Great data this morning on WSJ’s Daily Shot on whose money is exiting China. Whilst foreign capital moves in, the very large outflow is driven by domestic residents. A neat, important and urgent illustration of the weakness of the “Martkvolk” concept.
Chartbook 238: Making & remaking the most important market in the world. Or why everyone should read Menand and Younger on Treasuries.
“The market for U.S. government debt (Treasuries) forms the bedrock of the global financial system. The ability of investors to sell Treasuries quickly, cheaply, and