string(13) "markets-macro"

Macro

April 8, 2020

Xi at Xixi

On Tuesday, Xi Jinping continued his tour of Zhejiang. First, he went to the Xixi National Wetland Park in Hangzhou. Some context: The park was established in 2005 when Xi was Zhejiang Party secretary. It was the first national wildlife park in the country. Xi then headed over to the Hangzhou C… Username Password Remember Me… Read More »

On Tuesday, Xi Jinping continued his tour of Zhejiang.
First, he went to the Xixi National Wetland Park in Hangzhou.
Some context: The park was established in 2005 when Xi was Zhejiang Party secretary. It was the first national wildlife park in the country.
Xi then headed over to the Hangzhou C...

sources

Gov.cn: 习近平考察杭州湿地保护利用和城市治理情况

Alibaba: City Brain

CNN: Alibaba’s ‘City Brain’ is slashing congestion in its hometown

Alibaba: City Brain Now in 23 Cities in Asia

April 8, 2020

Cuz I’m all about that trade, ‘bout that trade (no COVID)

On Tuesday, Premier Li Keqiang chaired the weekly State Council executive meeting. Top of the agenda: Stabilizing foreign trade and investment. Li pointed out that foreign trade and investment is taking a huge hit from the COVID-19 pandemic (Gov.cn 2): “With the tight containment measures intr…

On Tuesday, Premier Li Keqiang chaired the weekly State Council executive meeting.
Top of the agenda: Stabilizing foreign trade and investment.
Li pointed out that foreign trade and investment is taking a huge hit from the COVID-19 pandemic (Gov.cn 2):

“With the tight containment measures intr...

sources

Gov.cn: 李克强主持召开国务院常务会推出增设跨境电商综合试验区、支持加工贸易、广交会网上举办系列举措等

Source: China to set up new integrated pilot zones for cross-border e-commerce to stabilize foreign trade and investment

April 7, 2020

The spin war

On Monday, Chinese authorities released a detailed timeline of their response to the coronavirus epidemic. Surprise, surprise: The timeline shows that authorities spared no effort to contain the virus and halt its spread. On the same day, People’s Daily published an editorial decrying anti-Chin…

On Monday, Chinese authorities released a detailed timeline of their response to the coronavirus epidemic.
Surprise, surprise: The timeline shows that authorities spared no effort to contain the virus and halt its spread.
On the same day, People’s Daily published an editorial decrying anti-Chin...

sources

Xinhua: 中国发布新冠肺炎疫情信息、推进疫情防控国际合作纪事

People's Daily: 根除种族主义言行刻不容缓（钟声）

Asia Times: EU split over China’s ‘face mask’ diplomacy

April 7, 2020

A moment of silence

At 10:00 am on April 4, Xi Jinping led the nation in mourning for those who lost their lives during the COVID-19 epidemic. The scene (Xinhua): “Xi, Li Keqiang, Li Zhanshu, Wang Yang, Wang Huning, Zhao Leji, Han Zheng and Wang Qishan, as well as other Party and state leaders, stood in silence in the…

At 10:00 am on April 4, Xi Jinping led the nation in mourning for those who lost their lives during the COVID-19 epidemic.
The scene (Xinhua):

“Xi, Li Keqiang, Li Zhanshu, Wang Yang, Wang Huning, Zhao Leji, Han Zheng and Wang Qishan, as well as other Party and state leaders, stood in silence in the...

sources

CPC People: 全国各地各族人民深切悼念抗击新冠肺炎疫情斗争牺牲烈士和逝世同胞

Xinhua: Xi Focus: Xi leads national mourning for lives lost to COVID-19

April 7, 2020

.…but let’s not go crazy

Given the reserve requirement cut on Friday, central bank (PBoC) officials were looking to get out front of the story – explaining their policy thinking. Key comments came from PBoC Vice Governor Liu Guoqiang, who underscored the balance that the central bank always has to strike – providing liquidi…

