HSBC-新兴市场投资策略-资本流动有风险而不是带来风险-2021.8.5-44页.pdfVIP

5 August 2021 THIS CONTENT MAY NOT BE DISTRIBUTED TO MAINLAND CHINA EM Rates Fixed Income Rates Capital flow risks rather than carry Global Emerging Markets  Despite the attractive valuations, generous real yields and Andre de Silva, CFA carry, we remain wary of most local EM high yielders… Head of Global EM Rates Research The Hongkong and Shanghai Banking Corporation Limited andre.de.silva@.hk  … as we see a turn in the tide of capital inflows is a risk to +852 2822 2217 watch; one exception is Russia, where we are bullish Pin Ru Tan Asia-Pacific Rates Strategist  Instead, we favour low-yielding EMs like China, Korea and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch Czech as they’re less imp