string(13) "markets-macro"

Macro

November 23, 2017

Get ready for more FX volatility

China’s banks must be reading the Tip Sheet. They are prepping for greater exchange rate volatility and flexibility — something we’ve been arguing is imminent. How are they doing it? By ramping up their foreign currency deposits as a buffer against coming swings (Bloomberg): “… Username Password Remember Me Forgot Password

China’s banks must be reading the Tip Sheet.
They are prepping for greater exchange rate volatility and flexibility — something we’ve been arguing is imminent.
How are they doing it? By ramping up their foreign currency deposits as a buffer against coming swings (Bloomberg):

“...

sources

Bloomberg: China’s Banks Are Getting Ready for Bigger Swings in the Yuan

November 23, 2017

China’s bond market keeps gyrating

The hits just keep on coming. Yields on Chinese bonds keep backing up (i.e. edging higher) on the expectation that the “financial regulatory storm” is here to stay. The most recent victim? The policy banks (Caixin): “Yields on quasi-sovereign issuers even exceeded 5%. The yiel…

The hits just keep on coming.
Yields on Chinese bonds keep backing up (i.e. edging higher) on the expectation that the “financial regulatory storm” is here to stay.
The most recent victim? The policy banks (Caixin):

“Yields on quasi-sovereign issuers even exceeded 5%. The yiel...

sources

Caixin: Government-Bond Selloff Continues Amid Tightening Concerns

November 22, 2017

A comma worth a trillion?

We love Yang Weimin these days. He helped draft the economic section of Xi’s 19th Party Congress report. And he has become a key spokesman on economic policy. In a speech today, he pointed out a barely noticeable change of wording on the market’s role: “It was ‘let the market play a …

We love Yang Weimin these days. He helped draft the economic section of Xi’s 19th Party Congress report. And he has become a key spokesman on economic policy.
In a speech today, he pointed out a barely noticeable change of wording on the market’s role:

“It was ‘let the market play a ...

sources

Sina: 杨伟民透露：总书记亲自组织会议研究住房租赁等问题

November 22, 2017

China could benefit from Mugabe’s ouster in Zimbabwe

The African strongman’s 37-year reign ended when he resigned on Tuesday, six days after a coup placed him under house arrest. Why are you reading about this in a newsletter about China? Because one of the key architects of the coup, General Constantino Chiwenga, made a trip to Beijin…

The African strongman’s 37-year reign ended when he resigned on Tuesday, six days after a coup placed him under house arrest.
Why are you reading about this in a newsletter about China?
Because one of the key architects of the coup, General Constantino Chiwenga, made a trip to Beijin...

sources

The Guardian: China rejects claims it had hand in efforts to oust Robert Mugabe

Asia Times: Coup in Zimbabwe: A win-win for China – for now

November 22, 2017

Slow progress with Japan ties

Sino-Japanese relations have been frigid under Xi Jinping and Japanese Prime Minister Shinzo Abe. But there were signs of a slight thaw Tuesday, when Premier Li Keqiang met with the biggest ever business delegation from Japan, consisting of over 250 members. Li struck a positive tone (gov….

Sino-Japanese relations have been frigid under Xi Jinping and Japanese Prime Minister Shinzo Abe.
But there were signs of a slight thaw Tuesday, when Premier Li Keqiang met with the biggest ever business delegation from Japan, consisting of over 250 members.
Li struck a positive tone (gov....

sources

Bloomberg: China’s Li Tells Japanese Business Group That Ties Are Improving

Gov.cn: Premier Li expresses hope on China-Japan relations

November 22, 2017

Xi nets first tiger of second term

That’s how Chinese media are characterizing the investigation of Lu Wei, former “internet czar” and head of China’s cyberspace regulator (CAC). The message: The anti-corruption campaign continues. Some context: The outspoken Lu was CAC head from 2013 and 2016. In 2015, he was sel…

That’s how Chinese media are characterizing the investigation of Lu Wei, former “internet czar” and head of China’s cyberspace regulator (CAC).
The message: The anti-corruption campaign continues.
Some context: The outspoken Lu was CAC head from 2013 and 2016. In 2015, he was sel...

