The economic landscape of the next decade continues to take form. After a tumultuous few years with a roller coaster ride up, down and back, the world is now settling down. Economies are emerging from recession, asset prices have stabilised, credit spreads have returned to consistent levels and capital markets are looking more normal. The deleveraging cycle has now been running for over two years and has almost run its course, with credit availability starting to free up again. Many of the imbalances which gave rise to the credit crisis have rebalanced, although others (such as the Chinese trade surplus and the Renminbi exchange rate) clearly haven’t.
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