United States

China’s decision to clamp down on Ant Group has derailed an IPO of at least $34 billion, despite execution being finished last week. The move appears to be little more than political muscle-flexing by Beijing. The real winners will be the country’s critics.

Top-rated strategists – as ranked by the Asiamoney Brokers Poll – see opportunities for smaller Asian economies to lure manufacturers away from China during the latest dispute.

The link appears to be finally taking shape, but with the dollar as its biggest trading and settlement currency, the scheme looks increasingly skewed towards investors in the US.