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Immunity and Opportunity in Asia: Implications of the Financial Crisis

Speaker: Gerard Lyons, Chief Economist and Group Head of Global Research, Standard Chartered Bank
Moderator: Nancy Yao Maasbach, Managing Director, Corporate Affairs, Council on Foreign Relations
October 10, 2008

As the financial crisis in the U.S. begins to seep into sectors domestically and ripples overseas to European markets, the reaction and situation in Asia is somewhat curious. Although major markets in Asia, including the Nikkei, Hang Seng, and STI, have all lost over 20% in the last three months, opportunistic behavior is palpable. Reportedly, entities like Nomura and other solid-standing financial institutions are snatching up good assets, businesses, and people to broaden their global reach. As short selling is vilified in the West, China recently announced that it will allow more complex trading strategies. Furthermore, Asian economies are awash in capital, giving them greater ability to inject capital into the regional and global economy. Yet, concerns that much of the region's sovereign wealth surpluses are in USD and the economic growth drivers in the region are largely dependent on exports are warranted as Asian economies are uniquely dependent on the United States and Europe. Join Dr. Gerard Lyons, Chief Economist and Group Head of Global Research at Standard Chartered, as he discusses his view on the global economy from the Asia lens.

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