Cristina Varela
Cristina Varela
Principal Economist

Cristina Varela is the Head Economist of the Financial Scenarios Unit at BBVA Research.


Cristina Varela has been working since 1993 in different BBVA areas related to the analysis of economic and financial variables to prepare strategy reports and market indicators and to establish recommendations on financial assets. Before that she worked as an economist in a financial consultancy firm (EUROTANDEM) and on foreign trade (ACE). She has published a number of articles in newspapers and economic journals.


Cristina Varela holds a degree in Economy from the Complutense University of Madrid and completed her postgraduate training for a Master’s Degree in Financial Markets at San Pablo C.E.U. Madrid University. She is also holds a doctorate in international economy from the Complutense University of Madrid. She is currently writing a doctoral thesis on the export sector and public banking. She is a recurring attendee of courses and seminars in international and Spanish universities.

Latest publications

Risk aversion intensified this week. Bond yields continued to fall to new lows while market volatility increased as trade tensions escalated. China retaliated with a weaker yuan fixing after the new U.S. tariff threat.
The PBoC calmed markets today with a daily currency fixing stronger than analysts expected. That said, markets continue to remain cautious in the wake of heightened trade tensions.
Risk-off mood has intensified after the Chinese RMB, both on-shore and off-shore, breached the psychological critical level of 7.0 against the USD, in the wake of further escalation in trade frictions with the US post Trump’s plans to impose 10% tariffs on $300 bn Chinese imports, alongside increased risk of a hard-Brexit.