by Summary:
Recent renminbi rally underscores shift in the economic balance from west to eastChina and much of east Asia have had a good crisis, relatively speaking. The recent rally in the renminbi shows currency markets are starting to acknowledge this. But it is just the tip of the iceberg. A shift in the economic balance, away from the west and towards Asia, was well under way before Covid-19. The pandemic just accelerated it.Start by considering Beijing’s management of the outbreak. It is true that Covid started in China and the geopolitical ramifications of that are still playing out. However, case and mortality trends in the region have paled in comparison to many other parts of the world. A history of handling pandemics has helped, as has world-beating technology. But as the US and Europe
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Recent renminbi rally underscores shift in the economic balance from west to eastChina and much of east Asia have had a good crisis, relatively speaking. The recent rally in the renminbi shows currency markets are starting to acknowledge this. But it is just the tip of the iceberg. A shift in the economic balance, away from the west and towards Asia, was well under way before Covid-19. The pandemic just accelerated it.Start by considering Beijing’s management of the outbreak. It is true that Covid started in China and the geopolitical ramifications of that are still playing out. However, case and mortality trends in the region have paled in comparison to many other parts of the world. A history of handling pandemics has helped, as has world-beating technology. But as the US and Europe
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Mike Norman considers the following as important:
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Recent renminbi rally underscores shift in the economic balance from west to east
China and much of east Asia have had a good crisis, relatively speaking. The recent rally in the renminbi shows currency markets are starting to acknowledge this. But it is just the tip of the iceberg. A shift in the economic balance, away from the west and towards Asia, was well under way before Covid-19. The pandemic just accelerated it.
Start by considering Beijing’s management of the outbreak. It is true that Covid started in China and the geopolitical ramifications of that are still playing out. However, case and mortality trends in the region have paled in comparison to many other parts of the world. A history of handling pandemics has helped, as has world-beating technology. But as the US and Europe continue to grapple with new waves of Covid cases, levels in much of east Asia remain low.
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China: Initial strict lockdown, universal mask wearing, contact tracing, mass testing.China: 3.4 covid deaths per millionSweden: 574.74 covid deaths per million.This is China todayBund Night Market: Shanghai