sources

CCDI: 中共中央宣传部原副部长鲁炜涉嫌严重违纪接受组织审查

CCDI: 十九大闭幕不到一月即打下”首虎” 反腐败斗争一刻不停歇

CCDI: 十九大后”首虎”落马，机动式巡视作用彰显

November 22, 2017

Xi still aiming to eliminate poverty

Xi Jinping has said that he will eradicate poverty by 2020, and he’s mobilized the Party-state to realize that vision. The central government will do its part by increasing funds for poverty alleviation. That’s according to a new policy to tackle poverty in extremely poor regions, par…

Xi Jinping has said that he will eradicate poverty by 2020, and he’s mobilized the Party-state to realize that vision.
The central government will do its part by increasing funds for poverty alleviation.
That’s according to a new policy to tackle poverty in extremely poor regions, par...

sources

Gov.cn: 中办国办印发意见支持深度贫困地区脱贫攻坚

November 22, 2017

China’s property policy is in flux

There are new developments in the sector daily, as regulators try to rein in developers and developers try to stay one step ahead. Here’s the latest from the regulators (Reuters 1): “China will step up financial regulation and crack down on speculation in the property market to stabilize…

There are new developments in the sector daily, as regulators try to rein in developers and developers try to stay one step ahead.
Here’s the latest from the regulators (Reuters 1):

“China will step up financial regulation and crack down on speculation in the property market to stabilize...

sources

Reuters: China to step up property market regulation to avoid bubble risk

Reuters: Chinese developers turn to mortgage balance-ABS for liquidity

Caixin: Developer Vanke Plans to Pivot to Rental Housing, CEO says

November 22, 2017

Micro-lending gets whacked

China’s financial regulators are on a mission to shut down risk. The latest victims are online peer-to-peer lenders (Reuters): “China’s financial regulators on Tuesday took steps to clamp down on the fast-growing market for web-based micro-lenders, a credit sector Beijing has grown increa…

China’s financial regulators are on a mission to shut down risk. The latest victims are online peer-to-peer lenders (Reuters):

“China’s financial regulators on Tuesday took steps to clamp down on the fast-growing market for web-based micro-lenders, a credit sector Beijing has grown increa...

sources

Reuters: China clamps down on micro-loan market; U.S.-listed shares plunge

Caixin: 趣店跳水回购自救现金贷监管始发力

November 21, 2017

Reform team gets to work

Yesterday’s LSGCDR meeting was productive. It approved 16 documents, and discussed one more. The documents covered a wide range of policy areas. Those notable to investors and businesses include: A guideline giving the national legislature more oversight of state-owned assets A…

Yesterday’s LSGCDR meeting was productive. It approved 16 documents, and discussed one more.
The documents covered a wide range of policy areas. Those notable to investors and businesses include:

A guideline giving the national legislature more oversight of state-owned assets
A...

sources

CPC People: 习近平：全面贯彻党的十九大精神坚定不移将改革推向深入

November 21, 2017

Key players in Xi’s second term

Xi chaired a meeting of the Leading Small Group for Comprehensively Deepening Reform (LSGCDR) this week. It was the first meeting of the group since the 19th Party Congress. Some context: The group meets roughly once a month. It was established by Xi in 2014 and has become the most im…

Xi chaired a meeting of the Leading Small Group for Comprehensively Deepening Reform (LSGCDR) this week. It was the first meeting of the group since the 19th Party Congress.
Some context: The group meets roughly once a month. It was established by Xi in 2014 and has become the most im...

sources

CPC People: 习近平：全面贯彻党的十九大精神坚定不移将改革推向深入

November 21, 2017

SOEs are getting bigger and happier

Our monthly update on SOE performance is getting a bit boring. Profits continue to improve, and debt-to-asset ratios remain stable. SOEs are making money: Total SOE profit growth was 24.6% y/y through the first ten months of 2017. Local SOEs are raking it in: Profits for central SOEs grew by…

Our monthly update on SOE performance is getting a bit boring. Profits continue to improve, and debt-to-asset ratios remain stable.
SOEs are making money:

Total SOE profit growth was 24.6% y/y through the first ten months of 2017.

Local SOEs are raking it in:

Profits for central SOEs grew by...

sources

MoF: 2017年1-10月全国国有及国有控股企业经济运行情况

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