In the current stand-off between North Korea and the US, China plays a pivotal role for investors.
As Donald Trump ratchets up the pressure on Chinese president Xi Jinping to strangle the economic life out of its neighbour, the country is key in helping to explain why markets have appeared relatively unperturbed as the rhetoric between the US administration and Kim Jong Un, the North Korean leader, remains bellicose.
South Korean equities, for example, remain buoyant and have risen almost 20 per cent this year. The Korean won has proved stoical, climbing more than 5 per cent against an admittedly supine dollar this year.
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