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HSBC: The relationship between the US and China will not change in the near future

HSBC projected that the USChina relationship remains a prominent feature of the external environment, but the bank does not currently expect it to change significantly in the near future.

HSBC also estimates that the mutual economic benefits generated by the relationship between the United Kingdom and China outweigh any short-term pressure.

As a global bank operating in more than 60 countries and territories, with a history stretching back more than 156 years, the bank said it has always experienced geopolitical tensions.

However, the bank remains aware of the potential impact that geopolitics can have on its business, as well as on its customers.

Financial results of HSBC (dollars)

Overall, global trade performed well in 2021, with volumes exceeding pre-pandemic levels despite continued supply chain disruptions.

Looking ahead, HSBC believes that trade growth could be further boosted by the lifting of movement restrictions that remain in place in some countries.

The bank also sees signs that supply chain bottlenecks will ease as the year progresses, though when and how remains uncertain.

HSBC

In particular, the bank expects the Regional Comprehensive Economic Partnership to reinforce Asia‘s central role in world trade.

Along with bilateral trade agreements reached by some countries, trade liberalization continues to advance in some parts of the world.

Although there is currently no long-term agreement between the UK and the European Union on access to financial services, HSBC has worked for a number of years to ensure that we can maintain a comprehensive service for its customers in all possible scenarios.

Ideally, temporary arrangements on access to financial services will be in place to minimize disruption and allow the UK financial services industry to continue to deliver the many benefits it brings to the UK and European Union economies.

However, the bank is prepared for a wide range of outcomes.

Covid-19

Clearly, significant challenges remain, not the least of which is the uncertainty caused by the spread of the Omicron variant and potentially other variants in the future.

At the same time, bottlenecks in the supply chain, high energy and food prices, rising consumer demand and higher wages have all combined to fuel inflation.

Central banks have already started to respond by tightening monetary policy and this is likely to continue into 2022.

Forecasts for global economic growth are quite robust: HSBC forecasts global GDP growth of 4.1% in 2022.

But great uncertainty remains given the wide range of responses by governments to the different challenges they face.

After China’s strong recovery, growth slowed in the second half of 2021. As a result, the bank expects the Chinese government to take steps to ease monetary and fiscal policies, with the aim of boosting growth.

Meanwhile, India‘s economy is set to grow rapidly, but growth is expected to be slower in the UK and US.

 

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