Matolcsy: A new power law

English2020. nov. 18.GOVERNOR MATOLCSY100WORDS

All sincere and sober voices are more than welcomed with regard to the U.S. initiated America-China tensions - John Plender did his best by sending out the right noises. /Market Insights, FT, 3 November 2020/

He is right that the Chinese government bond market, the second largest in the world, offers positive real interest income after allowing for inflation. It means that developed countries’ pension funds can benefit from real incomes and they are able to pay retirement obligations. This is also true for all western institutional investors as well.

By now it is clear, that who decides to hurt China also hurts itself. Indeed, by bashing Beijing the U.S. suffered more than China.

That is the new power law in our global hut.

Governor Matolcsy, MNB, the Central Bank of Hungary

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