China is now an unlikely safe haven

ruin and reallocate wealth. They also reallocate worry. Investors find themselves agonising about things they never used to fret about. Worse, they fret about things they never used to think about. One example is money in the bank. The collapse of Silicon Valley Bank () in America has made depositors newly familiar with the nature and limits of claims they previously took for granted.America’s worries have quickly spread elsewhere, too. Emerging-market investors, for example, have begun to rethink the countries in which they invest, scrutinising them through -tinted spectacles. They are wondering which markets are most exposed to financial jitters and slower growth in America, and which share similar vulnerabilities. What countries, for example, are suffering from stubborn inflation, rapid monetary tightening and sharp drops in bond prices? And where in the developing world do depositors look a bit flighty? Through this lens, one emerging market looks surprisingly robust. Whisper it, but could China offer a safe haven to global investors in a time of banking turmoil?