string(13) "markets-macro"

Macro

August 7, 2020

Loosening up on bad loans

In the face of a pandemic you can only push reform so far. On Thursday, Caixin cited sources saying that draft regulations requiring banks to more stringently recognize non-performing loans (NPLs) may be watered down. The draft, circulated last year by the China Banking and Insurance Regulatory Comm… Username Password Remember Me Forgot… Read More »

In the face of a pandemic you can only push reform so far.
On Thursday, Caixin cited sources saying that draft regulations requiring banks to more stringently recognize non-performing loans (NPLs) may be watered down.
The draft, circulated last year by the China Banking and Insurance Regulatory Comm...

sources

Caixin: Chinese Banks Face Tougher Rules for Declaring Nonperforming Assets

August 7, 2020

Baoshang goes bust

Nope…we’re still not done. There was one more semi-bombshell in the Q2 monetary report. Baoshang Bank – which was taken over by the central bank and banking regulator last year – will file for bankruptcy and liquidate its remaining assets, according to the report. Wow! That seems like a big deal. …

Nope…we’re still not done.

There was one more semi-bombshell in the Q2 monetary report.

Baoshang Bank – which was taken over by the central bank and banking regulator last year – will file for bankruptcy and liquidate its remaining assets, according to the report.
Wow! That seems like a big deal.
...

sources

PBoC: 2020年第二季度中国货币政策执行报告

Caixin: China Allows Baoshang Bank to Go Bankrupt in Final Cleanup

August 7, 2020

Avoiding the export apocalypse

The customs bureau dropped the latest trade data for July on Friday. The headline: The export numbers were solid. Imports, not so much. The details: Exports increased by 7.2% y/y– up from 0.5% growth in June, and the best print since March 2019. Imports fellby 1.4% y/y– downfrom 2.7% growth in…

The customs bureau dropped the latest trade data for July on Friday.
The headline: The export numbers were solid. Imports, not so much.
The details:

Exports increased by 7.2% y/y– up from 0.5% growth in June, and the best print since March 2019.
Imports fellby 1.4% y/y– downfrom 2.7% growth in...

sources

CNBC: China’s exports rose 7.2% on-year in July due to demand for medical supplies

August 7, 2020

Monetary policy to see marginal tightening in H2

Oh, we ain’t done yet. The PBoC’s Q2 monetary report (see previous entry) had some additional nuggets of note. Encouragingly, central bank officials think the economy is almost back to normal and will continue to improve in H2 (PBoC): “Economic growth in the second half of the year is expected to r…

Oh, we ain’t done yet.
The PBoC’s Q2 monetary report (see previous entry) had some additional nuggets of note.
Encouragingly, central bank officials think the economy is almost back to normal and will continue to improve in H2 (PBoC):

“Economic growth in the second half of the year is expected to r...

sources

PBoC: 2020年第二季度中国货币政策执行报告

August 7, 2020

H2 set to see small tweaks to fiscal and monetary policies

China’s macro-policymakers are looking to tweak key fiscal and monetary settings in the second half of the year. How do we know? On Thursday, the Ministry of Finance (MoF) and the central bank (PBoC) both dropped key policy reports. MoF released a report looking back at policy in H1 – the mini…

China’s macro-policymakers are looking to tweak key fiscal and monetary settings in the second half of the year.
How do we know? On Thursday, the Ministry of Finance (MoF) and the central bank (PBoC) both dropped key policy reports.

MoF released a report looking back at policy in H1 – the mini...

sources

Gov.cn: 2020年上半年中国财政政策执行情况报告

PBoC: 2020年第二季度中国货币政

21st Century Biz: 下半年经济政策如何回归常态？货币政策、财政政策执行“双报告”同日发布

August 6, 2020

Flying back

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers. On Wednesday, China reported 37 newly confirmed cases – up from 27 on Tuesday (NHC): Seven of those were imported from abroad – up from five on Tuesday. The other 30 were domestically transmitted – up from 22 on…

This morning, the National Health Commission (NHC) dropped the latest COVID-19 numbers.
On Wednesday, China reported 37 newly confirmed cases – up from 27 on Tuesday (NHC):

Seven of those were imported from abroad – up from five on Tuesday.
The other 30 were domestically transmitted – up from 22 on...

sources

NHC: 截至8月5日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 截至8月5日24时新疆(含兵团)新型冠状病毒肺炎疫情最新情况

Gov.cn: 2020年8月5日0时至24时辽宁新型冠状病毒肺炎疫情情况

Caixin: China Adds Flights From Japan and South Korea as Travel Curbs Ease

August 6, 2020

Is it happening?

