A man contemplates his next move as he plays chess in Hyde Park Sydney, Australia, on August 11. In the current chess match among central banks, the US Federal Reserve’s ability to shape the global policy context makes it the grandmaster. Photo: AP
A man contemplates his next move as he plays chess in Hyde Park Sydney, Australia, on August 11. In the current chess match among central banks, the US Federal Reserve’s ability to shape the global policy context makes it the grandmaster. Photo: AP
Neal Kimberley
Opinion

Opinion

Macroscope by Neal Kimberley

Asian central banks are locked in a losing chess match with the US Federal Reserve

  • Asian central banks facing currency weakness are stuck with no good moves as the Fed presses forward with interest rate increases and quantitative tightening
  • Short of a dramatic reversal of the market’s current bullish view of the US dollar’s prospects, China’s central bank might be limited to managing the rate of descent of the yuan versus the US currency

A man contemplates his next move as he plays chess in Hyde Park Sydney, Australia, on August 11. In the current chess match among central banks, the US Federal Reserve’s ability to shape the global policy context makes it the grandmaster. Photo: AP
A man contemplates his next move as he plays chess in Hyde Park Sydney, Australia, on August 11. In the current chess match among central banks, the US Federal Reserve’s ability to shape the global policy context makes it the grandmaster. Photo: AP
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