China – the end of muddle through and the return of volatility
We don't have conviction about what the Plenum will deliver, but we are confident that with next week's meeting, and then the US election, the macro and market muddle through of the last 18M is likely ending.
![China – the end of muddle through and the return of volatility](/content/images/size/w2000/2024/07/China--CNY-baskets.png)