A European private wealth manager in Hong Kong told me last week he recently got the catalyst he needed to land a Taiwanese billionaire’s account: geopolitics.
, I have repeatedly heard from sources in the United States about how companies and investors are de-risking from China, building resiliency in their supply chains, reducing their exposure and putting a higher risk premium to business there. China is still too big a market to ignore or abandon, they say, but they need a backup, a ‘China plus 1′.
These conversations provide a window into how geopolitics is impacting investment decisions in the East. And as these worries lead to actions, they highlight the risks of further fragmentation of the global economy, with attendant consequences, such as inflationary pressures. U.S. sanctions following Russia’s invasion of Ukraine have brought home the realization that Western authorities can seize assets in a conflict. That has been compounded by worries about sustainability of U.S. debt levels and the impact on the dollar, the banker said, leading people to ask “why do I have to hold U.S. dollar assets?”
In Asia, discussions with sources show more efforts afoot to chip away at that reliance on the U.S. dollar.
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