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PBOC Unveils New Measures to Cement HK's Yuan Hub Status | The China Show | 7/6/2026

Watch on YouTube ↗  |  July 07, 2026 at 06:34  |  1:39:11  |  Bloomberg Markets
Speakers
Michael Liang — Chief Investment Officer, Foundation Asset Management HK
Adrian Zuercher — Co-Head of Global Investment Management, APAC, UBS Chief Investment Office
Former Japanese currency chief — Former top currency official
Pan Gongsheng — Governor, People's Bank of China
Anthony Stevens — Bloomberg Market Producer

Summary

PBOC Governor Pan Gongsheng announced measures to strengthen Hong Kong's role as an offshore yuan hub and gold trading centre. Samsung's record profit failed to satisfy, dragging memory stocks and triggering rotation calls. Michael Liang warned memory margins are unsustainable and advocated Tencent and US software, while UBS CIO Adrian Zuercher remained positive on equities, healthcare, and industrial metals, sold gold tactically, and favoured China onshore. A former Japanese currency chief argued the yen is significantly undervalued.

  • PBOC raises southbound Bond Connect quota to 800b yuan, supports HK gold clearing and more mainland listings.
  • Samsung's 19-fold profit surge misses lofty expectations, memory stocks fall sharply.
  • Michael Liang says memory margins >60% are unsustainable, calls for rotation into Tencent and US software like Salesforce.
  • Former Japan currency chief sees yen undervalued by up to 20%, fair value near 130.
  • UBS CIO stays positive on equities, rotates within AI, likes healthcare and industrial metals, sold gold tactically.
  • China firms plan to spend 46% of AI accelerator budgets on local chips, challenging Nvidia dominance.
  • World Cup overshadowed by Trump's intervention in red card reversal; US eliminated by Belgium.
Ideas
Michael Liang Chief Investment Officer, Foundation Asset Management HK 34:16
Memory stocks face margin reckoning.
Memory chip margins above 60% are not normal and unsustainable; demand destruction is already happening; valuations are at four standard deviations above on price-to-book, signaling a reckoning and correction.
005930.KS 000660.KS MU HIGH
Michael Liang Chief Investment Officer, Foundation Asset Management HK 38:02
Tencent cheap with cash flow certainty.
Tencent trades at 10-12 times earnings with high cash flow certainty, better bottom line focus; offers value compared to overvalued memory stocks and other Chinese tech names.
0700.HK HIGH
Michael Liang Chief Investment Officer, Foundation Asset Management HK 39:33
US software cheap, Salesforce a buy.
US software stocks look cheap; Salesforce trading at 10x earnings; AI disruption fears are overblown and software will play a key role in the AI ecosystem.
CRM HIGH
Adrian Zuercher Co-Head of Global Investment Management, APAC, UBS Chief Investment Office 79:39
Stay positive on global equities.
Broadening of earnings growth and economic trends should lift overall markets; stay positive on global equities for the second half.
VT MED
Adrian Zuercher Co-Head of Global Investment Management, APAC, UBS Chief Investment Office 82:50
Healthcare stocks rebounding, sector to like.
Healthcare stocks have been rebounding strongly over recent weeks and are a sector we like.
XLV MED
Adrian Zuercher Co-Head of Global Investment Management, APAC, UBS Chief Investment Office 83:13
Long European and Australian bonds.
Built a long duration stance in portfolio, diversified into European and Australian bonds; expects rates eventually to ease.
IGOV Australian government bonds MED
Adrian Zuercher Co-Head of Global Investment Management, APAC, UBS Chief Investment Office 84:32
Sold gold tactically, near-term bearish.
Tactically sold gold positions; key drivers are more challenged in the near term, though long-term upside remains.
GLD MED
Adrian Zuercher Co-Head of Global Investment Management, APAC, UBS Chief Investment Office 84:53
Industrial metals look attractive.
Industrial metals look interesting; strong economic environment, ISM above 50, expected China recovery and manufacturing comeback should help metals; also a good inflation hedge.
DBB MED
Adrian Zuercher Co-Head of Global Investment Management, APAC, UBS Chief Investment Office 85:55
Prefer China onshore stocks.
Local onshore market has been better than the offshore market; still like the onshore China market.
FXI MED
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This Bloomberg Markets video, published July 07, 2026, features Michael Liang, Adrian Zuercher discussing 005930.KS, 000660.KS, MU, 0700.HK, CRM, VT, XLV, IGOV, Australian government bonds, GLD, DBB, FXI. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Michael Liang, Adrian Zuercher  · Tickers: 005930.KS, 000660.KS, MU, 0700.HK, CRM, VT, XLV, IGOV, Australian government bonds, GLD, DBB, FXI