Jon Harrison

Managing Director, EM Macro Strategy
+44 20 7246 7879

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Recent Emerging Markets research

* EM Watch, Jon Harrison, Michelle Lam, Shumita Sharma Deveshwar, Christopher Granville, Madina Khrustaleva, Cristobal Arias, 4 Dec 2017
* EM Strategy Monthly, Larry Brainard, Jon Harrison, Cristobal Arias, Marcus Chenevix, Leighton Hughes, 1 Dec 2017
* EM Watch, Jon Harrison, Michelle Lam, Shumita Sharma Deveshwar, Christopher Granville, Madina Khrustaleva, Marcus Chenevix, Cristobal Arias, 27 Nov 2017
* EM Watch, Jon Harrison, Michelle Lam, Grace Fan, Shumita Sharma Deveshwar, Christopher Granville, Madina Khrustaleva, Marcus Chenevix, Cristobal Arias, 20 Nov 2017
* The GRID, Bo Zhuang, Christopher Granville, Cristobal Arias, Elizabeth Johnson, Grace Fan, Jon Harrison, Jonathan Fenby, Larry Brainard, Madina Khrustaleva, Marcus Chenevix, Michelle Lam, Shumita Sharma Deveshwar, 14 Nov 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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