We therefore need to move from a flow-based to a stock-based tilting approach for our corporate bond portfolio. This means that, absent any reinvestments, actively reshuffling the portfolio towards greener issuers would need to be considered.
They paint a picture of softness in growth – but they were already saying that some time ago. The more recent anxiety is probably best described as greater uncertainty over the intentions of Chinese policymakers and over whether they will be able to carry off the economic transition China needs. This anxiety has been reflected in capital flows.