TYC Strategy China

Following the multi-year defensive stance, a positive cycle-phase change in
China points to an opportunity on the horizon.

The strategy expects credit growth to bottom out from here and finds that
the likelihood of policy easing has increased. Cyclical improvements seem
even more likely in case of a political agreement with the US, which is in
best interest of both countries in order to stabilize growth and the balance
of payment ahead of the US presidential election.