Asia Centric by Bloomberg Intelligence

The economic impact of US President Donald Trump’s tariffs has led to a rethink over the US dollar. After the “Liberation Day” tariffs were announced on April 2, global investors sold both US equities and the dollar, a rare event that raises concerns about the credibility of US Treasuries and the dollar itself. Moody’s downgrade of the US credit rating and the sharp appreciation of certain currencies, particularly the Taiwan dollar, against the greenback have further intensified the situation. Are we entering a period of de-dollarization? What are the implications for the regions' central banks, corporations and financial institutions – many of which are major holders of US Treasuries? And which Asian currencies could outperform following this paradigm shift? Stephen Chiu, chief Asia FX and rates strategist for Bloomberg Intelligence discusses these issues with John Lee on the Asia Centric podcast.See omnystudio.com/listener for privacy information.

A big shift in regional trade is underway following US President Donald Trump's announcement – and temporary pause – of the so called "Liberation Day" tariffs. Exports from Southeast Asia are surging, as companies around the world frontload and reroute shipments of parts and final goods such as toys and smartphones. Which countries are benefiting the most from this demand and the intensifying strategy of "China+1", how long will these high export levels be maintained, and what are the risks for consumers and companies? Katia Dmitrieva speaks with Robert Subbaraman, head of global macro research at Nomura, about the latest on the trade front. Read our story here: https://www.bloomberg.com/news/articles/2025-05-21/china-us-trade-soars-as-exporters-race-to-hit-trade-truce-window?utm_source=website&utm_medium=share&utm_campaign=copy    See omnystudio.com/listener for privacy information.

Investing in alternative assets such as infrastructure and private equity was once the preserve of large institutions and the uber rich with access to private bankers. But technological advances and product innovation have opened these markets to wealthy retail investors, creating one of the fastest-growing segments in wealth management. Many experts, including BlackRock CEO Larry Fink, refer to this trend as the "democratization" of investing. So what opportunities are out there in the private market for wealthy investors? And what are some of the risks, especially overinvestment? Steffanie Yuen, Head of Hong Kong for Endowus, breaks down the sector as she joins John Lee and Katia Dmitrieva on the Asia Centric podcast.See omnystudio.com/listener for privacy information.

In early 2021, smartphone and electronics maker Xiaomi was blacklisted by Washington, restricting its access to US technology and investors. Although this decision was later reversed, it motivated CEO and founder Lei Jun to enter China's ultra-competitive electric vehicle market, pledging to invest $10 billion over a decade. The bold move has paid off: in China, buyers are waiting up to 10 months to purchase Xiaomi's SU7, and the company's shares have surged more than 150% in the past year.  How did a manufacturer of cheap smartphones and budget appliances create one of the most desirable vehicles in China in just three years? And can Xiaomi continue to deliver on high investor expectations and stand out from its competitors with the launch of its new YU7 model this summer? Bloomberg Intelligence analysts Joanna Chen and Steven Tseng join John Lee on the Asia Centric podcast.See omnystudio.com/listener for privacy information.

Southeast Asian countries such as Vietnam, Thailand and Malaysia benefited from US President Donald Trump's first administration, as Chinese companies re-routed shipments to these regions to avoid US tariffs. In his current term, President Trump's reciprocal tariffs aim to eliminate this arbitrage, but the significant tariff rate differentials between countries are creating an even greater incentive for Chinese companies to use transshipments. US efforts to enforce tariffs have become a game of whack-a-mole, according to Ebehi Iyoha, a trade economist and an assistant professor at Harvard Business School. Iyoha also highlights how small US businesses are disproportionately affected by tariffs compared with large corporations. She joins John Lee and Katia Dmitrieva on the Asia Centric podcast.See omnystudio.com/listener for privacy information.

In this engaging conversation, Benjamin Quinlan, CEO of Quinlan & Associates and Hong Kong Tourism Board ambassador, explores Hong Kong's path to rejuvenation. With the city's economy slowly rebounding, he discusses the importance of mega events and quality tourism experiences. Benjamin highlights the need for strategic planning to combat high commercial vacancy rates and regain international appeal. He also examines the unique cultural identity of Hong Kong and the vital role of local engagement in shaping a positive global image while navigating modern challenges.

The world's top economic and financial authorities descend on Washington this week for the IMF/World Bank Spring Meetings. The focus this year is overwhelmingly on trade, as US President Donald Trump's reciprocal tariffs hang over the event. And nowhere are levies more painful than in China, where the highest rates threaten economic growth. Arthur Kroeber, founding partner of research consultancy Gavekal Dragonomics and author of China's Economy: What Everyone Needs to Know, joins Katia Dmitrieva in Washington for a discussion about the new trade era, China's economic travails and how the trade stalemate with the US could end.See omnystudio.com/listener for privacy information.

It's been a wild few weeks in trade and markets. After unleashing reciprocal tariffs on the world, US President Donald Trump then walked them back, pausing the additional levies for every nation except China. Some exemptions were also carved out, including for iPhones. Negotiations have since ramped up with countries including Vietnam, which hope to scale down or remove the threat of tariffs altogether. Asia is perhaps the hardest hit region, given the scope of tariffs on China and how dependent the region is on trade. Economic growth, company profits and labor markets will take a hit – even without the tariffs in place, uncertainty alone is curbing investment. But there is a longer-term silver lining: the protectionist policies have pushed officials to consider a world in which they rely less on the US and more on domestic growth drivers. HSBC chief Asia economist Frederic Neumann sits down with Katia Dmitrieva to discuss tariffs, the countries that may be hit hardest and what this new world of trade looks like.See omnystudio.com/listener for privacy information.

Global supply chains have reconfigured since the 2018-19 trade war, leading to a surge in renewable-energy demand in countries such as Vietnam, Indonesia and Malaysia as Nike and Samsung set up operations. This trend, coupled with population growth and the proliferation of AI-driven data centers, is projected to triple the demand for power in the next five years, according to Gavin Adda, CEO of Peak Energy. The subsidiary of Stonepeak, an infrastructure investment firm which manages more than $70 billion in assets, expects a big chunk of this energy demand will be met with renewable sources. Adda also sees Asian countries deregulating energy markets, opening up avenues for investments in solar and wind. He joins John Lee and Katia Dmitrieva on the Asia Centric podcast.See omnystudio.com/listener for privacy information.

A duct-taped banana, a glass-encased tiger shark, a three-meter balloon dog – all selling for millions of dollars. For centuries, people have invested in art and their creators, with modern investors adding these “alternative assets” to portfolios. But global art auction turnover fell by about a third to $9.9 billion last year, according to Artmarket. It's also an increasingly tricky industry to navigate, with many sales private and some high risk, and scams not uncommon. So what are the wealthy buying these days, how safe are these investments, and what should they expect in terms of return? John Lee and Katia Dmitrieva sit down with Betsy Bickar, senior art adviser at Citi Wealth’s art advisory unit. The episode was recorded on March 25, prior to Art Basel Hong Kong, part of the city’s Art Week.See omnystudio.com/listener for privacy information.