"All these imply that inflation rather than growth is the key macro risk for China," said Mr Qu.

“这一切都意味着，通胀(而非增长)才是中国面对的关键宏观风险，”屈宏斌表示。

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"Investors are still hedging against an increase in inflation, but fewer are as focused on deflation," says Dean Curnutt, chief executive of Macro Risk Advisors.

“投资者仍在对冲通胀率的上升，但关注通缩的人减少了，”Macro Risk Advisors首席执行官迪安·科纳特(Dean Curnutt)表示。

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Taking macro risk affiliated with politics out of a portfolio means less downside.

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Rangan also notes that the company gets about 40% of revenues from the EU, where he sees ongoing macro risk.

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Yes, there is macro risk in buying a Spanish bank.

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