string(13) "markets-macro"

Macro

April 1, 2020

Whither the growth target?

China’s economy is recovering from its February depths, but the outlook is still unclear. The economic uncertainty is so high, in fact, that it appears a robust debate is starting to emerge as to how low this year’s growth target should be set – or if it should be scrapped altogether. Some context:&… Username Password… Read More »

China’s economy is recovering from its February depths, but the outlook is still unclear.
The economic uncertainty is so high, in fact, that it appears a robust debate is starting to emerge as to how low this year’s growth target should be set – or if it should be scrapped altogether.
Some context:&...

sources

SCMP: Coronavirus: China should drop 2020 GDP target as pandemic stokes uncertainty, says central bank adviser

April 1, 2020

How now, gaokao?

On Tuesday, mainland China reported 36 new cases of COVID-19, down from 48 a day earlier. 35 of them were imported. One wasa local infection in Guangdong. The National Health Commission also reported the number of asymptomatic cases for the first time (see yesterday’s Tip Sheet). Tuesday saw…

On Tuesday, mainland China reported 36 new cases of COVID-19, down from 48 a day earlier.

35 of them were imported.
One wasa local infection in Guangdong.

The National Health Commission also reported the number of asymptomatic cases for the first time (see yesterday’s Tip Sheet).

Tuesday saw...

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NHC: 截至3月31日24时新型冠状病毒肺炎疫情最新情况

MOE: 关于2020年全国高考时间安排的公告

The Paper: 张文宏再谈无症状：不会有大量感染者，国外输入谨防社区传播

March 31, 2020

Xi sees mountains of gold in Zhejiang

On Monday, Xi continued to tour his old stomping ground of Zhejiang (see yesterday’s Tip Sheet). As part of his visit, he visited Yucun Village in Anji County. Some context: Xi visited Yucun in 2005 and said that “crystal clear waters and green hills are as valuable as mountains of gold and sil…

On Monday, Xi continued to tour his old stomping ground of Zhejiang (see yesterday’s Tip Sheet).
As part of his visit, he visited Yucun Village in Anji County.
Some context: Xi visited Yucun in 2005 and said that “crystal clear waters and green hills are as valuable as mountains of gold and sil...

sources

CPC People: 时隔15年，习近平再到安吉县余村考察

Xinhua: Xi stresses ecological protection in Zhejiang tour

March 31, 2020

Distribution Problems

It’s no secret that China’s quarantine efforts are having unanticipated knock-on effects. For instance, it’s making it difficult to distribute Chinese-made pharmaceuticals globally. Here’s Chris Ewer, the head of Asia-Pacific supply chain for Belgian drugmaker Janssen (SCMP 1): “With rising air f…

It’s no secret that China’s quarantine efforts are having unanticipated knock-on effects.

For instance, it’s making it difficult to distribute Chinese-made pharmaceuticals globally.

Here’s Chris Ewer, the head of Asia-Pacific supply chain for Belgian drugmaker Janssen (SCMP 1):

“With rising air f...

sources

SCMP: Coronavirus: with most flights grounded globally, freight capacity is a life and death matter for Johnson Johnson-owned drugmaker

SCMP: Coronavirus may cause global food shortages as panic buying and export curbs hit supply

SCMP: Troubles mount for global shipping lines as seafarers are in short supply amid coronavirus travel and quarantine restrictions

March 31, 2020

Rules on infrastructure project funding relaxed

Yesterday, 21st Century Biz scoped a relaxation of the rules governing local government special project bonds. The change raises from 20% to 25% the proportion of money raised through special project bonds that local governments may use as capital contributions for infrastructure projects. What it…

Yesterday, 21st Century Biz scoped a relaxation of the rules governing local government special project bonds.

The change raises from 20% to 25% the proportion of money raised through special project bonds that local governments may use as capital contributions for infrastructure projects.

What it...

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21st Century Biz: 每省专项债作资本金比例提高至25%

March 31, 2020

A better than expected PMI

With the economy in such a deep trench, the market is looking for a sign (any sign) that might presage either an improvement ineconomic conditions. Those hoping for an omen have focused attention on China’s Purchasing Managers’ Index (PMI) this morning. The official PMI for March came in well above …

With the economy in such a deep trench, the market is looking for a sign (any sign) that might presage either an improvement ineconomic conditions.
Those hoping for an omen have focused attention on China’s Purchasing Managers’ Index (PMI) this morning.
The official PMI for March came in well above ...

sources

NBS: 2020年3月中国采购经理指数运行情况

NBS: 国家统计局服务业调查中心负责人就3月份采购经理指数明显回升有关问题答记者问

CNBC: China says manufacturing activity expanded in March, defying expectations of a contraction

March 31, 2020

PBoC upping its game

“A stage of strengthening counter-cyclical adjustment.” That’s how pundits and financial media are characterizing the current state of monetary policy after the central bank (PBoC) cut rates on open market operations (OMOs) on Monday (see yesterday’s Tip Sheet). What to watch: Now that OMO…

“A stage of strengthening counter-cyclical adjustment.”
That’s how pundits and financial media are characterizing the current state of monetary policy after the central bank (PBoC) cut rates on open market operations (OMOs) on Monday (see yesterday’s Tip Sheet).
What to watch: Now that OMO...

