Where do we stand with RMB internationalization? The role of capital flows, Hong Kong and yuan appreciation

From the $1 trillion trade surplus to renewed overseas investment, China's capital flows and the RMB have once again become the focus for global investors and policymakers. Beyond the much-discussed issue of capital controls, the interrelated factors in the evolution of export competitiveness, geopolitical competition, and RMB internationalization will be areas of change in the future, with economic implications for China and the world. In this report, we present our revamped China Capital Flow Tracker, starting from an overview of 2025 with the expectation for 2026. The report series will be ...

War in the Middle East: What it Means for Europe’s Economies

On February 28 , the United States and Israel initiated an offensive operation in Iran leading to significant disruptions in the Strait of Hormuz . This has hinder ed tankers from navigating this strategic ally vital strait , a critical artery for the world economy through which nearly 20% of global oil supply transits. Consequently, o il and gas prices surged almost i mmediately. The prolonged duration of this conflict will undoubtedly affect Europe's macro-economic environment, as European economies remain heavily reliant on fossil fuels, despite considerable efficiency gain...

イタリア：国民投票否決、メローニ首相にとって初の打撃