string(13) "markets-macro"

Macro

September 2, 2020

Xi pushes DCS in market-oriented direction

On Tuesday, Xi Jinping chaired a meeting of the Central Committee for Comprehensively Deepening Reform (CCCDR). Some context: The CCCDR was established as part of the MASSIVE Party-state restructuring in March 2018. It is the Party’s most important policymaking body. Top of the agenda: The… Username Password Remember Me Forgot Password

On Tuesday, Xi Jinping chaired a meeting of the Central Committee for Comprehensively Deepening Reform (CCCDR).
Some context: The CCCDR was established as part of the MASSIVE Party-state restructuring in March 2018. It is the Party’s most important policymaking body.
Top of the agenda: The...

sources

Xinhua: 习近平：推动更深层次改革实行更高水平开放为构建新发展格局提供强大动力

September 1, 2020

Two more state-owned banks join DCEP pilot

Thought we were done with updates on the central bank’s digital currency (DCEP) pilot (see also previous entry)? Not by a long shot. On Monday, Caixin reported that Postal Savings Bank of China (PSBC) and China CITIC Bank have joined the DCEP pilot. Some context: Banks already participating in the p…

Thought we were done with updates on the central bank’s digital currency (DCEP) pilot (see also previous entry)?
Not by a long shot.
On Monday, Caixin reported that Postal Savings Bank of China (PSBC) and China CITIC Bank have joined the DCEP pilot.
Some context: Banks already participating in the p...

sources

Caixin: Exclusive: Two More State-Owned Banks Join China’s Digital Currency Trials

September 1, 2020

Digital currency wallet launched and removed at CCB

On August 29, China Construction Bank (CCB) clients found a new surprising feature inside the bank’s mobile app – a digital renminbi wallet. The fun didn’t last long though: While some users were able to make small transactions, the feature was soon disabled. So what’s going on? More likel…

On August 29, China Construction Bank (CCB) clients found a new surprising feature inside the bank’s mobile app – a digital renminbi wallet.
The fun didn’t last long though: While some users were able to make small transactions, the feature was soon disabled.
So what’s going on? More likel...

sources

The Paper: 建设银行数字货币个人钱包短暂上线：分四类钱包并设置限额

Yicai: 建行数字人民币钱包短暂开通后下线，已充值者8月末前将收到退回款项

21st Century Biz: 建行内测“数字人民币钱包”，个人申请功能目前已下线

September 1, 2020

Developers prepare for tighter real estate financing

Regular CMD readers will know that there’s a new property policy in the pipeline, set to clamp down on developer financing. Apparently, many developers have already started to brace for impact. Why the rush? Although the policy is only set to be trialed witha select group of developers for no…

Regular CMD readers will know that there’s a new property policy in the pipeline, set to clamp down on developer financing.

Apparently, many developers have already started to brace for impact.

Why the rush? Although the policy is only set to be trialed witha select group of developers for no...

sources

Shanghai Securities News: 上周集合信托成立、发行市场快速升温

The Paper: 房企融资新规明年铺开：有公司开始降杠杆，有公司称机会来了

Caixin: “三条红线”融资新规压顶房企还有“弯道超车”机会吗？

September 1, 2020

Money’s too tight to mention

On Monday, Zheng Kuifang, an official from China Construction Bank’s financial markets department, published a notable column in the 21st Century Business Herald – which appears to reflect broader thinking throughout the banking sector. Zheng’s message: Loose monetary conditions are well and truly o…

On Monday, Zheng Kuifang, an official from China Construction Bank’s financial markets department, published a notable column in the 21st Century Business Herald – which appears to reflect broader thinking throughout the banking sector.
Zheng’s message: Loose monetary conditions are well and truly o...

sources

21st Century Biz: 评论丨银行流动性已收紧到了一定程度货币政策可能再现边际放松

September 1, 2020

PBoC envisions new benchmark interest rate

On Monday, the People’s Bank of China (PBoC) published an important white paper in which it outlined plans to develop a new benchmark interest rate for pricing financial products. For this purpose, the bank is looking to promoteinterest rates on repurchaseagreements (repos) between depository instit…

On Monday, the People’s Bank of China (PBoC) published an important white paper in which it outlined plans to develop a new benchmark interest rate for pricing financial products.
For this purpose, the bank is looking to promoteinterest rates on repurchaseagreements (repos) between depository instit...

sources

PBoC: 中国人民银行发布《参与国际基准利率改革和健全中国基准利率体系》白皮书

21st Century Biz: 央行：未来浮动利率存单定价基准扩大至DR

August 31, 2020

More details on the big new property policy proposal, cont’d.

