The renminbi was among the best performing currencies last month, with strong gains in both nominal and real terms. This suggests genuine strength in the currency, reflecting a shift of investor expectations. Photo: Chinatopix via AP
Aidan Yao
Opinion

Opinion

Macroscope by Aidan Yao

Chinese bond momentum remains strong, but don’t expect the yuan rally to last

  • Aidan Yao says a number of factors are supporting the bond market, including easing measures by the central bank and the bonds’ inclusion in the Bloomberg global index. By contrast, downside risks are likely to keep the recent yuan rally in check

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The renminbi was among the best performing currencies last month, with strong gains in both nominal and real terms. This suggests genuine strength in the currency, reflecting a shift of investor expectations. Photo: Chinatopix via AP
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Aidan Yao

Aidan Yao

Aidan Yao is senior emerging Asia economist at AXA Investment Managers. Prior to joining AXA IM, he was a senior financial market analyst at the Hong Kong Monetary Authority for two years. He started his career at the Reserve Bank of New Zealand in 2007, serving as an economist and later senior financial market analyst until late 2011. He holds a master degree in finance (2006) and a bachelor degree in economics and finance (2005) from the University of Otago (NZ). He is also a chartered financial analyst.