-- Investors should extend the recent stimulus-fuelled gains in Chinese equities and the yuan as well as the decline in the country’s bonds, according to Stephen Jen of Eurizon SLJ Capital.Where Cargo Bikes Are Freeing Cities From Polluting Vans
Jen, who said last month that Chinese companies may be enticed to sell a $1 trillion pile of dollar-denominated assets as the US cuts interest rates, follows investors including billionaire David Tepper in expressing bullishness on China after its government introduced sweeping stimulus measures. With China stepping up at the same time as the Federal Reserve is cutting interest rates, and with oil prices remaining low, risk assets “ought to do very well,” Jen said.Jen, the creator of the “dollar smile” theory which posits that the greenback rises when the US economy is either booming or in a deep slump, expects the currency to trade lower against the euro, yen and yuan, as US inflation slows toward zero and the world’s biggest economy “soft lands.
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