We estimate that non-resident portfolio inflows to emerging markets rose to USD21 billion in May All four EM regions saw portfolio inflows in May, wit

China has experienced massive capital outflows in the past two years, this vicious circle weakened economic confidence and heightened domestic financi

In the months since the election, the ability of Dollar moves to explain USD/CNY fixings is down sharply.' We interpret this regime change as a de fa

China's total debt (ex-financials) now tops 265% of GDP, marking a sharp rise from 140% in 2008. Heavily indebted non-financial corporates in China ar