string(13) "markets-macro"

Macro

December 6, 2017

Demand and supply in China’s steel market

China’s steel sector is in flux. The outlook for 2018 looks pretty week (Caixin): “Growth rates for China’s crude steel output and overall consumption will soften to 0.7% next year.” “The near-zero growth represents a sharp slowdown from industry statistics for this year.” Demand looks weak, given… Username Password Remember Me Forgot Password

China’s steel sector is in flux. The outlook for 2018 looks pretty week (Caixin):

“Growth rates for China’s crude steel output and overall consumption will soften to 0.7% next year.”
“The near-zero growth represents a sharp slowdown from industry statistics for this year.”

Demand looks weak, given...

sources

Caixin: Growth in Steel Output, Consumption Expected to Be Flat in 2018

December 6, 2017

Get used to tight liquidity in China

There are only three weeks till the end of the year, but Chinese banks are nervous about getting to 2018. That’s because liquidity looks likely to be tight until we ring in the new year. RMB 2.2 trillion worth of interbank deposits, which are essentially a type of interbank loan,…

There are only three weeks till the end of the year, but Chinese banks are nervous about getting to 2018. That’s because liquidity looks likely to be tight until we ring in the new year.
RMB 2.2 trillion worth of interbank deposits, which are essentially a type of interbank loan,...

sources

The Paper: 超2万亿同业存单到期再搅资金面，机构料年末大考通过无忧

December 6, 2017

China and Canada can’t agree

Xi Jinping met with Canadian Prime Minister Justin Trudeau Tuesday (Xinhua): “Xi said that China and Canada complement each other with their respective advantages and enjoy great cooperation potential.” Despite that potential, Trudeau’s visit has been a disappointment. In his meeting wit…

Xi Jinping met with Canadian Prime Minister Justin Trudeau Tuesday (Xinhua):

“Xi said that China and Canada complement each other with their respective advantages and enjoy great cooperation potential.”

Despite that potential, Trudeau’s visit has been a disappointment. In his meeting wit...

sources

People's Daily: 习近平会见加拿大总理特鲁多

Bloomberg: Trudeau’s Beijing Scramble Is Canada’s Latest Trade Stumble

Bloomberg: China and Canada Fail to Agree on Launching Free Trade Talks

Xinhua: Xi asks China, Canada to work for substantial ties

December 5, 2017

Top-down control leaves people cold

This winter will be particularly cold for many folks in China: In Beijing, thousands have been kicked out of their apartments in an effort to drive migrants out of the city (See the November 27 and 29 Tip Sheets). And now, many cities in north China are running out of natural gas for heat. Why… Read More »

This winter will be particularly cold for many folks in China:

In Beijing, thousands have been kicked out of their apartments in an effort to drive migrants out of the city (See the November 27 and 29 Tip Sheets).
And now, many cities in north China are running out of natural gas for heat.

Why is ...

sources

NBD: LNG月涨54% 发改委要求企业价格自律

The Paper: 天然气价格一路飞涨，国家发改委今日召开告诫会或出手干预

21st Century Biz: 多地“气荒”致天然气价飙涨发改委开告诫会平抑价格

Xinhua: 习近平：从解决好人民群众普遍关心的突出问题入手推进全面小康社会建设

People's Daily: 山西：各市不得盲目下达“煤改气”改造任务

December 5, 2017

Li Zhanshu still in line for NPC

Politburo Standing Committee (PBSC) members are making the rounds of China’s other political parties: Wang Yang attended the opening ceremony of the national congress of the China Association for Promoting Democracy (CAPD) on December 1 (CPC 1). Wang Huning attend the opening ceremony of …

Politburo Standing Committee (PBSC) members are making the rounds of China’s other political parties:

Wang Yang attended the opening ceremony of the national congress of the China Association for Promoting Democracy (CAPD) on December 1 (CPC 1).
Wang Huning attend the opening ceremony of ...

sources

CPC People: 中国民主促进会第十二次全国代表大会在京开幕汪洋代表中共中央致贺词

Gov.cn: China Association for Promoting Democracy to elect new leadership

Xinhua: 中国致公党第十五次全国代表大会开幕王沪宁代表中共中央致贺词

CPC People: 九三学社第十一次全国代表大会开幕赵乐际代表中共中央致贺词

China.org: China’s Jiusan Society to elect new leadership

December 5, 2017

More support for the military-industrial complex

Xi Jinping has made no secret of his desire to build a more effective military-industrial complex. To that end, the State Council on Monday issued new guidelines to promote private sector participation in the defense industry (link below). Some highlights of the new policy (gov.cn): …

Xi Jinping has made no secret of his desire to build a more effective military-industrial complex.
To that end, the State Council on Monday issued new guidelines to promote private sector participation in the defense industry (link below).
Some highlights of the new policy (gov.cn):

...

sources

Gov.cn: 国务院办公厅关于推动国防科技工业军民融合深度发展的意见

Gov.cn: China to promote military-civil integration in defense technology industry

December 5, 2017

Is Xi a match for village cadres?

