string(13) "markets-macro"

Macro

June 24, 2020

Bank shares fail to find buyers at auction

According to 21st Century Business Herald, there were almost 1,700 auctions of Chinese bank stocks on Alibaba’s online Taobao platform this year. Investors were unimpressed: 60% of auctions ended without a buyer. Some context: Shareholders in China’s non-listed banks routinely use their sh… Username Password Remember Me Forgot Password

According to 21st Century Business Herald, there were almost 1,700 auctions of Chinese bank stocks on Alibaba’s online Taobao platform this year.
Investors were unimpressed: 60% of auctions ended without a buyer.
Some context: Shareholders in China’s non-listed banks routinely use their sh...

sources

21st Century Biz: 中小银行股权不香了近1700笔拍卖六成流拍

June 24, 2020

Coastal regions keep national pension scheme from going bankrupt

The Ministry of Finance (MoF) recently released stats on the central pension adjustment fund (CPAF). Some context: The CPAF was established in 2018 to transfer money from provinces with pension fund surpluses to provinces with pension fund deficits. In 2020, seven provinces are net contributors…

The Ministry of Finance (MoF) recently released stats on the central pension adjustment fund (CPAF).
Some context: The CPAF was established in 2018 to transfer money from provinces with pension fund surpluses to provinces with pension fund deficits.
In 2020, seven provinces are net contributors...

sources

The Paper: 今年养老金中央调剂7398亿元：贡献省和受益省分别是哪些

June 24, 2020

How to spend a trillion yuan

Yesterday, the Ministry of Finance (MoF) clarified how it plans to use proceeds from its Special Treasury Bonds (STBs). Some context: At the Two Sessions in May, the government announced that it would issue RMB 1 trillion of STBs to support the economy. This marks the first STB issuance since 2…

Yesterday, the Ministry of Finance (MoF) clarified how it plans to use proceeds from its Special Treasury Bonds (STBs).
Some context: At the Two Sessions in May, the government announced that it would issue RMB 1 trillion of STBs to support the economy. This marks the first STB issuance since 2...

sources

21st Century Biz: 2万亿新增财政资金额度下达特别国债分配考虑市县减收状况

21st Century Biz: 财政部明确万亿特别国债用途，包括12个基建领域6个抗疫相关领域

June 24, 2020

Delivering COVID

This morning, the National Health Commission (NHC) released the latest nationwide COVID-19 numbers. On Tuesday, China reported (NHC): Nine new domestically transmitted cases – the lowest total in 11 days Three imported cases – down from nine the day before Three new asymptomatic cases – the lowest …

This morning, the National Health Commission (NHC) released the latest nationwide COVID-19 numbers.
On Tuesday, China reported (NHC):

Nine new domestically transmitted cases – the lowest total in 11 days
Three imported cases – down from nine the day before
Three new asymptomatic cases – the lowest ...

sources

NHC: 截至6月23日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 北京昨日新增报告7例新冠肺炎确诊病例

Gov.cn: 2020年6月23日河北省新型冠状病毒肺炎疫情情况

Caixin: 饿了么北京一外卖骑手确诊新冠全员核酸检测正推进

June 23, 2020

Top political advisory body meets for poverty alleviation

On Monday, China’s top political advisory body, the CPPCC, started its bi-monthly meeting. The session focused on one topic: How to win the battle against poverty Some context: Xi Jinping made it clear that he wanted to lift some five million folks – the remainder of those living in poverty in Chi…

On Monday, China’s top political advisory body, the CPPCC, started its bi-monthly meeting.
The session focused on one topic:

How to win the battle against poverty

Some context: Xi Jinping made it clear that he wanted to lift some five million folks – the remainder of those living in poverty in Chi...

sources

CPPCC: 全国政协十三届常委会第十二次会议开幕汪洋出席

Xinhua: China’s top political advisory body opens meeting on poverty alleviation

June 23, 2020

Xi says China is ready to act mature

Li Keqiang wasn’t the only one chatting it up with EU leaders on Monday (see previous entry). After the China-EU Summit concluded, Xi Jinping also got on the phone with: President of the European Council Charles Michel President of the European Commission Ursula von der Leyen Xi said that he wants…

Li Keqiang wasn’t the only one chatting it up with EU leaders on Monday (see previous entry).
After the China-EU Summit concluded, Xi Jinping also got on the phone with:

President of the European Council Charles Michel
President of the European Commission Ursula von der Leyen

Xi said that he wants...

