A visitor at the Alte Nationalgalerie museum in Berlin on May 12, 2020, after the museum reopened its doors to the public following a relaxation of lockdown restrictions. Photo: AFP A visitor at the Alte Nationalgalerie museum in Berlin on May 12, 2020, after the museum reopened its doors to the public following a relaxation of lockdown restrictions. Photo: AFP
A visitor at the Alte Nationalgalerie museum in Berlin on May 12, 2020, after the museum reopened its doors to the public following a relaxation of lockdown restrictions. Photo: AFP
Aidan Yao
Opinion

Opinion

Macroscope by Aidan Yao

As the coronavirus crisis speeds up economic, political and social decoupling, here’s what central banks should ponder

  • The pandemic will contribute to growing income inequality, US-China tension and the gap between Wall Street and ‘Main Street’
  • While central banks cannot withdraw monetary support at this point, they must consider the limits of quantitative easing and their exit strategy

A visitor at the Alte Nationalgalerie museum in Berlin on May 12, 2020, after the museum reopened its doors to the public following a relaxation of lockdown restrictions. Photo: AFP A visitor at the Alte Nationalgalerie museum in Berlin on May 12, 2020, after the museum reopened its doors to the public following a relaxation of lockdown restrictions. Photo: AFP
A visitor at the Alte Nationalgalerie museum in Berlin on May 12, 2020, after the museum reopened its doors to the public following a relaxation of lockdown restrictions. Photo: AFP
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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.