{"id":126232,"date":"2025-09-16T03:37:26","date_gmt":"2025-09-16T07:37:26","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/"},"modified":"2025-10-01T02:17:35","modified_gmt":"2025-10-01T06:17:35","slug":"risk-budgeting-for-chinese-equities-exception-proves-the-rule","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/","title":{"rendered":"Risk budgeting for Chinese equities: Exception proves the rule"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a094d2d1551d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Risk budgeting for Chinese equities: Exception proves the rule<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regional-analysis\/\" rel=\"category tag\">\n                    Regional Analysis\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"4000\" height=\"2666\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/241313300_mini1.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/241313300_mini1.jpg 4000w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/241313300_mini1.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/241313300_mini1.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/241313300_mini1.jpg 800w\" sizes=\"auto, (max-width: 4000px) 100vw, 4000px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a094d2d2ef9e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Bloomberg Intelligence analyst Kumar Gautam, Quantitative Equity Strategist and Claudio Fontana, Data Scientist. It appeared first on the Bloomberg Terminal.<\/em><\/p>\n<h2><\/h2>\n<p>Risk budgeting, often applied across asset classes to improve risk-adjusted returns, appears to work for Chinese equities despite their idiosyncrasies. Allocations might differ significantly from the benchmark, but controls can easily be incorporated into the process and still achieve major improvement over the index.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a094d2d3178c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_4902095299815476376\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bquant\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"BQuant Desktop\"\n        >\n                      BQuant Desktop\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span data-contrast=\"auto\">Strategy Reduced Losses During Recent Drawdown<\/span><\/h2>\n<p>Risk budgeting proved to be an effective strategy in reducing losses during the recent drawdown in Chinese domestic equities. The CSI 300 Index fell over 45% from 2021 to 2024. A strategy that allocates quarterly to individual sectors so that each contributes equally to the portfolio&#8217;s total risk &#8212; the equal-risk-contribution (ERC) approach &#8212; limited the drawdown to 33%. The strategy also shows a stronger risk-return profile over a longer period. Since September 2007, annualized return, volatility and Sharpe ratio (which measures risk-adjusted return) are 7.7%, 21.9% and 0.44 vs. the benchmark&#8217;s 5.6%, 23.1% and 0.34. The probability of outperforming the benchmark over one-, three- and five-year horizons is 59%, 73% and 82%.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"799\" height=\"336\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915505718_C.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Performance: Risk Budgeting in Chinese Sectors\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915505718_C.png 799w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915505718_C.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915505718_C.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915505718_C.png 192w\" sizes=\"auto, (max-width: 799px) 100vw, 799px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: center\">\n                <p class=\"caption\">Performance: Risk Budgeting in Chinese Sectors<\/p>\n\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a094d2d40b28'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Bloomberg Risk Models and the PORT Portfolio Management system<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3007644172825379727\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/portfolio-analytics\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a094d2d46dba'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Strategy Exploits Low Correlation, Volatility Difference<\/h2>\n<p>Chinese equity sectors are far from perfectly correlated, and their volatility profiles vary widely &#8212; conditions that favor a risk-budgeting approach. Over the full sample, the average pairwise monthly correlation between sectors is about 67%, allowing diversification to reduce overall portfolio variance. Historical sector volatilities range from roughly 24% to 34% annualized. Utilities and consumer discretionary have been the least volatile, while telecoms and IT have been the most volatile. The ERC approach systematically adjusts exposures to these differences, increasing allocations to low-volatility, low-correlation sectors and scaling down those with higher and more correlated risk. This results in a more balanced and resilient portfolio.