COMMENT: Year of the Panda

COMMENT: Year of the Panda

Argentina Brazil Economy & Policy Corporate & Sovereign Strategy

It has been an avid consumer of commodities, in particular Argentine oil, during a 2010 surge in volume of LatAm asset purchases by Chinese buyers. We expect this trend to continue, broadening into portfolio investment. Indeed, CIC’s president Gao Xiqing says the sovereign wealth fund, which manages some $300 billion, will increase exposure to LatAm. The region’s borrowers are meanwhile getting more adventurous with funding diversification. And G3-based investors seek record exposure to fixed income assets denominated in emerging market currencies. This should eventually translate into renminbi-denominated issuance, following the example of McDonald’s. The burger chain in 2010 launched a

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