The Incoming Asian Bullrun

For the better part of a decade, Beijing has been patiently rearranging the region’s financial plumbing while most investors were preoccupied with the Federal Reserve. Piece by piece, a renminbi-centric architecture has taken shape, rewiring Asian currency links, bond pricing and, crucially, the competitive math of the yen. The result: a monetary constellation that now looks poised to spin a virtuous cycle of stronger FX, cheaper capital and strong asset markets across emerging Asia.