“THE CENTRE OF gravity of the global financial markets has shifted to Asia,” says the head of investment banking for the region at a top US bank over breakfast in Hong Kong. Although capital markets activity has slowed in Asia as a result of investor and issuer caution about events in the US, eastern markets are not as paralysed by a lack of liquidity as those in the west. There’s money to be put to work; the owners of that capital have just become a little more cautious as to how it should be deployed.
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