Synchronous global recovery masks deepening asset imbalance
China and other developing nations are accumulating wealth, but failing to create sophisticated local markets
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THERE'S a dark cloud building behind the world's best period of synchronous growth among developed and emerging economies this decade - one that in time could rain down volatility in global markets.
The problem, identified by strategist and hedge fund manager Stephen Jen, is a deepening imbalance in the lack of new safe-haven assets as the world's output expands.
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