China’s Covid-19 crisis is about to preoccupy bank boardrooms for the fourth year in a row.
Confusion over whether president Xi Jinping is easing up on pandemic lockdowns or doubling down is sure to dominate market trajectories from Jakarta to New York in 2023.
It’s not just China, of course. In the US, the Federal Reserve is carrying out its most aggressive tightening cycle since the 1990s. One needs to go back to the early 1980s to find a worse period for global inflation.
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