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"796\" height=\"332\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915544793c.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Sector Correlations\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915544793c.png 796w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915544793c.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915544793c.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915544793c.png 192w\" sizes=\"auto, (max-width: 796px) 100vw, 796px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: center\">\n                <p class=\"caption\">Sector Correlations<\/p>\n\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span data-contrast=\"auto\">Risk Budgeting Shifts Sector Weights in China Equities<\/span><\/h2>\n<p>Sector allocation in risk-budgeting strategies can be markedly different from weights in the cap-weighted benchmark. Financials, for example, have the highest weight (27%) in the CSI 300, but ERC reduces this to around 11% so that its risk contribution is equal to that of the other nine sectors. As of June 2025, utilities received the highest weight (16%), while consumer staples had the lowest (7%) in the ERC portfolio.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"792\" height=\"336\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915561448.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Sector allocation in risk-budgeting strategies can be markedly different from weights in the cap-weighted benchmark. Financials, for example, have the highest weight (27%) in the CSI 300, but ERC reduces this to around 11% so that its risk contribution is equal to that of the other nine sectors. As of June 2025, utilities received the highest weight (16%), while consumer staples had the lowest (7%) in the ERC portfolio.\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915561448.png 792w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915561448.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915561448.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915561448.png 192w\" sizes=\"auto, (max-width: 792px) 100vw, 792px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: center\">\n                <p class=\"caption\">Sector Allocation: Benchmark vs. Risk Budgeting<\/p>\n\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Customizing Risk Budgeting Reduces Tracking Error<\/h2>\n<p>Large deviations from benchmark weights can result in tracking errors that some portfolio managers prefer to limit. The unconstrained ERC strategy has an annualized tracking error of about 5.6%. A constrained version &#8212; capping sector deviations at 5% for small sectors and 10% for large sectors &#8212; reduces tracking error to 2.8% while preserving much of the downside protection and maintaining superior risk-adjusted returns relative to the cap-weighted benchmark. This allows risk-budgeting to serve as a benchmark alternative with greater proximity to index weights.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"793\" height=\"336\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915574696.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Performance: Benchmark, ERC, Constrained ERC\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915574696.png 793w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915574696.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915574696.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757915574696.png 192w\" sizes=\"auto, (max-width: 793px) 100vw, 793px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: center\">\n                <p class=\"caption\">Performance: Benchmark, ERC, Constrained ERC<\/p>\n\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>ERC Strategies Show Modest Turnover<\/h2>\n<p>ERC portfolios exhibit relatively low turnover given the stability of sector allocations through time. For the CSI 300 cap-weighted benchmark, average quarterly turnover is 1.7%. For ERC, turnover averages 4.4% for the constrained version and 3.1% for the unconstrained version. The limited trading activity reflects adjustments driven by changes in sector volatility and correlation rather than frequent tactical shifts, keeping implementation costs contained.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"795\" height=\"332\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757991709222.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Quarterly Turnover\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757991709222.png 795w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757991709222.