Of all the market risks private bank strategists did not see coming in 2023, sharp drops in the Japanese and Chinese currencies may be the most jarring. The yen’s 10%-plus drop against the dollar so far this year confounds bets that the Bank of Japan (BOJ) would finally be exiting quantitative easing. The yuan’s 5%-plus decline belies the conventional wisdom…
China capital exodus a wake-up call for private banks
By William Pesek, contributing editor | 4 July 2023
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