Global head of research at Standard Chartered Bank's global head of research was interviewed by CNBC on China, on the consumer:
- consumer confidence is soft
- part of that is because of a softer labor market and softer incomes
- but also with real estate prices down quite a bit, equity prices down and China's interest rates all below 3% now the vehicle or the Avenue for accumulating savings I think looks impaired
- even with the liquidity that's been added to the system I think people will be inclined to save that rather than spend it
On markets in China:
- we are seeing net outflows but there are asset managers and strategic investors around the world that are still putting money into China
- I would acknowledge that the net of flows is out but it's not all one-sided
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Not a resoundingly positive appraisal from Stan Chart.