sources

Xinhua: 习近平会见欧洲理事会主席米歇尔和欧盟委员会主席冯德莱恩

Xinhua: Xi Focus: Xi eyes more stable, mature China-EU ties in post-pandemic era

June 23, 2020

Zhe bu shi wo de CAI

On Monday, Premier Li Keqiang sat down with two old frenemies for the 22nd China-EU leaders’ meeting: President of the European Council Charles Michel President of the European Commission Ursula von der Leyen Some context: As US hostility grows, China has been looking to make nice with the Eu…

On Monday, Premier Li Keqiang sat down with two old frenemies for the 22nd China-EU leaders’ meeting:

President of the European Council Charles Michel
President of the European Commission Ursula von der Leyen

Some context: As US hostility grows, China has been looking to make nice with the Eu...

sources

Xinhua: Chinese premier calls on China, EU to expand opening up for mutual benefits

Straits Times: China’s Li Keqiang says EU is a partner, despite tensions

June 23, 2020

China prepares for financial decoupling

On Monday, China Securities Regulatory Commission vice chairman Fang Xinghai warned that China needs to guard against the risk of the US cutting it off from the dollar payments system (SCMP): “Such things have already happened to many Russian businesses and financial institutions.” “We have to make…

On Monday, China Securities Regulatory Commission vice chairman Fang Xinghai warned that China needs to guard against the risk of the US cutting it off from the dollar payments system (SCMP):

“Such things have already happened to many Russian businesses and financial institutions.”
“We have to make...

sources

SCMP: China warned to prepare for being cut off from US dollar payment system as part of sanctions like Russia

June 23, 2020

On the ground in Beijing

This morning, the National Health Commission (NHC) released the latest COVID-19 numbers. On Monday, China reported (NHC): 13 new domestically-transmitted cases – all in Beijing Nine new imported cases Seven new asymptomatic cases – five of which were imported from abroad Some context: That’s …

This morning, the National Health Commission (NHC) released the latest COVID-19 numbers.
On Monday, China reported (NHC):

13 new domestically-transmitted cases – all in Beijing
Nine new imported cases
Seven new asymptomatic cases – five of which were imported from abroad

Some context: That’s ...

sources

NHC: 截至6月22日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 北京市疾病预防控制中心副主任庞星火通报6月21日新增确诊病例相关情况

June 22, 2020

NPC revises 2020 legislative plan

On Saturday, the NPC Standing Committee (NPCSC) also released its revised legislative plan for 2020. As always, NPC Observer has the skinny: “This year’s legislative plan schedules 41 legislative projects for review in 2020, the largest batch ever included in a publicly available annual legislative…

On Saturday, the NPC Standing Committee (NPCSC) also released its revised legislative plan for 2020.
As always, NPC Observer has the skinny:

“This year’s legislative plan schedules 41 legislative projects for review in 2020, the largest batch ever included in a publicly available annual legislative...

June 22, 2020

Mainland to set up National Security Office in Hong Kong

The legislature has not made public the draft national security law for Hong Kong. But they have released some details. Spoiler alert: Beijing will be very hands-on in enforcing the legislation. Beijing will set up shop in the city (Xinhua): “The draft law provides that the Central People’s …

The legislature has not made public the draft national security law for Hong Kong.

But they have released some details.

Spoiler alert: Beijing will be very hands-on in enforcing the legislation.
Beijing will set up shop in the city (Xinhua):

“The draft law provides that the Central People’s ...

sources

Xinhua: China’s top legislature reviews draft law on safeguarding national security in HKSAR

NPC Observer: NPCSC Releases Some Details of Draft Hong Kong National Security Law, But Withholds Information on Criminal Provisions

June 22, 2020

NPCSC session concludes, new session starts Sunday

The bimonthly session of China’s legislature (NPCSC) concluded on Saturday. They adopted three laws: The Law on Governmental Sanctions for Public Employees A revised Archives Law A revised People’s Armed Police Law The legislature also agreed to join the Arms Trade Treaty, a 2014 UN treaty signed …

The bimonthly session of China’s legislature (NPCSC) concluded on Saturday.
They adopted three laws:

The Law on Governmental Sanctions for Public Employees
A revised Archives Law
A revised People’s Armed Police Law

The legislature also agreed to join the Arms Trade Treaty, a 2014 UN treaty signed ...

sources

Xinhua: Roundup: China’s top legislature closes standing committee session

SCMP: National security law: China’s top lawmakers to meet again next week, raising expectations draft may pass this month

SCMP: China votes to join Arms Trade Treaty that Donald Trump wants to leave

Xinhua: China’s top legislature schedules standing committee session

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