HSBC 6 月 29 日亚洲宏观长篇，103页。洋洋洒洒一大部，先发上来各位参考。
       We’ll admit it：we had our doubts about the strength and lengthof the current rebound，expecting it to fizzle much earlier.But，it’shard to argue with the latest numbers and，while the sun’s out，onemay as well bask in its glow and enjoy a nice day at the beach.Tradelooks reasonably robust for now，local demand is still supported byrelatively cheap credit，and even three Fed rate hikes over the pastsix months have not rattled investor nerves in Asia.We like playingin the sand as much as the next guy，but are keeping a wary eye onthe horizon：debt is high and climbing，and productivity growth islow and falling.That’s hardly the key to sustained prosperity.Andwe’ll say it again：reforms need to accelerate，at the very least inorder to build up defences for the day when trade stumbles againand interest rates in the West really begin to move.As with anysummer day in Asia，better come to the beach prepared.Out here，when it rains，it never just drizzles，it pours.