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Since last week’s shock result, the nation’s benchmark stock index has rallied into a bull market and the yuan -- while falling to a seven-year low against the dollar -- has risen against a basket of peers. The nine basis point increase in China’s 10-year sovereign debt yield is dwarfed by the 33 basis point jump by U.S. Treasury yields.
The resilience is notable given China was in the cross-hairs of Trump electioneering, with the Republican branding the country a currency manipulator and threatening to impose tariffs on its goods. While Pictet Asset Management Co. says the president-elect’s plans risk sparking a trade war between the world’s two largest economies, Mark Mobius is turning more bullish on Chinese equities, arguing Beijing officials may accelerate market opening.
"I’d say we are more positive on China in a sense that Trump will help open the door up more," Mobius, executive chairman of Templeton Emerging Markets Group, said by phone from Dubai. “There’s a fear that Trump will institute protectionist policies but I don’t think that’s the case. Trump will be more business-like and realistic when negotiating with the Chinese."
Article from Bloomberg dated Nov. 15th, 2016.