Xi Jinping has done a remarkable job of consolidating power over the central Party apparatus. But it’s at the local level that policy is implemented. And there Xi’s grip is much less certain. To try to increase control over village officials, the Party is setting up new commissions to…

Xi Jinping has done a remarkable job of consolidating power over the central Party apparatus.
But it’s at the local level that policy is implemented. And there Xi’s grip is much less certain.
To try to increase control over village officials, the Party is setting up new commissions to...

sources

Gov.cn: 中共中央办公厅国务院办公厅印发《关于建立健全村务监督委员会的指导意见》

Gov.cn: China to enhance supervision of village affairs

December 5, 2017

CBRC ups the ante, supposedly

Speaking of greater fines. A senior official at the banking regulator (CBRC) has been touting this year’s progress on greater banking oversight. Head of the Prudential Regulation Bureau, Xiao Yuanqi, pointed out over the weekend that growth of wealth management products fell to a measly 4….

Speaking of greater fines. A senior official at the banking regulator (CBRC) has been touting this year’s progress on greater banking oversight.
Head of the Prudential Regulation Bureau, Xiao Yuanqi, pointed out over the weekend that growth of wealth management products fell to a measly 4....

sources

The Paper: 银监会：前10个月共处罚银行1486家，罚没6.67亿元

December 5, 2017

Regulators get serious about WMPs

Minsheng Bank is in trouble. The reason: It sold fake wealth management products (WMPs) and got busted. The response of regulators feels more serious than in the past for two reasons. First, is the strict nature of the penalty (Caixin): “The bank was ordered to pay a fine of 27.5 mil…

Minsheng Bank is in trouble.
The reason: It sold fake wealth management products (WMPs) and got busted.
The response of regulators feels more serious than in the past for two reasons.
First, is the strict nature of the penalty (Caixin):

“The bank was ordered to pay a fine of 27.5 mil...

sources

Caixin: Minsheng Bank Fined Record $4 Million for Wealth Management Fraud

December 5, 2017

Bank funding troubles loom

Banks are once again ramping up the competition for deposits. That’s a big deal because the join-stock banks are now saying they can’t continue to reduce interbank borrowings if they don’t have other reliable funding sources (see link below). Because of that, banks are focused on attracti…

Banks are once again ramping up the competition for deposits.
That’s a big deal because the join-stock banks are now saying they can’t continue to reduce interbank borrowings if they don’t have other reliable funding sources (see link below).
Because of that, banks are focused on attracti...

sources

21st Century Biz: 银行存款“压力山大” 储蓄争夺战如何应对？

21st Century Biz: 花式”拉存追因：社会融资结构大挪移叠加居民加杠杆

The Paper: 民营银行潮退去：业务资质不全存款难拉，多位行长闪电离职

December 4, 2017

Wang Qishan is still playing a big role

Wang Qishan no longer has any formal Party roles. But according to the SCMP, he still has a seat at the Party’s top table: “He has been given the rare privilege of attending meetings of the party’s supreme Politburo Standing Committee as a non-voting member.” And he is still working at Party …

Wang Qishan no longer has any formal Party roles. But according to the SCMP, he still has a seat at the Party’s top table:

“He has been given the rare privilege of attending meetings of the party’s supreme Politburo Standing Committee as a non-voting member.”

And he is still working at Party ...

sources

SCMP: Wang Qishan still attending top Communist Party meetings and in line for China’s vice-presidency

December 4, 2017

China is intent on balkanizing the internet

Xi Jinping wants to make his mark on human history (see Entry #1). His most lasting legacy may be how he reshapes the global internet. Ever since 2014, Xi has been promoting the idea of “cyber sovereignty”. What it means: That national governments can erect borders in cyber…

Xi Jinping wants to make his mark on human history (see Entry #1).
His most lasting legacy may be how he reshapes the global internet. Ever since 2014, Xi has been promoting the idea of “cyber sovereignty”.
What it means: That national governments can erect borders in cyber...

sources

CPC People: 习近平总书记引领推动网络强国战略综述：朝着建设网络强国目标不懈努力

NYT: China’s Top Ideologue Calls for Tight Control of Internet

Quartz: Tim Cook and Sundar Pichai’s surprise remarks at China’s “open internet” conference

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