Given the reserve requirement cut on Friday, central bank (PBoC) officials were looking to get out front of the story – explaining their policy thinking.
Key comments came from PBoC Vice Governor Liu Guoqiang, who underscored the balance that the central bank always has to strike – providing liquidi...

sources

Reuters: China frees up $56 billion for virus-hit economy by slashing small banks’ reserve requirements

April 7, 2020

More financial support on the way…

Friday’s cut to banks’ reserve requirement ratios (RRRs, see previous entry) didn’t come out of the blue – moves like this never do. Over the past ten days, both the Politburo and the State Council clearly stated that economic support measures will be ramped up (see March 30 and April…

Friday’s cut to banks’ reserve requirement ratios (RRRs, see previous entry) didn’t come out of the blue – moves like this never do.
Over the past ten days, both the Politburo and the State Council clearly stated that economic support measures will be ramped up (see March 30 and April...

sources

Trivium China: Stepping up policy support to save Q2

April 7, 2020

PBoC cuts bank RRRs

On Friday, the central bank (PBoC) cut the reserve requirement ratio (RRR) for small banks by 1 percentage point. The deets: The cut applies to rural financial institutions and city commercial banks that operate in only one province. It will be carried out in two equal parts on April 15 and May 15….

On Friday, the central bank (PBoC) cut the reserve requirement ratio (RRR) for small banks by 1 percentage point.
The deets:

The cut applies to rural financial institutions and city commercial banks that operate in only one province.
It will be carried out in two equal parts on April 15 and May 15....

sources

PBoC: 中国人民银行有关负责人表示：对中小银行定向降准支持实体经济发展

Reuters: China frees up $56 billion for virus-hit economy by slashing small banks’ reserve requirements

April 7, 2020

SMEs shut their doors

If you’ve been reading the Tip Sheet, you already knew Q1 was rough, especially for SMEs. Now there are numbers to back it up: Corporate registration data shows over 460,000 firms permanently closed in Q1. That’s brutal. And it probably underestimates the extent of firm closures. A number of…

If you’ve been reading the Tip Sheet, you already knew Q1 was rough, especially for SMEs.
Now there are numbers to back it up:

Corporate registration data shows over 460,000 firms permanently closed in Q1.

That’s brutal. And it probably underestimates the extent of firm closures.

A number of...

sources

SCMP: Coronavirus: nearly half a million Chinese companies close in first quarter as pandemic batters economy

April 7, 2020

Getting out and about

Good news! The virus still looks under control within mainland China. This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases. On April 6 (NHC): There were 32 new confirmed cases;all were imported. There were also 30 new confirmed asymptomatic cases…

Good news! The virus still looks under control within mainland China.
This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases.
On April 6 (NHC):

There were 32 new confirmed cases;all were imported.
There were also 30 new confirmed asymptomatic cases...

sources

NHC: 截至4月6日24时新型冠状病毒肺炎疫情最新情况

The Paper: 黄山景区、西递、宏村均早早“爆满”，官方提示合理安排行程

CNN: Chinese tourist sites packed as country comes out of lockdown, but experts say risk still high

China.com: 2020年清明假日旅游市场研究报告发布

April 3, 2020

Unity is strength

Another day, another round of calls to foreign leaders. Some context: In the last few weeks, Xi Jinping and Premier Li Keqiang have unleashed a tsunami ofgoodwill on the world, sending medical aid to and expressing solidarity with countries grappling with COVID-19. Xi and Li kept the momentum g…

Another day, another round of calls to foreign leaders.
Some context: In the last few weeks, Xi Jinping and Premier Li Keqiang have unleashed a tsunami ofgoodwill on the world, sending medical aid to and expressing solidarity with countries grappling with COVID-19.
Xi and Li kept the momentum g...

sources

Xinhua: Xi says China ready to support Indonesia’s fight against COVID-19

Xinhua: Xi says China ready to help Belgium with medical supplies amid COVID-19 outbreak

Xinhua: 李克强同越南政府总理阮春福通电话

April 3, 2020

Strong dollar continues to whack the CNY

Keep an eye on this space. The economic and markets fallout from the global COVID-19 outbreak are causing massive demand for US dollars – and that is putting pressure on emerging market currencies. China is far from immune, and while the central bank has been helping to ease the pressure, …