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Xinhua: 央行重启逆回购利率调降20个基点释放加大逆周期调节信号

China Securities Journal: 马骏：央行下调逆回购利率标志货币政策进入加大逆周期调节力度阶段

March 31, 2020

Government to tackle asymptomatic cases

On Monday, mainland China saw 48 new cases of COVID-19. All were imported. That’s up from 31 the previous day. There are increasing concerns about asymptomatic cases. Some context: China recorded and quarantined all cases where patients showed no symptoms but still tested positive. But those …

On Monday, mainland China saw 48 new cases of COVID-19. All were imported.

That’s up from 31 the previous day.

There are increasing concerns about asymptomatic cases.
Some context: China recorded and quarantined all cases where patients showed no symptoms but still tested positive. But those ...

sources

NHC: 截至3月30日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 李克强主持召开中央应对新冠肺炎疫情工作领导小组会议要求抓好巩固防控成效各项工作突出做好无症状感染者防控

Yicai: 无症状感染者数据有望公布诸多疑惑将解

March 30, 2020

Trials and tribulations of mask diplomacy

On Friday, Xi Jinping continued his international assurance tour with a call to King Salman of Saudi Arabia(CPC People): “The Chinese side will resolutely support Saudi Arabia in its efforts to combat the epidemic…and will provide assistance in supplying and securing medical supplies.” While China…

On Friday, Xi Jinping continued his international assurance tour with a call to King Salman of Saudi Arabia(CPC People):

“The Chinese side will resolutely support Saudi Arabia in its efforts to combat the epidemic…and will provide assistance in supplying and securing medical supplies.”

While China...

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CPC People: 习近平同沙特国王萨勒曼通电话

SCMP: Spanish capital ditches ‘unreliable’ Chinese coronavirus test kits

SCMP: Coronavirus: China’s ambassador closely following Netherlands investigation into face masks

March 30, 2020

Xi hits the road

On Sunday, Xi Jinping hit the road (SCMP): “The trip, to Ningbo [Zhejiang] – one of the world’s busiest ports and a trade hub for eastern China – was Xi’s first outside Beijing since he visited Wuhan, the initial epicentre of the Covid-19 outbreak, earlier in the month.” The itinerary (Xinhua): “…

On Sunday, Xi Jinping hit the road (SCMP):

“The trip, to Ningbo [Zhejiang] – one of the world’s busiest ports and a trade hub for eastern China – was Xi’s first outside Beijing since he visited Wuhan, the initial epicentre of the Covid-19 outbreak, earlier in the month.”

The itinerary (Xinhua):

“...

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CPC People: 习近平在浙江考察调研

SCMP: Coronavirus: Xi Jinping’s visit to Zhejiang sends ‘clear message’ it’s time to get the economy back on its feet, state media says

Xinhua: Xi inspects work resumption in Zhejiang

March 30, 2020

SMEs need life support

Beijing is increasingly worried about SMEs. A recent survey attempts to quantify their distress. “According to a survey of 995…SMEs conducted in February by Peking and Tsinghua universities in Beijing, over 85 per cent could collapse within three months if they do not receive financial help.” Only …

Beijing is increasingly worried about SMEs. A recent survey attempts to quantify their distress.

“According to a survey of 995…SMEs conducted in February by Peking and Tsinghua universities in Beijing, over 85 per cent could collapse within three months if they do not receive financial help.”
Only ...

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SCMP: Coronavirus: China’s small businesses increasingly desperate to raise cash to stay afloat

March 30, 2020

PBoC to shore up monetary support (a bit)

On Friday night, the People’s Bank of China (PBoC) published a readout of its quarterly monetary policy committee meeting held on Thursday. All eyes were on whether the PBoC would follow other central banks in opening the liquidity tap. The answer: Not quite. The PBoC did signal it would be mor…

On Friday night, the People’s Bank of China (PBoC) published a readout of its quarterly monetary policy committee meeting held on Thursday.
All eyes were on whether the PBoC would follow other central banks in opening the liquidity tap.
The answer: Not quite.
The PBoC did signal it would be mor...

sources

PBoC: 中国人民银行货币政策委员会召开2020年第一季度例会

PBoC: 公开市场业务交易公告 [2020]第60号

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