string(13) "markets-macro"

Macro

December 12, 2019

New economic mantra, same policy

Get excited – the Central Economic Work Conference (CEWC) is expected to wrapup today. Some context: The CEWC is the Party’s most important annual economic policy meeting. It convenes each December to set economic policy priorities for the next year. There have been no official announcements ab… Username Password Remember Me Forgot Password

Get excited – the Central Economic Work Conference (CEWC) is expected to wrapup today.
Some context: The CEWC is the Party’s most important annual economic policy meeting. It convenes each December to set economic policy priorities for the next year.
There have been no official announcements ab...

December 11, 2019

China gets a new climate negotiator

China has a new top climate negotiator: Vice Minister of Ecology and Environment Zhao Yingmin. Zhao has some big shoes to fill. He replaces Xie Zhenhua, who held the position for over a decade. Xie was instrumental in shaping China’s approach to climate change, and was well-respected both within Ch…

China has a new top climate negotiator: Vice Minister of Ecology and Environment Zhao Yingmin.
Zhao has some big shoes to fill.

He replaces Xie Zhenhua, who held the position for over a decade.
Xie was instrumental in shaping China’s approach to climate change, and was well-respected both within Ch...

sources

SCMP: China’s new climate negotiator takes swipe at US in debut at UN summit in Madrid

Source:

December 11, 2019

Tariff deadline looms

Back in October, Chinese and American negotiators said they were “on the same page” about a phase-one trade deal. Now, as the December 15 tariff deadline looms, there’s still no deal in sight. The big question: Will the Trump administration follow through on its threat to impose further tariffs…

Back in October, Chinese and American negotiators said they were “on the same page” about a phase-one trade deal.
Now, as the December 15 tariff deadline looms, there’s still no deal in sight.
The big question: Will the Trump administration follow through on its threat to impose further tariffs...

sources

WSJ: U.S. and Chinese Trade Negotiators Planning for Delay of December Tariffs

Bloomberg: China Sees U.S. Delaying Dec. 15 Tariff Hike as Talks Drag

NYT: Signs Point to China Tariff Delay, but Decision Rests With Trump

December 11, 2019

Data dump – credit, cont’d

Even as traditional bank lending is struggling, the November credit data show that the crackdown on shadow lending continues unabated. The details: Trust lending contracted by 3.7% y/y – compared to a 3.38% contraction in October. Entrusted lending contracted by 8.2% y/y – compared to 8.3…

Even as traditional bank lending is struggling, the November credit data show that the crackdown on shadow lending continues unabated.
The details:

Trust lending contracted by 3.7% y/y – compared to a 3.38% contraction in October.
Entrusted lending contracted by 8.2% y/y – compared to 8.3...

sources

PBoC: 2019年11月社会融资规模存量统计数据报告

December 11, 2019

Data dump – credit

The central bank (PBoC) dropped monthly credit data for November late on Tuesday. The bottom line: Credit growth continues to decelerate. And that’s. Not. Good. The details: Headline total social financing grew by 10.7% y/y – down a smidge from 10.73% in October. That is the fifth consecu…

The central bank (PBoC) dropped monthly credit data for November late on Tuesday.
The bottom line: Credit growth continues to decelerate. And that’s. Not. Good.
The details:

Headline total social financing grew by 10.7% y/y – down a smidge from 10.73% in October.
That is the fifth consecu...

sources

PBoC: 2019年11月社会融资规模存量统计数据报告

December 11, 2019

Central Economic Work Conference kicks off

It’s happening folks! According to Bloomberg, the Central Economic Work Conference (CEWC) kicked off yesterday. Seems about right. Senior leaders have all gone off the radar since Monday. Party media have been running high-profile editorials summarizing thepast twelvemonths of”economic management w…

It’s happening folks!
According to Bloomberg, the Central Economic Work Conference (CEWC) kicked off yesterday.
Seems about right.

