2025-05-23 08:35:00 ET

Summary

• Should global risk conditions continue to deteriorate, we are likely to continue to selectively hedge exposures with currency forwards rather than sell bonds.
• We are underweight the Chinese renminbi because of the potential for additional tariffs being imposed on China by the U.S. administration.
• Our underweight to the South African rand is more of a tactical play based on strong performance relative to high-beta peers.
• In Zambia, we maintain our long bond position given the scope for further disinflation in 2025.

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