string(13) "markets-macro"

Macro

August 12, 2020

The credit growth curve continues to bend

The central bank (PBoC) dropped the monthly lending data for July late on Tuesday. The headline: The pace of credit growth continues to level off. The key number: Overall credit grew by 12.9% y/y – up one tick from 12.8% growth in June. Some context: As the COVID-19 lockdown lifted in late F… Username Password… Read More »

The central bank (PBoC) dropped the monthly lending data for July late on Tuesday.
The headline: The pace of credit growth continues to level off.
The key number:

Overall credit grew by 12.9% y/y – up one tick from 12.8% growth in June.

Some context: As the COVID-19 lockdown lifted in late F...

sources

PBoC: 2020年7月社会融资规模存量统计数据报告

August 11, 2020

Welcome back, Europe

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers. On Monday, China reported 44 newly confirmed cases – down from 49 on Sunday (NHC): 31 were imported from abroad – down from 35 on Sunday. The other 13 were all domestically transmitted in Urumqi, Xinjiang – down…

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers.
On Monday, China reported 44 newly confirmed cases – down from 49 on Sunday (NHC):

31 were imported from abroad – down from 35 on Sunday.
The other 13 were all domestically transmitted in Urumqi, Xinjiang – down...

sources

NHC: 截至8月10日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 截至8月10日24时新疆(含兵团)新型冠状病毒肺炎疫情最新情况

Chinese Embassy in Denmark: 关于为持中国有效居留许可的相关外国人提供签证便利的通知

The New Yorker: How China Controlled the Coronavirus

August 11, 2020

US sanctions bite Huawei

Last Friday, Huawei Consumer Business Group CEO Yu Chengdong talked about the effect of US sanctions on Huawei at an industry event. Some context: In May, the US government blocked companies using American-made hardware and software from designing or producing chips for Huawei. According to Yu, the …

Last Friday, Huawei Consumer Business Group CEO Yu Chengdong talked about the effect of US sanctions on Huawei at an industry event.
Some context: In May, the US government blocked companies using American-made hardware and software from designing or producing chips for Huawei.
According to Yu, the ...

sources

cnBeta: 余承东演讲全文来了：华为高端芯片遗憾绝版

Qianlong: 华为启动“南泥湾”项目，以加速实现供应链的“去美国化”

August 11, 2020

Zhang Yiming’s last stand

ByteDance is going all out in its fight against the Trump administration’s decision to force the sale of the US operations of its wildly popular video app, TikTok. Some context: On August 2, the Trump administration said ByteDance had 45 days to sell the app or it would be banned from the US market….

ByteDance is going all out in its fight against the Trump administration’s decision to force the sale of the US operations of its wildly popular video app, TikTok.
Some context: On August 2, the Trump administration said ByteDance had 45 days to sell the app or it would be banned from the US market....

sources

SCMP: TikTok: ByteDance to step up legal, PR fight in Trump’s war against Chinese-owned app, sources say

August 11, 2020

Bank profits tank in Q2

The banking regulator (CBIRC) dropped the latest stats for the banking system on Monday. The headline:As you might expect, bank profitability dropped through the floor in Q2 2020 (Caixin). “China’s commercial banks reported a 9.4% decline in first half net profits to 1 trillion yuan ($143 billion),…

The banking regulator (CBIRC) dropped the latest stats for the banking system on Monday.
The headline:As you might expect, bank profitability dropped through the floor in Q2 2020 (Caixin).

“China’s commercial banks reported a 9.4% decline in first half net profits to 1 trillion yuan ($143 billion),...

sources

CBIRC: 银保监会发布2020年二季度银行业保险业主要监管指标数据情况

Caixin: Commercial Banks Post 9.4% Profit Drop in First Half as Pandemic Bites

August 11, 2020

Beijing thumbs nose at US HK sanctions

On Monday, the Ministry of Foreign Affairs (MoFA) announced that it was sanctioning 11 American officials and other individuals. The lucky few: Senators Marco Rubio, Ted Cruz, Josh Hawley, Tom Cotton, and Pat Toomey Representative Chris Smith The presidents of the National Endowment for Democracy, …

On Monday, the Ministry of Foreign Affairs (MoFA) announced that it was sanctioning 11 American officials and other individuals.
The lucky few:

Senators Marco Rubio, Ted Cruz, Josh Hawley, Tom Cotton, and Pat Toomey
Representative Chris Smith
The presidents of the National Endowment for Democracy, ...

sources

Xinhua: 外交部宣布制裁11名美方人员

Xinhua: 香港警方拘捕黎智英等10人部分人涉嫌违反香港国安法

WSJ: Jimmy Lai’s Arrest Signals New Limits for Hong Kong Dissent

August 10, 2020

TikTok fights back

Last week, we told you about the Trump administration’s plan to force TikTok’s sale. But TikTok isn’t taking US pressure lying down. The company plans to file suit against the Trump administration (NPR): “The lawsuit will argue that President Trump’s far-reaching action is unconstitutional because …

