Articles By: Marc Chandler

Marc Chandler

Marc Chandler joined Brown Brothers Harriman in October 2005 as the global head of currency strategy. Previously he was the chief currency strategist for HSBC Bank USA and Mellon Bank. In addition to frequently providing insight into the developments of the day to newspapers and news wires, Chandler's essays have been published in the Financial Times, Barron's, Euromoney, Corporate Finance, and Foreign Affairs. Marc appears often on business television and is a regular guest on CNBC and writes a blog called Marc to Market. Follow him on twitter.

Here are my most recent posts

More Thoughts about Japan and US Treasuries

More Thoughts about Japan and US Treasuries

If China wants to accumulate reserves, it will have to buy US Treasuries, even if not every month. Japanese institutional investors are thought to be attracted by the high yields available in the US Treasury market.  But, the wider differentials at short-end make hedging the currency risk more expensive

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The Yuan’s Reserve Currency Status

The Yuan’s Reserve Currency Status

There is nothing quite like a falling dollar to spur take of the erosion of the greenback’s reserve status. For various reasons, countries have chosen to build reserves. Following the decision to hold or build reserves, the question arises as to what currencies to hold. Here’s a take specifically on the Yuan

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Accommodative Officials and Synchronized Upturn Drive Markets

Accommodative Officials and Synchronized Upturn Drive Markets

The investment climate is being shaped by two powerful forces.  First is the very accommodative policy stance.  In addition to the accommodative monetary policy, fiscal policy is also supportive. 

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Italian Election–Two Months and Counting

Italian Election–Two Months and Counting

Italy’s election has the potential for some surprises. The Five Star Movement, which is polling first in surveys, has pledged a referendum on the euro if Brussels does not change its fiscal rules. Berlusoni’s Forza Italia and Salvini’s Northern League are critical of the EU and EMU, but rather than jettison the euro, they talk about having a parallel currency.

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The Importance of China’s New VAT

The Importance of China’s New VAT

Yesterday, China announced one of the most important tax reforms of the past twenty years. It is replacing a business tax on gross revenue for non-manufacturing companies with a VAT. Manufacturing companies have been subject to a VAT approach for a few years. The reform extends it from manufacturing and a few services in a pilot program to industry-wide application. It will now cover construction, real estate, finance and consumer services.

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Britain, Brexit, and sovereignty

Britain, Brexit, and sovereignty

A destabilized Europe adversely impacts the UK within or without the EU. The UK is tied to Europe in ways that leaving the EU will not sever. Ironically, the UK may find it has less sovereignty if it leaves the EU than within it.

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This is the Framework of a Potential Greek Compromise Taking Shape

This is the Framework of a Potential Greek Compromise Taking Shape

By Marc Chandler Through the venomous comments and erosion of trust, the broad framework of what couple prove to be a workable compromise over Greece’s financial crisis may be emerging.   This is not to suggest that the eurozone finance ministers meeting will reach any important decision. Indeed, the Greek Prime Minister has already reduced his finance minister’s role in the […]

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Moral Hazard Taken Too Far

There is an element that links the terrible human tragedy in the Mediterranean and the ongoing Greek crisis. It is Europe’s over-emphasis on moral hazard.

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Greece: Irresistible Force Meets Immovable Object

Greece is expected to submit a more complete list of reforms in order to free up funds so the country can service its obligations. Four times the Greek government has provided lists and four times the European group of finance minister rejected it.

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Spain may not be Greece, but it is Not the Opposite Either

The important point is that returning to growth after the crisis may not be sufficient to facilitate political stability. The damage to the middle class is serious and Rajoy does not appear to appreciate that. The economic cost of austerity is still being calculated. There will be a political price in some countries and Spain is one of them. It is not Greece, but it is not the poster child of success that the ordo-liberals in Berlin and Brussels would have it either.

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Is Greece’s Debt Odious?

There is a legal concept called “odious debts.” It can be traced back more than a century. The US helped create a precedent for it by denying Cuba’s responsibility for the debt incurred under Spanish colonial rule. The concept took on added significance in the post-colonial era more broadly. The issue here is the continuity of legal obligations from one regime to another especially as it pertains to the debt acquired.

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AIIB Prelude to SDR Decision

AIIB Prelude to SDR Decision

In what can only be seen an unexpected Chinese success, several US allies have agreed to participate in China and India’s Asian Infrastructure Investment Bank. The frustration with the US on this issue is palpable. There is another issue at stake that head of China’s central bank Zhou Xiaochuan made clear at a forum yesterday. On a panel with the IMF’s Lagarde, Zhou pushed for the yuan to be included as a reserve asset and in the SDR basket.

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