JPMorgan published its Guide to the Market series at the start of the quarter. This time we took a look at the Asia version, and there were a few charts that caught my eye. As interest rates rose, bond yields have been somewhat reset. It does make some bond segments particularly attractive. So let us run it through. A profile of the Chinese Yuan Exchange Rate: The lesson learned is that currency is volatile. We will struggle to predict the price movement over a seven-year time frame. Next time, if a client worries and asks about our opinion about the Yuan or the USD, we also have to ask what is his or her timeframe. Is he or she investing or speculating? The chart below shows the equity valuations in terms of flow (price-to-earnings) and balance sheet (price-to-book): China has an extensive fifteen-year valuation spectrum. Korea is very...