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 ...

イタリア：国民投票否決、メローニ首相にとって初の打撃

How Beijing Turned an Oil Shock into a Strategic Opportunity

Washington likely assumed it could choke off cheap Iranian oil to Beijing the same way it managed with Venezuela — sanctions, shipping pressure, and financial arm-twisting that reduced Caracas's discounted crude to a trickle. The logic seemed replicable. It was also wrong.Iran is not Venezuela. The Islamic Republic has spent decades building one of the most sophisticated sanctions-evasion networks in the world — hundreds of shadow tankers, fake shipping signals, front companies across dozens of countries, and open-sea transfers that make interdiction vastly harder than in the Caribbean. More i...