string(13) "markets-macro"

Macro

June 1, 2020

Wuhan sets new record

This morning, the National Health Commission (NHC) released the latest COVID-19 numbers. There’s good news all around (NHC): Between May 29 and May 31, China reported zero new domestic COVID-19 cases, and 22 new imported cases. Some context: There has not been a single domestically-trans… Username Password Remember Me Forgot Password

This morning, the National Health Commission (NHC) released the latest COVID-19 numbers.
There’s good news all around (NHC):

Between May 29 and May 31, China reported zero new domestic COVID-19 cases, and 22 new imported cases.

Some context: There has not been a single domestically-trans...

sources

Gov.cn: 截至5月31日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 截至5月30日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 截至5月29日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 武汉首次无症状感染者当日新增为零

May 29, 2020

Li seeks to dial down tensions with the US

Premier Li broached one other key topic during his presser on Thursday. Amidst escalating tensions with the US, Li sought to dial down the temperature. Asked about a “new Cold War,” Li was unequivocal (Gov.cn): “We have always advocated for the abandonment of Cold War thinking.” “As for so-called d…

“We have always advocated for the abandonment of Cold War thinking.”
“As for so-called d...

sources

Gov.cn: 李克强总理出席记者会并回答中外记者提问

May 29, 2020

Li explains why employment is priority No. 1

Li’s Thursday speech covered more than just fish and stimulus (see previous entry). He also delivered some well-received comments on employment. Li asked everyone not to underestimate the number of people being impacted by the state of the economy (Xinhua). “[We have] 600 million people earning les…

Li’s Thursday speech covered more than just fish and stimulus (see previous entry).
He also delivered some well-received comments on employment.
Li asked everyone not to underestimate the number of people being impacted by the state of the economy (Xinhua).

“[We have] 600 million people earning les...

sources

Xinhua: 国务院总理李克强回答中外记者提问（实录全文）

May 29, 2020

The fish of stimulus past

Are you a fan of extended metaphors? Premier Li Keqiang sure is. On Thursday, Li held a press conference after the closing of the third session of the Two Sessions where he explained China’s approach to monetarystimulus. His message: Support measures will continue to be targeted and cautious (X…

Are you a fan of extended metaphors?
Premier Li Keqiang sure is.
On Thursday, Li held a press conference after the closing of the third session of the Two Sessions where he explained China’s approach to monetarystimulus.
His message: Support measures will continue to be targeted and cautious (X...

sources

Xinhua: Xinhua Headlines: China expects positive GDP growth, achieving development goals

The Paper: 李克强谈刺激政策：放水养鱼，但如果泛滥就会有人浑水摸鱼

May 29, 2020

China to allow more chartered international flights

This morning, the National Health Commission (NHC) released the latest COVID-19 numbers. Great news! On May 28, China reported zero new domestic COVID-19 cases, and zero new imported cases. (NHC) Some context: There has not been a single domestically-transmitted case for five consecutive days. On…

This morning, the National Health Commission (NHC) released the latest COVID-19 numbers.
Great news!

On May 28, China reported zero new domestic COVID-19 cases, and zero new imported cases. (NHC)

Some context:

There has not been a single domestically-transmitted case for five consecutive days.
On...

sources

NHC: 截至5月28日24时新型冠状病毒肺炎疫情最新情况

CAAC: 关于建立复产复工国际客运包机计划审批“绿色通道”的通知

China News: 【两会30秒】民航局副局长：外控输入有效前提下考虑适当增加航班

May 29, 2020

Commercial Banking Law to be revised

China’s legislature (NPC) says it wants to revamp the Commercial Banking Law. What should we expect? The People’s Bank of China (PBoC) has a few ideas. On Thursday, 21st Century Biz shared comments from seven officials from regional branches of the PBoC on how the legal framework for China’s banks…

China’s legislature (NPC) says it wants to revamp the Commercial Banking Law.
What should we expect?

The People’s Bank of China (PBoC) has a few ideas.

