Softer prints in US inflation and the Fed’s dovish tone in 4Q23 have buoyed expectations for a pivot to materialize in 2024. China’s real GDP in 4Q23 slowed sequentially from 3Q23 but expanded at 5.2% in 4Q23 YoY (+4.9% YoY in 3Q23) due to a low base effect. The post-Covid growth recovery in Asia and stable macro backdrop support the credit quality of Asian bond issuers.
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