Beyond the attendees at the big recent property meeting (see previous entry), we’ve also go more details on the expected policy changes. The proposed “three red-line” policy will reportedly take effect on January 1, 2021. Thepolicy is not only aimed at bringing down debt levels, but also at adjusti…

Beyond the attendees at the big recent property meeting (see previous entry), we’ve also go more details on the expected policy changes.

The proposed “three red-line” policy will reportedly take effect on January 1, 2021.
Thepolicy is not only aimed at bringing down debt levels, but also at adjusti...

sources

21st Century Biz: 重磅！12家房企参与央行住建座谈会，要求9月底前提交降负债方案

21st Century Biz: 重磅｜房地产融资新规暂无明确时间表执行细则仍待落地

August 31, 2020

More details on the big new property policy proposal

Over the past two weeks, we’ve been highlighting new rules that the central bank (PBoc) and housing authorities (MoHURD) are rolling out to curb borrowing among overly indebted property developers. Recall: On August 20, the regulators held a meeting with developers in Beijing to discuss the new meas…

Over the past two weeks, we’ve been highlighting new rules that the central bank (PBoc) and housing authorities (MoHURD) are rolling out to curb borrowing among overly indebted property developers.
Recall: On August 20, the regulators held a meeting with developers in Beijing to discuss the new meas...

sources

21st Century Biz: 重磅！12家房企参与央行住建座谈会，要求9月底前提交降负债方案

21st Century Biz: 21深度丨12家房企试点融资“三道红线”，将如何影响房地产融资

August 31, 2020

CBIRC sets out plan to curb poorcorporate governance

Regular CMD readers will know that for the past few months, senior financial officials have been stressing the importance of corporate governance in the financial sector. Now it’s time to get serious: On Friday, China’s banking and insurance regulator (CBIRC) released its three-year action planfor …

On Friday, China’s banking and insurance regulator (CBIRC) released its three-year action planfor ...

sources

CBIRC: 中国银保监会关于印发健全银行业保险业公司治理三年行动方案（2020—2022年）的通知

CBIRC: 中国银保监会有关部门负责人就《健全银行业保险业公司治理三年行动方案（2020-2022年）》答记者问

Caixin: 银行保险健全公司治理方案发布防止大股东操纵和掠夺公司

August 31, 2020

Big four banks trade profits for provisions

The effect of the pandemic on the banks is getting real. China’s big four banks posted first half profits over the weekend. They recorded their sharpest decline in over a decade. Industrial and Commercial Bank of China’s (ICBC) net profit declined 11.4% in the first half compared with a year earlie…

The effect of the pandemic on the banks is getting real.
China’s big four banks posted first half profits over the weekend. They recorded their sharpest decline in over a decade.

Industrial and Commercial Bank of China’s (ICBC) net profit declined 11.4% in the first half compared with a year earlie...

sources

Bloomberg: China’s Mega Banks Post Worst Profit Slump on Bad Debt Wave

August 31, 2020

China imposes new export restrictions, putting TikTok sale in doubt

Chinese regulators look to be throwing a spanner in the works for the sale of TikTok’s US operations. The latest: On Friday, the Ministry of Commerce (MofCom) and the Ministry of Science and Technology (MoST) released a revised export control catalogue. Some context: The catalogue was revi…

Chinese regulators look to be throwing a spanner in the works for the sale of TikTok’s US operations.
The latest: On Friday, the Ministry of Commerce (MofCom) and the Ministry of Science and Technology (MoST) released a revised export control catalogue.
Some context: The catalogue was revi...

sources

Gov.cn: 商务部科技部公告2020年第38号关于调整发布《中国禁止出口限制出口技术目录》的公告

Gov.cn: 商务部服贸司负责人就调整发布的《中国禁止出口限制出口技术目录》答记者问

August 31, 2020

Lou Jiwei on China’s fiscal position

China’s fiscal deficit in 2020 is much larger than you think, but even this unprecedented support won’t lead to a v-shaped recovery. Don’t take our word for it – that’s all according to Lou Jiwei, a former Chinese finance minister and current director of the Foreign Affairs Committee at the Chinese …

China’s fiscal deficit in 2020 is much larger than you think, but even this unprecedented support won’t lead to a v-shaped recovery.
Don’t take our word for it – that’s all according to Lou Jiwei, a former Chinese finance minister and current director of the Foreign Affairs Committee at the Chinese ...

sources

The Paper: 楼继伟称中国实际赤字率6.1%，实际赤字与名义赤字差在哪

Sina: 楼继伟：放任自由的全球化不可持续

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