmoil and global economic gloom cast a dark shadow on Asian equity markets

US-China trade tensions and slowdowns in major economies have spurred recent market volatility. Looser monetary policy from Asian central banks and trade war concessions may provide respite, but not a rescue.

US-China trade tensions and slowdowns in major economies have spurred recent market volatility. Looser monetary policy from Asian central banks and trade war concessions may provide respite, but not a rescue.

US-China trade war turmoil and global economic gloom cast a dark shadow on Asian equity markets
23 Aug 2019 - 10:31PM