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757991709222.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/screenshot_1757991709222.png 192w\" sizes=\"auto, (max-width: 795px) 100vw, 795px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: center\">\n                <p class=\"caption\">Quarterly Turnover<\/p>\n\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a094d2d570e6]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a094d2d570e6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_1346058718902924416\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"View all\"\n        >\n                      View all\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <script>\n    window.feed = window.feed || {};\n    window.feed['6a094d2d5928a'] = {\"config\":{\"uuid\":\"\",\"title\":\"\",\"filter_label\":\"\",\"post_type\":\"post\",\"order_by\":\"date\",\"direction\":\"desc\",\"show_date\":\"no\",\"show_excerpt\":\"no\",\"display\":\"limit\",\"filter\":\"OR\",\"max_items\":\"3\",\"skip_cache\":\"no\",\"feed_style\":\"grid\",\"published_date\":\"\",\"show_cta\":\"\",\"featured_image\":\"yes\",\"el_class\":\"\",\"terms_post\":\"category__risk\",\"terms_page\":\"\",\"terms_attachment\":\"\",\"terms_webinar\":\"\",\"terms_bbmegamenu\":\"\",\"terms_directory\":\"\",\"terms_datalayer\":\"\",\"terms_templatera\":\"\",\"terms_bbg-fourofour\":\"\",\"terms_reusable\":\"\",\"terms_cookie_items\":\"\",\"terms_bbl_email_subscriber\":\"\",\"terms_dynamic_table_ticker\":\"\",\"terms_bfix\":\"\",\"terms_quicklinks\":\"\",\"terms_interstitial\":\"\",\"terms_slide\":\"\",\"terms_gated_content_form\":\"\",\"terms_site_alert\":\"\",\"terms_country\":\"\",\"terms_region\":\"\",\"terms\":\"category__risk\"},\"cpt\":{\"name\":\"post\",\"label\":\"Posts\",\"labels\":{\"name\":\"Posts\",\"singular_name\":\"Post\",\"add_new\":\"Add New\",\"add_new_item\":\"Add New Post\",\"edit_item\":\"Edit Post\",\"new_item\":\"New Post\",\"view_item\":\"View Post\",\"view_items\":\"View Posts\",\"search_items\":\"Search Posts\",\"not_found\":\"No posts found.\",\"not_found_in_trash\":\"No posts found in Trash.\",\"parent_item_colon\":null,\"all_items\":\"All Posts\",\"archives\":\"Post Archives\",\"attributes\":\"Post Attributes\",\"insert_into_item\":\"Insert into post\",\"uploaded_to_this_item\":\"Uploaded to this post\",\"featured_image\":\"Featured image\",\"set_featured_image\":\"Set featured image\",\"remove_featured_image\":\"Remove featured image\",\"use_featured_image\":\"Use as featured image\",\"filter_items_list\":\"Filter posts list\",\"filter_by_date\":\"Filter by date\",\"items_list_navigation\":\"Posts list navigation\",\"items_list\":\"Posts list\",\"item_published\":\"Post published.\",\"item_published_privately\":\"Post published privately.\",\"item_reverted_to_draft\":\"Post reverted to draft.\",\"item_trashed\":\"Post trashed.\",\"item_scheduled\":\"Post scheduled.\",\"item_updated\":\"Post updated.\",\"item_link\":\"Post Link\",\"item_link_description\":\"A link to a post.\",\"menu_name\":\"Posts\",\"name_admin_bar\":\"Post\"},\"description\":\"\",\"public\":true,\"hierarchical\":false,\"exclude_from_search\":false,\"publicly_queryable\":true,\"show_ui\":true,\"show_in_menu\":true,\"show_in_nav_menus\":true,\"show_in_admin_bar\":true,\"menu_position\":5,\"menu_icon\":\"dashicons-admin-post\",\"capability_type\":\"post\",\"map_meta_cap\":true,\"register_meta_box_cb\":null,\"taxonomies\":[],\"has_archive\":false,\"query_var\":false,\"can_export\":true,\"delete_with_user\":true,\"template\":[],\"template_lock\":false,\"_builtin\":true,\"_edit_link\":\"post.php?post=%d\",\"cap\":{\"edit_post\":\"edit_post\",\"read_post\":\"read_post\",\"delete_post\":\"delete_post\",\"edit_posts\":\"edit_posts\",\"edit_others_posts\":\"edit_others_posts\",\"delete_posts\":\"delete_posts\",\"publish_posts\":\"publish_posts\",\"read_private_posts\":\"read_private_posts\",\"read\":\"read\",\"delete_private_posts\":\"delete_private_posts\",\"delete_published_posts\":\"delete_published_posts\",\"delete_others_posts\":\"delete_others_posts\",\"edit_private_posts\":\"edit_private_posts\",\"edit_published_posts\":\"edit_published_posts\",\"create_posts\":\"edit_posts\"},\"rewrite\":false,\"show_in_rest\":true,\"rest_base\":\"posts\",\"rest_namespace\":\"wp\\\/v2\",\"rest_controller_class\":\"WP_REST_Posts_Controller\",\"rest_controller\":{},\"revisions_rest_controller_class\":false,\"revisions_rest_controller\":{},\"autosave_rest_controller_class\":false,\"autosave_rest_controller\":{},\"late_route_registration\":false},\"taxonomies\":[{\"taxonomy\":\"category\",\"terms\":[{\"term_id\":469,\"name\":\"Risk\",\"slug\":\"risk\",\"term_group\":0,\"term_taxonomy_id\":469,\"taxonomy\":\"category\",\"description\":\"\",\"parent\":0,\"count\":310,\"filter\":\"raw\"}]}],\"excluded_taxonomies\":{\"categories\":[]},\"post_id\":126232};\n<\/script>\n<div