Senior leaders have all gone off the radar since Monday.
Party media have been running high-profile editorials summarizing thepast twelvemonths of”economic management w...

sources

Bloomberg: China’s Leaders Gather to Set Economic Targets for 2020

CCTV: 疾风知劲草中国经济坚定前行

People's Daily: 二〇一九：沧海横流浩荡前行–以习近平同志为核心的党中央引领中国经济高质量发展述评

People's Daily: 中国经济在抵御下行压力中显现韧性和亮点

December 10, 2019

Beijing looks to justify Xinjiang policy

Yesterday, the State Council Information Office held a press conference with senior officials from the Xinjiang Uighur Autonomous Region. The main topic: Xinjiang’s anti-terrorism re-education camps. Urumqi Party Secretary Xu Hairong described the region’s anti-terrorism efforts as successful (…

Yesterday, the State Council Information Office held a press conference with senior officials from the Xinjiang Uighur Autonomous Region.
The main topic: Xinjiang’s anti-terrorism re-education camps.
Urumqi Party Secretary Xu Hairong described the region’s anti-terrorism efforts as successful (...

sources

China.com.cn: 国新办就新疆稳定发展有关情况举行新闻发布会

FT: China hits back at US allegations over its handling of Xinjiang

Xinhua: China Focus: Xinjiang determined in counter-terrorism, deradicalization, maintaining development

Reuters: China says people held in Xinjiang camps have ‘graduated’, condemns U.S. bill

December 10, 2019

La vie en rouge

On Monday, Xi Jinping made a phone call to Charles Michel, the new President of the European Council. On the docket: Discussinghow much China and the EU have in common. Xi’s remarks were enthusiastic, bordering on effusive (SCMP): “China sees its relations with the EU from a long-term, high-le…

On Monday, Xi Jinping made a phone call to Charles Michel, the new President of the European Council.
On the docket: Discussinghow much China and the EU have in common.
Xi’s remarks were enthusiastic, bordering on effusive (SCMP):

“China sees its relations with the EU from a long-term, high-le...

sources

SCMP: China is not a threat, Xi Jinping tells new European Council President Charles Michel

Xinhua: Xi holds phone talks with European Council President Michel

December 10, 2019

New pipeline monopoly established

China officially has a new state-owned enterprise (SOE). The China Oil Gas Piping Network Corporation (COGPNC) was established on Monday to great fanfare. Executive Vice Premier Han Zheng attended a ceremony to mark the occasion. Premier Li Keqiang showed his support by sending congratulations to t…

China officially has a new state-owned enterprise (SOE).

The China Oil Gas Piping Network Corporation (COGPNC) was established on Monday to great fanfare.
Executive Vice Premier Han Zheng attended a ceremony to mark the occasion.
Premier Li Keqiang showed his support by sending congratulations to t...

sources

Gov.cn: 李克强对国家石油天然气管网集团有限公司成立作出重要批示

China Daily: National oil, gas pipeline firm unveiled

December 10, 2019

Bond defaults continue to mount

The hits just keep on coming for China’s bond market, as defaults continue to mount. The latest culprit is of particular interest. Why? Because it’s a local government financing vehicle (LGFV) – one of the entities that local authorities rely on to help finance infrastructure projects (Caixin): “Th…

The hits just keep on coming for China’s bond market, as defaults continue to mount.
The latest culprit is of particular interest.
Why? Because it’s a local government financing vehicle (LGFV) – one of the entities that local authorities rely on to help finance infrastructure projects (Caixin):

“Th...

sources

Caixin: Another Local Government Financing Vehicle Fails to Pay Bond Interest

December 10, 2019

Data dump – inflation

The stats bureau dropped monthly inflation data for November on Tuesday morning. The details: Consumer prices were up 4.5% y/y – compared to 3.8% in October. Within that, food prices were up 19.1% y/y – compared to 15.5% in October. Within that, meat prices were up 74.5% y/y – compared to 66.8% in …

The stats bureau dropped monthly inflation data for November on Tuesday morning.
The details:

Consumer prices were up 4.5% y/y – compared to 3.8% in October.
Within that, food prices were up 19.1% y/y – compared to 15.5% in October.
Within that, meat prices were up 74.5% y/y – compared to 66.8% in ...

sources

CNBC: Asia stocks mostly slip as China consumer inflation jumps in November

December 10, 2019

Why 2020 matters so much

You may be wondering why the 2020 growth target is generating so much debate – much more than the usual annual growth target. That’s because next year is a critical year – when Chinese authorities are hoping to achieve a long-held goal of doubling per capita GDP from its 2010 level. Based …

You may be wondering why the 2020 growth target is generating so much debate – much more than the usual annual growth target.
That’s because next year is a critical year – when Chinese authorities are hoping to achieve a long-held goal of doubling per capita GDP from its 2010 level.
Based ...

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