汇丰银行-中国-投资策略-中国多种资产：狗年大吉-2018.2-46页.pdfVIP

MULTI-ASSET CHINA February 2018 By: William Bratton and Dilip Shahani China multi-asset special Welcome to the Year of the Dog China’s economy looks set for another good year We expect to see solid growth, benign inflation, and a stronger RMB This report summarises the views of our macro teams, equity analysts and strategists Play the video Disclaimer Disclosures: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it MULTI-ASSET ● CHINA  February 2018 Executive summary As we head into the Year of the Dog, we offer clients a multi-asset MiFID II – Research Is your access agreed? summary of our views on China. It includes the thoughts of our CONTACT us today macro teams on the economy, FX, rates, credit, and climate change, as well as 2018 outlook pieces and thematic reports by equ ity analysts and strategists. And, for the first time, we include the work of our joint venture, HSBC Qianhai Securities, which was launched in December. The message about the big After a year of resilient, steady growth, stable inflation and a sturdy performance by the RMB, picture is generally bullish our macro and equity analysts present their ideas about what’s in store for China’s economy in the Year of the Dog. Despite the recent market volatility, the message about the big picture is ge