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China CPI Breaks 3% PBOC Target: What Does It Mean for Policy?
by Isaac Meng of PIMCO, 10/21/19

Headline inflation resulting from a food price shock can never be ignored fully.

China: Current Account Deficit Will Pressure the Yuan and Refashion Global Portfolio Flows
by Isaac Meng of PIMCO, 11/12/18

For investors focused on Sino-U.S. trade tensions, it may come as a surprise that China ran a current account deficit in the nine months of 2018, its first since 1993. The $12.8 billion deficit is only about 0.1% of GDP on an annualized basis.

China’s Surprise Reserve Requirement Cut: Liquidity Fine‑Tuning or Policy Shift?
by Isaac Meng of PIMCO, 4/27/18

When the People’s Bank of China (PBOC) cut its reserve requirement rate (RRR) by 1% for China’s banks recently, the central bank said its “prudent and neutral policy stance” remained in place, since the overall quantity of excess reserves would not change much. Indeed, the PBOC will maintain a relatively high reserve requirement for China’s banks.

China’s 19th Party Congress: A New Cycle?
by Isaac Meng of PIMCO, 10/9/17

Considered the most important political event in China, the National Congress of the Communist Party, held once every five years, has the potential to reshape the political landscape of personnel, policy and institutions for the next decade.

A Fragile Transition Supported by (Further) Policy Accommodation
by Adam Bowe, Isaac Meng, Tadashi Kakuchi of PIMCO, 10/1/15
n the following interview, Portfolio Managers Adam Bowe, Isaac Meng and Tadashi Kakuchi discuss conclusions from PIMCO’s quarterly Cyclical Forum, in which the company’s investment professionals debated the outlook for global economies and markets. They share our views on economies and investment implications across the Asia-Pacific region over the next 12 months.

In a Challenging Environment, Policy Easing Sweeps Through Asia
by Adam Bowe, Tomoya Masanao, Isaac Meng of PIMCO, 3/27/15
The key change to our cyclical outlook for Asia: We have further downgraded our growth forecast for China to the low-6% range as real borrowing rates remain elevated. In Japan, we expect growth to recover from last year's technical recession, following the delay in the next value-added tax (VAT) hike and the increase in the Bank of Japan's easing program.

The Longest Yard
by Tony Crescenzi, Ben Emons, Andrew Bosomworth, Isaac Meng of PIMCO, 7/30/12
As the global slowdown progresses, we can expect central banks to deploy more policy tools without limits to stem the pace of deleveraging. In Europe, quantitative easing using ESM bonds could prove to be another bridge that buys politicians more time, but does not solve the root problem. We expect real economic growth in China to be muted. While some stabilization is possible later this year, it is hard to foresee a sustained recovery.

To Fight or Not to Fight the Worlds Central Banks
by Tony Crescenzi, Ben Emons, Andrew Bosomworth, Lupin Rahman and Isaac Meng of PIMCO, 1/31/12
We are skeptical that fiscal austerity alone is sufficient for all eurozone countries to grow and remain solvent. We thus expect the ECB to continue supporting the euro area with liquidity in 2012. Recent central bank policy in China is oriented toward stabilizing growth in a political succession year, while balancing lingering inflation and medium-term systemic risks. Investors may want to hedge portfolios by looking to select emerging markets with the ability and willingness to cut policy rates both from a cyclical as well as structural perspective.

Asia-Pacific Portfolio Managers Discuss PIMCOs Cyclical Outlook
by Robert Mead, Isaac Meng and Raja Mukherji of PIMCO, 1/19/12
We expect emerging Asia growth below the market consensus due to its less aggressive policy responses compared to 2008-2009. The Asia-Pacific region is less affected than others by eurozone turmoil but contagion is still a risk through direct trade and the regional production chains that characterize Asias export-oriented economies. In this environment, we favor Australian government bonds for their high credit quality, low-beta currencies such as the Chinese yuan, corporate issuers that have delevered, covered bonds and mortgage-backed securities.

Asia-Pacific Portfolio Committee Discusses Cyclical Outlook for Globe and Region
by Robert Mead, Tomoya Masanao and Isaac Meng of PIMCO, 10/27/11
China will likely focus more on rebalancing of the investment-focused domestic economy this time, rather than on reflating of the economy to engineer higher growth as it has done in 2008 to 2009. Japans fiscal policy will need to be expansionary to facilitate reconstruction efforts. We believe Australian government bonds have the potential to outperform U.S. Treasuries on a local currency basis, particularly in a left-tail global economic scenario.

Ya Gotta Believe!
by Tony Crescenzi, Ben Emons, Andrew Bosomworth, Lupin Rahman and Isaac Meng of PIMCO, 9/20/11
Central banks around the world consider easing monetary policy amid concerns of a global economic slowdown. At least one major central bank, however, appears to be taking an opposite stance: China. Policymakers there are concerned about inflation, excessive credit and property speculation. In other emerging nations, central bankers are generally poised to ease, but have less ammunition than they did after Lehman collapsed.
11 results found.