• PBoC was restrained in terms of direct FX intervention amid the intense CNY depreciation this year. • PBoC increasingly deploys monetary and regulatory tools to lean against the wind. • These tools include required reserves on FX deposit and forward contracts, … • …and macroprudential policies

The December 2022 edition of the Global Regulatory Update provides targeted updates on current workstreams and events.

The December 2022 U.S. Regulatory Update covers news from the Fed, developments related to climate-related financial risk, Congressional activity on the oversight of cryptoassets, and more.

Amid fears of global recession and USD strength, prices for energy transition metals have subsided in 2022… although transition planning and sustained expansion in renewable energy capacity will underpin demand.

We last week wrote about our positive outlook for EM in 2023. Our positive view hinges on US inflation momentum having peaked, … something we have b...

Overall growth is set to decelerate, dragged down by stagnant oil production while non-oil real GDP growth will remain robust. The current account and fiscal surpluses will narrow in 2023 due to moderation in oil prices. The authorities have made significant progress in implementing crucial reforms.

The legislature has shrunk Lula’s spending package somewhat, … but the overall fiscal picture going into 2023 is still too weak, … given overall pol...

Climate finance flows are on track to reach a fresh high of $915 billion in 2022; Sustained policy support—amid heightened concerns over energy security—should accelerate the expansion in renewable energy capacity, while increasing energy-efficiency related investment.

Portfolio flows to EM stood at $37.4 bn in November. Equity and debt flows were $23.0 bn and $14.4 bn. Chinese equities posted $8.5 bn in inflows. ...

There’s widespread pessimism on prospects for EM in 2023. That pessimism isn’t justified given our read of markets in 2022. EM currencies held up fa...

We assess 2023 budgets put forward by a group of ten EMs. Fiscal deficits will be larger than in 2019 almost universally, … including countries that...