class=\"feed\" data-id=\"6a094d2d5928a\"><\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--margin-top-normal bbg-row--margin-bottom-normal bbg-row--full-bg-bleed\" data-anchor='row-6a094d2d5a393'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground:#e6f3ff;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:black;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Get insights delivered to your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for Bloomberg Professional Services newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_263433136613126559\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>After months of criticizing Jerome Powell for holding rates steady, Trump now suggests he may announce the next Fed Chair early, despite previously saying he\u2019d wait for Powell\u2019s term to end.<\/p>\n","protected":false},"author":2034,"featured_media":127374,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"534","footnotes":""},"categories":[453,534,469],"tags":[565,3825,3734,454],"series":[],"class_list":["post-126232","post","type-post","status-publish","format-standard","hentry","category-markets","category-regional-analysis","category-risk","tag-bloomberg-intelligence","tag-bquant","tag-data-analytics","tag-equities","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Risk budgeting for Chinese equities: Exception proves the rule | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"After months of criticizing Jerome Powell for holding rates steady, Trump now suggests he may announce the next Fed Chair early, despite previously saying he\u2019d wait for Powell\u2019s term to end.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Risk budgeting for Chinese equities: Exception proves the rule | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"After months of criticizing Jerome Powell for holding rates steady, Trump now suggests he may announce the next Fed Chair early, despite previously saying he\u2019d wait for Powell\u2019s term to end.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/\" \/>\n<meta property=\"og:site_name\" content=\"Bloomberg Professional Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bloomberglp\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-16T07:37:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-01T06:17:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2FRisk-budgeting-for-Chinese-equities_featuredimg-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"nabdullah40\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theterminal\" \/>\n<meta name=\"twitter:site\" content=\"@theterminal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"nabdullah40\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/\"},\"author\":{\"name\":\"nabdullah40\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/11d0d8e320582110d79ae309ca63d6be\"},\"headline\":\"Risk budgeting for Chinese equities: Exception proves the rule\",\"datePublished\":\"2025-09-16T07:37:26+00:00\",\"dateModified\":\"2025-10-01T06:17:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/\"},\"wordCount\":\"984\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"keywords\":[\"Bloomberg Intelligence\",\"BQuant\",\"Data Analytics\",\"Equities\"],\"articleSection\":[\"Markets\",\"Regional Analysis\",\"Risk\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/\",\"name\":\"Risk budgeting for Chinese equities: Exception proves the rule | Insights | Bloomberg Professional Services\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\"},\"datePublished\":\"2025-09-16T07:37:26+00:00\",\"dateModified\":\"2025-10-01T06:17:35+00:00\",\"description\":\"After months of criticizing Jerome Powell for holding rates steady, Trump now suggests he may announce the next Fed Chair early, despite previously saying he\u2019d wait for Powell\u2019s term to end.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/\",\"name\":\"Bloomberg Professional Services\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.bloomberg.com\/professional\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"contentUrl\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"width\":\"512\",\"height\":\"103\",\"caption\":\"Bloomberg Professional Services\"},\"image\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.instagram.com\/bloomberg\/\",\"https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/\",\"https:\/\/www.facebook.com\/bloomberglp\",\"https:\/\/twitter.com\/theterminal\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/11d0d8e320582110d79ae309ca63d6be\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/www.bloomberg.com\/professional\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Risk budgeting for Chinese equities: Exception proves the rule | Insights | Bloomberg Professional Services","description":"After months of criticizing Jerome Powell for holding rates steady, Trump now suggests he may announce the next Fed Chair early, despite previously saying he\u2019d wait for Powell\u2019s term to end.