State banks, entrusted loans and hidden reserves

Daleep Singh catches up with Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations and former senior adviser to the U.S. Trade Representative, to gather his perspectives on how entrenched imbalances are translating into strategic leverage between economic powers. They explore the world's financial plumbing, changes in trade and capital flows, and the implications for global markets.

In this episode, Daleep and Brad also discuss:

• Why the world may be re-globalizing rather than deglobalizing

• China's export-driven economy

• The interplay between global trade and currency markets

• The future of U.S. trade in North America and Europe

• The outlook in Japan