Here at Trivium, we closely track top leaders’ statements and activities. And we’ve heard nothing but crickets for the past six days. Not one of the seven people on the Politburo Standing Committee (PBSC) has appeared in public since July 31. Likewise, the weekly State Council executive meeting tha…

Here at Trivium, we closely track top leaders’ statements and activities.
And we’ve heard nothing but crickets for the past six days.

Not one of the seven people on the Politburo Standing Committee (PBSC) has appeared in public since July 31.
Likewise, the weekly State Council executive meeting tha...

August 6, 2020

China’s chipmakers cheer new policy support

Surprise, surprise: Chinese semiconductor stocks are having a good run in the wake of Tuesday’s State Council announcement that it will do more to support the sector. Get smart: In case you didn’t know by now, government policy tends to lead market outcomes in China. Pssssst: That’s why we cov…

Surprise, surprise: Chinese semiconductor stocks are having a good run in the wake of Tuesday’s State Council announcement that it will do more to support the sector.
Get smart: In case you didn’t know by now, government policy tends to lead market outcomes in China.

Pssssst: That’s why we cov...

sources

Caixin: Chinese Chipmaker Stocks Surge on Supportive Policy

August 6, 2020

Cleaning house (cont.)

In case its not obvious, Beijing is fully aware of Washington’s proposed Clean Network (see previous entry) and isn’t exactly thrilled about it. Chinese Foreign Minister Wang Yi addressed the program in his wide-ranging Xinhua interview (MoFA): “This is a textbook example of bullying. Everyone can …

In case its not obvious, Beijing is fully aware of Washington’s proposed Clean Network (see previous entry) and isn’t exactly thrilled about it.
Chinese Foreign Minister Wang Yi addressed the program in his wide-ranging Xinhua interview (MoFA):

“This is a textbook example of bullying. Everyone can ...

sources

Gov.cn: Interview on Current China-US Relations Given by State Councilor and Foreign Minister Wang Yi to Xinhua News Agency

August 6, 2020

Cleaning house

Speaking of flashpoints (see previous entry)… On Wednesday, US Secretary of State Mike Pompeo released a statement calling for a “Clean Network to safeguard America’s assets” against the threat of Chinese infiltration. Some context: The Clean Network program is an expansion of the Clean Path initiat…

Speaking of flashpoints (see previous entry)…
On Wednesday, US Secretary of State Mike Pompeo released a statement calling for a “Clean Network to safeguard America’s assets” against the threat of Chinese infiltration.
Some context: The Clean Network program is an expansion of the Clean Path initiat...

sources

US Department of State: Announcing the Expansion of the Clean Network to Safeguard America’s Assets

US Department of State: Secretary Michael R. Pompeo At a Press Availability

August 6, 2020

Can you hear me, DC?

Yesterday, Foreign Minister Wang Yi sat down for an interview with Xinhua to talk about worsening US-China relations. Some context: As regular readers know, barely a day goes by without a new flash point emerging in the bilateral relationship (see next entry). According to Wang, we are on a path to …

Yesterday, Foreign Minister Wang Yi sat down for an interview with Xinhua to talk about worsening US-China relations.
Some context: As regular readers know, barely a day goes by without a new flash point emerging in the bilateral relationship (see next entry).
According to Wang, we are on a path to ...

sources

Gov.cn: Interview on Current China-US Relations Given by State Councilor and Foreign Minister Wang Yi to Xinhua News Agency

Gov.cn: 王毅就当前中美关系接受新华社专访

August 5, 2020

Foreign holdings of Chinese bonds jump in July

Foreign investors piled into Chinese bond markets in July, according to the latest data released on Tuesday. 21st Century Business Herald has the details: “Bond custody volumes in July, released by the China Central Depository and Clearing Company, showed…[the holdings of] overseas institution…

Foreign investors piled into Chinese bond markets in July, according to the latest data released on Tuesday.
21st Century Business Herald has the details:

“Bond custody volumes in July, released by the China Central Depository and Clearing Company, showed…[the holdings of] overseas institution...

sources

21st Century Biz: 海外资本7月加仓人民币债券1481亿元创年内最大单月增幅

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