Jon Harrison

Managing Director, EM Macro Strategy
+44 20 7246 7879

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Recent Emerging Markets research

* EM Watch, Jon Harrison, Larry Brainard, Bo Zhuang, Shumita Sharma Deveshwar, Christopher Granville, Cristobal Arias, 16 Oct 2017
* EM Watch, Jon Harrison, Larry Brainard, Grace Fan, Shumita Sharma Deveshwar, Christopher Granville, Cristobal Arias, Marcus Chenevix, 9 Oct 2017
* EM Strategy Monthly, Larry Brainard, Jon Harrison, Cristobal Arias, Marcus Chenevix, 5 Oct 2017
* EM Watch, Larry Brainard, Jonathan Fenby, Elizabeth Johnson, Shumita Sharma Deveshwar, Christopher Granville, Cristobal Arias, Marcus Chenevix, 2 Oct 2017
* EM Watch, Jon Harrison, Larry Brainard, Elizabeth Johnson, Shumita Sharma Deveshwar, Christopher Granville, Cristobal Arias, 25 Sep 2017

See all our Emerging Markets research >>

Strategy Flash

Overview

Some of our sources in Beijing have told us to ignore the CFETS CNY index because, they say, the PBoC is still managing the currency against the dollar. But the CNY price action this year intuitively makes much more sense when viewed against the index rather than against the dollar (see Charts 1 and 2). We reconcile this observation with our sources’ view and deduce empirically against which combination of currencies the PBoC is, in fact, managing the currency. And this leads to our...

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