Keep an eye on this space. The economic and markets fallout from the global COVID-19 outbreak are causing massive demand for US dollars – and that is putting pressure on emerging market currencies.
China is far from immune, and while the central bank has been helping to ease the pressure, ...

sources

Bloomberg: Yuan Weakens Past Key Support Level as Depreciation Quickens

April 3, 2020

Meet China’s newest SOE

We proudly introduce China’s newest central SOE! The entity is called China Rongtong Asset Management Group, and the state-owned assets administrator (SASAC) announced its formation on Tuesday. Caixin has the details: “The new company’s public WeChat account describes it as a manager of centra…

We proudly introduce China’s newest central SOE!
The entity is called China Rongtong Asset Management Group, and the state-owned assets administrator (SASAC) announced its formation on Tuesday.
Caixin has the details:

“The new company’s public WeChat account describes it as a manager of centra...

sources

Caixin: Top State-Firm Supervisor Launches New Asset Manager

Pages: 1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950515253545556575859606162636465666768697071727374757677787980818283848586878889909192939495969798991001011021031041051061071081091101111121131141151161171181191201211221231241251261271281291301311321331341351361371381391401411421431441451461471481491501511521531541551561571581591601611621631641651661671681691701711721731741751761771781791801811821831841851861871881891901911921931941951961971981992002012022032042052062072082092102112122132142152162172182192202212222232242252262272282292302312322332342352362372382392402412422432442452462472482492502512522532542552562572582592602612622632642652662672682692702712722732742752762772782792802812822832842852862872882892902912922932942952962972982993003013023033043053063073083093103113123133143153163173183193203213223233243253263273283293303313323333343353363373383393403413423433443453463473483493503513523533543553563573583593603613623633643653663673683693703713723733743753763773783793803813823833843853863873883893903913923933943953963973983994004014024034044054064074084094104114124134144154164174184194204214224234244254264274284294304314324334344354364374384394404414424434444454464474484494504514524534544554564574584594604614624634644654664674684694704714724734744754764774784794804814824834844854864874884894904914924934944954964974984995005015025035045055065075085095105115125135145155165175185195205215225235245255265275285295305315325335345355365375385395405415425435445455465475485495505515525535545555565575585595605615625635645655665675685695705715725735745755765775785795805815825835845855865875885895905915925935945955965975985996006016026036046056066076086096106116126136146156166176186196206216226236246256266276286296306316326336346356366376386396406416426436446456466476486496506516526536546556566576586596606616626636646656666676686696706716726736746756766776786796806816826836846856866876886896906916926936946956966976986997007017027037047057067077087097107117127137147157167177187197207217227237247257267277287297307317327337347357367377387397407417427437447457467477487497507517527537547557567577587597607617627637647657667677687697707717727737747757767777787797807817827837847857867877887897907917927937947957967977987998008018028038048058068078088098108118128138148158168178188198208218228238248258268278288298308318328338348358368378388398408418428438448458468478488498508518528538548558568578588598608618628638648658668678688698708718728738748758768778788798808818828838848858868878888898908918928938948958968978988999009019029039049059069079089099109119129139149159169179189199209219229239249259269279289299309319329339349359369379389399409419429439449459469479489499509519529539549559569579589599609619629639649659669679689699709719729739749759769779789799809819829839849859869879889899909919929939949959969979989991000100110021003100410051006100710081009101010111012101310141015101610171018101910201021102210231024102510261027102810291030103110321033103410351036103710381039104010411042104310441045104610471048104910501051105210531054105510561057105810591060106110621063106410651066106710681069107010711072107310741075107610771078107910801081108210831084108510861087108810891090109110921093109410951096109710981099110011011102110311041105110611071108110911101111111211131114111511161117111811191120112111221123112411251126112711281129113011311132113311341135113611371138113911401141114211431144114511461147114811491150115111521153115411551156115711581159116011611162