On Thursday, 21st Century Biz shared comments from seven officials from regional branches of the PBoC on how the legal framework for China’s banks...

sources

21st Century Biz: 七位代表委员建议修改《商业银行法》

May 28, 2020

Tensions with India heating up

China’s longstanding border disputes with India are escalating. Some context: Earlier this month, minor altercations between Chinese and Indian troops were reported near the Line of Actual Control, the de facto border between the two countries. Now, things are heating up in the contested L…

China’s longstanding border disputes with India are escalating.
Some context: Earlier this month, minor altercations between Chinese and Indian troops were reported near the Line of Actual Control, the de facto border between the two countries.
Now, things are heating up in the contested L...

sources

The Guardian: China and India move troops as border tensions escalate

Hindustan Times: China may have posted 5,000 soldiers across LAC, officials say as tension grows along border

May 28, 2020

NPC sets stage for Hong Kong natsec law

The National People’s Congress (NPC) approved a resolution on establishing a national security mechanism in Hong Kong today. What that means: The NPC Standing Committee will now get to work drafting a national security law for the city. The new law will give the mainland security services the …

The National People’s Congress (NPC) approved a resolution on establishing a national security mechanism in Hong Kong today.
What that means: The NPC Standing Committee will now get to work drafting a national security law for the city.

The new law will give the mainland security services the ...

sources

US DoS: PRC National People’s Congress Proposal on Hong Kong National Security Legislation

Xinhua: Chinese lawmakers deliberate draft decision on Hong Kong national security legislation

SCMP: China prepared for international backlash over Hong Kong national security law

Xinhua: National security legislation not to bring any changes to fundamentals of HK’s financial system: monetary authority head

Xinhua: 香港商界：国家安全立法巩固香港国际金融中心地位

May 28, 2020

The missing adjective is back

Right before we went to print, China’s legislature approved the Premier’s Government Work Report (GWR). The final version of the GWR contained 89 revisions to the version delivered by the premier on Friday. An important addition to the Taiwan section of the report was made (China Youth Daily): “Adh…

Right before we went to print, China’s legislature approved the Premier’s Government Work Report (GWR).
The final version of the GWR contained 89 revisions to the version delivered by the premier on Friday.
An important addition to the Taiwan section of the report was made (China Youth Daily):

“Adh...

sources

China Youth Daily: 最短的政府工作报告作了八十九处“微调”

May 28, 2020

Bank “perp” issuance surging

Perpetual bonds are becoming the go-to tool for banks needing to raise capital. So far in 2020, Chinese banks have raised RMB 274 billion by issuing 10 perpetual bonds. That’s up from RMB 40 billion during the same period last year. Why perpetual bonds? Perpetual bonds (perps) don’t ever mature –…

Perpetual bonds are becoming the go-to tool for banks needing to raise capital.
So far in 2020, Chinese banks have raised RMB 274 billion by issuing 10 perpetual bonds.

That’s up from RMB 40 billion during the same period last year.

Why perpetual bonds?

Perpetual bonds (perps) don’t ever mature –...

sources

China Securities Journal: 今年前5月银行永续债发行达2740亿元

Caixin: Alibaba-Backed MYbank to Offer Nearly $700 Million of Perpetual Bonds

May 28, 2020

Group deposits were fun while they lasted

Recently, China’s banks have embraced a new innovation: group deposits. Some background: In 2019, China’s banks started giving savers higher interest rates if they signed up to make fixed-term deposits as a group. It appears that regulators are now taking an interest. Caixin reports that: “Som…

Recently, China’s banks have embraced a new innovation: group deposits.
Some background: In 2019, China’s banks started giving savers higher interest rates if they signed up to make fixed-term deposits as a group.
It appears that regulators are now taking an interest.
Caixin reports that:

“Som...

sources

Caixin: Exclusive: Regulators Hone In On Banks’ Latest Innovation — Group Savings

May 28, 2020

Companies struggling to get back to normal

China’s business resumption is plateauing. Here are our estimates as of May 28: The Trivium National Business Activity Index indicates that China’s economy is operating at 87.4% of typical output, no change from May 27. The Trivium National Large Enterprise Activity Index indica…

China’s business resumption is plateauing.
Here are our estimates as of May 28:

The Trivium National Business Activity Index indicates that China’s economy is operating at 87.4% of typical output, no change from May 27.
The Trivium National Large Enterprise Activity Index indica...

sources

Trivium: https://archive.triviumchina.com/2020/03/07/coronavirus-getting-china-back-to-work/

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