“The lawsuit will argue that President Trump’s far-reaching action is unconstitutional because ...

sources

NPR: TikTok To Sue Trump Administration Over Ban, As Soon As Tuesday

SCMP: TikTok to sue Trump administration as soon as Tuesday, US media report says

Sina: 腾讯：公司正在审阅行政命令的潜在后果以便更全面理解其对本集团的影响

August 10, 2020

Shanghai faces another test

And finally, a quick recap of the COVID-19 situation in China over the past four days. According the National Health Commission (NHC): On Thursday, China reported 37 new confirmed cases – 10 of which were imported from abroad. On Friday, China reported 31 new confirmed cases – six of wh…

And finally, a quick recap of the COVID-19 situation in China over the past four days.
According the National Health Commission (NHC):

On Thursday, China reported 37 new confirmed cases – 10 of which were imported from abroad.
On Friday, China reported 31 new confirmed cases – six of wh...

sources

NHC: 截至8月6日24时新型冠状病毒肺炎疫情最新情况

NHC: 截至8月7日24时新型冠状病毒肺炎疫情最新情况

NHC: 截至8月8日24时新型冠状病毒肺炎疫情最新情况

NHC: 截至8月9日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 截至8月9日24时新疆(含兵团)新型冠状病毒肺炎疫情最新情况

Caixin: 输入性新冠病例陡增上海将加强国际航班远端管控

August 10, 2020

Beijing shrugs off HK sanctions

Last Friday, the US Treasury Department announced sanctions on 11 Hong Kong and mainland officials for their roles in introducing Hong Kong’s national security law. The list includes heavyweights like: Carrie Lam, Hong Kong Chief Executive Xia Baolong, Director of the Hong Kong and Maca…

Carrie Lam, Hong Kong Chief Executive
Xia Baolong, Director of the Hong Kong and Maca...

sources

US Treasury: Treasury Sanctions Individuals for Undermining Hong Kong’s Autonomy

HKSAR: HKSAR Government calls so-called US sanctions shameless and despicable

Hong Kong Liaison Office: Response from LOCPG Director Luo Huining to the So-called US“Sanctions”

SCMP: National security law: Hong Kong’s financial institutions gripped by anxiety over United States sanctions

August 10, 2020

Srsly u guise

In recent weeks, top Chinese leaders have been frantically signaling that they want to put a floor under disintegrating Sino-American ties. On Friday, China’s top diplomat, Yang Jiechi, added his voice to the chorus. In a lengthy editorial on US-China relations, Yang called for harmonious coexistenc…

In recent weeks, top Chinese leaders have been frantically signaling that they want to put a floor under disintegrating Sino-American ties.
On Friday, China’s top diplomat, Yang Jiechi, added his voice to the chorus.
In a lengthy editorial on US-China relations,
Yang called for harmonious coexistenc...

sources

Xinhua: Full text of Yang Jiechi’s signed article on China-U.S. relations

August 10, 2020

CSRC proposes US audit cooperation

On Saturday, China’s securities regulator (CSRC) said it wanted to cooperate with the US on co-auditing US-listed Chinese companies. Some context: Last Thursday, the US Treasury Department published policy recommendations that would give US-listed Chinese companies until January 1, 2022 to comply wi…

On Saturday, China’s securities regulator (CSRC) said it wanted to cooperate with the US on co-auditing US-listed Chinese companies.
Some context: Last Thursday, the US Treasury Department published policy recommendations that would give US-listed Chinese companies until January 1, 2022 to comply wi...

sources

CSRC: 证监会有关部门负责人就美国总统金融市场工作组发布《关于保护美国投资者防范中国公司重大风险的报告》事宜答记者问

Xinhua: China securities regulator stresses dialogue with U.S. for achieving win-win results

Bloomberg: China Securities Regulator Sends New Proposal on U.S. Audits

August 7, 2020

China’s big banks look to slash budgets

China’s banks are in cost cutting mode – and they are having to get creative. On Thursday, domestic financial media reported that CITIC Group had called for a reduction in administrative expenses of at least 10%(excluding labor costs, depreciation, and amortization). Some context: Analysts have warn…

China’s banks are in cost cutting mode – and they are having to get creative.
On Thursday, domestic financial media reported that CITIC Group had called for a reduction in administrative expenses of at least 10%(excluding labor costs, depreciation, and amortization).
Some context: Analysts have warn...

sources

21st Century Biz: 21深度丨银行降薪传闻调查：中信集团拟节流降本100亿银行总体薪酬与利润大致挂钩

Reuters: China’s CITIC Group to cut expenses by $1.4 billion: document

Jiemian: 银行业掀集体降薪潮？绩效打折、福利缩水、年终奖取消……多位业内人士已有体会

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