But the Trade Fiasco with China was the least terrible since 2013.
Several unique factors, topped off by the enduring trend to working from home and an exodus of companies.
Other options also shaky. Central banks leery of Chinese RMB, its share still irrelevant. Euro’s share is stuck. But the yen’s share has been rising.
Amid concerns China’s authorities are using the account seizures to crack down on dissent.
An increasingly important question, because someone always has to buy this debt – and it’s not just the Fed. But the share of foreign holders is waning.
While US Farmers Struggle to Find Empty Containers for Exports.
Another 34% markdown. The haste with which creditors want to execute the sale adds to the gloom.
As so often, this started well before Covid, but Covid is speeding up the process.
Sense of Foreboding in Hong Kong. Beijing’s black-box approach doesn’t bode well for local freedoms.
But the downturn in the goods-based sectors started in 2018. US exports are now down 37% from that peak, imports down 25%.