The head of global currency, rates and emerging markets strategy at Goldman Sachs Group Inc. says he's learned two key lessons from one of the biggest – and most common – bad decisions of 2023: betting on China's post-pandemic reopening boom.
Earlier this year, Goldman was among Wall Street banks pinning their hopes for a bright 2023 partly on China's recovery, with strategists including Kinger Lau predicting a 15 percent rally in China's stock market. The expectation was that a rebound in the world's second-largest economy would be the wave that would lift all boats and help emerging markets worldwide have a banner year.
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