PIMCO: Cautiously Optimistic on China
With the market focused elsewhere, PIMCO's Dan Ivascyn thinks there are some select opportunities in Chinese corporate credit.
Eric Jacobson: So, let's talk about China for a minute and some of the other areas that are risks in terms of them slowing down and other internal risks that some of these countries have. But China in particular, what is the biggest risk in terms of China and the rest of the economy, the global economy and of course us in particular in the United States?
Dan Ivascyn: Sure. So, with China we have a near-term geopolitical situation occurring on the Korean Peninsula. That although again in the base case, we think there will be lots of concerning rhetoric that won't lead to actual conflict. But that’s something that needs to be in the minds of investors from a risk-management perspective. In terms of the long-term challenges of China, China is in the midst of a transition from an export-driven growth model to a model that’s more balanced and focusing more over time on internal sources of demand.
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