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/","og_locale":"en_US","og_type":"article","og_title":"Risk budgeting for Chinese equities: Exception proves the rule | Insights | Bloomberg Professional Services","og_description":"After months of criticizing Jerome Powell for holding rates steady, Trump now suggests he may announce the next Fed Chair early, despite previously saying he\u2019d wait for Powell\u2019s term to end.","og_url":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/","og_site_name":"Bloomberg Professional Services","article_publisher":"https:\/\/www.facebook.com\/bloomberglp","article_published_time":"2025-09-16T07:37:26+00:00","article_modified_time":"2025-10-01T06:17:35+00:00","og_image":[{"width":1200,"height":900,"url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2FRisk-budgeting-for-Chinese-equities_featuredimg-1.png","type":"image\/png"}],"author":"nabdullah40","twitter_card":"summary_large_image","twitter_creator":"@theterminal","twitter_site":"@theterminal","twitter_misc":{"Written by":"nabdullah40","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/#article","isPartOf":{"@id":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/"},"author":{"name":"nabdullah40","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/11d0d8e320582110d79ae309ca63d6be"},"headline":"Risk budgeting for Chinese equities: Exception proves the rule","datePublished":"2025-09-16T07:37:26+00:00","dateModified":"2025-10-01T06:17:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/"},"wordCount":"984","publisher":{"@id":"https:\/\/www.bloomberg.com\/professional\/#organization"},"keywords":["Bloomberg Intelligence","BQuant","Data Analytics","Equities"],"articleSection":["Markets","Regional Analysis","Risk"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/","url":"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/","name":"Risk budgeting for Chinese equities: Exception proves the rule | Insights | Bloomberg Professional Services","isPartOf":{"@id":"https:\/\/www.bloomberg.com\/professional\/#website"},"datePublished":"2025-09-16T07:37:26+00:00","dateModified":"2025-10-01T06:17:35+00:00","description":"After months of criticizing Jerome Powell for holding rates steady, Trump now suggests he may announce the next Fed Chair early, despite previously saying he\u2019d wait for Powell\u2019s term to end.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/risk-budgeting-for-chinese-equities-exception-proves-the-rule\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.bloomberg.com\/professional\/#website","url":"https:\/\/www.bloomberg.com\/professional\/","name":"Bloomberg Professional Services","description":"","publisher":{"@id":"https:\/\/www.bloomberg.com\/professional\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bloomberg.com\/professional\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bloomberg.com\/professional\/#organization","name":"Bloomberg Professional Services","url":"https:\/\/www.bloomberg.com\/professional\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/","url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","contentUrl":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","width":"512","height":"103","caption":"Bloomberg Professional Services"},"image":{"@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/bloomberg\/","https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/","https:\/\/www.facebook.com\/bloomberglp","https:\/\/twitter.com\/theterminal"]},{"@type":"Person","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/11d0d8e320582110d79ae309ca63d6be","name":"Bloomberg Professional Services","url":"https:\/\/www.bloomberg.com\/professional"}]}},"_links":{"self":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/126232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/users\/2034"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/comments?post=126232"}],"version-history":[{"count":11,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/126232\/revisions"}],"predecessor-version":[{"id":127386,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/126232\/revisions\/127386"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/media\/127374"}],"wp:attachment":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/media?parent=126232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/categories?post=126232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/tags?post=126232"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/series?post=126232"},{"taxonomy":"type","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/type?post=126232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}