We devote today's double podcast to discussing recent developments associated with First Republic Bank and in a wider context what this means for the banking sector and credit markets. We then discuss the ongoing downgrading of US corporate bonds and how the wider economy continues to impact these markets. We then move onto developments between China and the Central Asian countries as they continue to adopt multipolarity. We conclude assessing the significance of the recent trip by Lavrov to Central and South America and the Caribbean.