A Look at Dollar Liquidity

If we look at markets that thrive when China opens up, I'd like to highlight a few odd ones out in that context. Chile and Piso thrives when China buys more industrial goods and metals as a consequence of the manufacturing sector gaining pace there. Another positive story for this year is Mexico so far. They typically thrive when we see commodities rebounding, and we've seen that due to the Chinese reopening. So in short, you want to be long countries with an exposure to commodities and to China at the same time - not least in industrial metal space. That means to be long Latin America and short India on this Chinese reopening in the relative bets in emerging market space.