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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

East-vs-west

Perspectives

East vs West: A contrast in COVID costs and economic outcomes

David Bailin

By David Bailin

Chief Investment Officer

October 21, 2020Posted InFixed Income, Investment Strategy and Equities

• The difference in the “cost of COVID” between the West and East is dramatic and visible.  A surge in US deficit spending -- from 5% of GDP to 15% in 2020 -- has been required to achieve economic stability thus far.  China has not needed to provide as much fiscal and credit support given its handling of COVID.

 

• In 2020, China’s shutdown, reopening and economic results provide useful “ forward guidance” on patterns for later recoveries in Western economies.  For example, Hong Kong and Singapore have resumed flights in a “safety bubble.”  This illustrates a positive future path for beaten-down services industries across the world by mid- to late 2021. 

 

• China will derive certain advantages from its handling of the pandemic.  That said, China has its own set of headwinds.  We think that exposure to Asian growth and equities is an essential part of a forward-thinking portfolio.  Structural changes in how the East and West compete will make the development and deployment of that portfolio complex, but beneficial or investors.

Read the CIO Strategy Bulletin

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