Risk Rethought: Local Currency In A Shifting World
Source: SeekingAlpha
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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Risk Rethought: Local Currency In A Shifting World
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