Negative-yielding debt has surged from some $13 trillion in June to over $15 trillion currently as trade tensions bite; Chinese corporates now hold nearly $1.5 trillion in USD debt, with non-financial corporates accounting for over half of that; Carbon emissions per capita are higher in mature markets, while emissions relative to GDP are higher in emerging markets.  However, a look at emissions relative to productivity highlights transition risks for both mature and EM economies; LIBOR transition update: Main Street also needs to move to new risk-free reference rates— key to a smooth transition

US tariffs are exerting depreciation pressure on the RMB, which we think could ultimately drive $/CNY well above 7.00. One illustration of that depreciation pressure is a $/CNY rate now back in the upper (weaker) half of the band around the fix. Another visualization are large residuals in our fixing model, which point to policy makers keeping RMB temporarily strong.

Real GDP growth in the Caucasus and Central Asia (CCA) remains strong in 2019, recovering from earlier external shocks of a fall in oil prices and sanctions on Russia. Growth should remain strong beyond the near term, although lower commodity prices and slowdown in major partners could pose risks.

Pemex’s planned output increase has precedent, but is in the upper range of what others achieved. Shoring up Pemex involves a near-term fiscal cost, but could ease fiscal pressure in the medium-term. If Pemex disappoints, more fiscal cuts will be needed.

This slide deck, based on our Global Debt Monitor, provides a snapshot of changing patterns in debt accumulation in both mature and emerging markets, and an overview of related risks. Do let us know if you’d like any of the underlying charts for use in your own work.

Household debt has fueled China's housing, consumption, and economic growth. Households' large financial and housing assets mitigate the risks of rising leverage. However, household leverage is no longer low relative to income, and can no longer be used to stimulate economic growth.