string(13) "markets-macro"

Macro

November 17, 2017

PBoC tries to thread the needle

The central bank is trying to thread a very fine needle – we told you that on Wednesday. They want bonds to be expensive to stop speculation, but that tightness has precipitated a bond market selloff. As of Thursday, the PBoC was trying to stem the fallout (FT): “China’s central bank inj… Username Password Remember Me… Read More »

The central bank is trying to thread a very fine needle – we told you that on Wednesday.
They want bonds to be expensive to stop speculation, but that tightness has precipitated a bond market selloff. As of Thursday, the PBoC was trying to stem the fallout (FT):

“China’s central bank inj...

sources

FT: China bond yields fall after PBoC liquidity boost

November 17, 2017

Debating reserves

Foreign exchange management was a hot topic at the annual Caixin forum. Some pretty innovative ideas were tossed around. Huang Qifan – vice-chair of the legislature’s economic committee – had the most controversial viewpoint, when he argued (Caixin): “The current method of parking a…

Foreign exchange management was a hot topic at the annual Caixin forum.
Some pretty innovative ideas were tossed around. Huang Qifan – vice-chair of the legislature’s economic committee – had the most controversial viewpoint, when he argued (Caixin):

“The current method of parking a...

sources

Caixin: China’s Forex Management Must Change, Legislator Says

November 17, 2017

Xi shoulders everything

Nearly every official media outlet in the country led with the same article today, a Xinhua commentary entitled “Xi Jinping: your guide for the New Area.” Here’s how the article described Xi: “Groundbreaking leader” “Core of the party formed through great struggle” “Servant who seeks…

Nearly every official media outlet in the country led with the same article today, a Xinhua commentary entitled “Xi Jinping: your guide for the New Area.”
Here’s how the article described Xi:

“Groundbreaking leader”
“Core of the party formed through great struggle”
“Servant who seeks...

sources

CCP People: 习近平：新时代的领路人

November 17, 2017

Xi wants a beautiful China

Xi Jinping has positioned China as a global leader on climate change and the environment. According to a new report by Sam Geall, Executive Editor of chinadialogue, that’s more rhetoric than reality: “It is unlikely China will assume an international leadership position on climate, at least in Xi J…

“It is unlikely China will assume an international leadership position on climate, at least in Xi J...

sources

Lowy Institute: Clear waters and green mountains: Will Xi Jinping take the lead on climate change?

November 16, 2017

The next phase of mixed-ownership

Regulators are expanding state-owned enterprise (SOE) reform efforts (Gov.cn): “China has included another 31 state-owned enterprises (SOEs) in a pilot mixed-ownership reform scheme.” Some context: Mixed-ownership means bringing private capital into state companies. There are c…

Regulators are expanding state-owned enterprise (SOE) reform efforts (Gov.cn):

“China has included another 31 state-owned enterprises (SOEs) in a pilot mixed-ownership reform scheme.”

Some context: Mixed-ownership means bringing private capital into state companies. There are c...

sources

Gov.cn: China includes 31 more SOEs in pilot mixed-ownership reform

NDRC: 国家发展改革委举行11月份定时定主题新闻发布会介绍宏观经济情况并回应热点问题

SCMP: More Communist Party control key to Chinese state firm reforms, says government

November 16, 2017

NDRC is in cost cutting mode

The National Development and Reform commission (NDRC) isn’t happy. That’s because the ports of Shanghai and Tianjin have been using monopolistic tactics to push up prices. Those include: Requiring shipping companies to use the port’s subsidiaries for various services Charging high fees fo…

The National Development and Reform commission (NDRC) isn’t happy.
That’s because the ports of Shanghai and Tianjin have been using monopolistic tactics to push up prices. Those include:

Requiring shipping companies to use the port’s subsidiaries for various services
Charging high fees fo...

sources

NDRC: 国家发展改革委开展港口反垄断调查着力降低企业进出口物流成本

NDRC: 规范港口生产经营行为降低进出口物流成本促进实体经济持续健康发展——国家发展改革委有关负责人就港口反垄断调查答记者问国家发改委：上海港天津港涉嫌违反《反垄断法》

21st Century Biz: 发改委调查发现部分港口涉嫌垄断全国沿海港口大整改开始

November 16, 2017

Xi reaches out to North Korea

Xi Jinping is sending a top diplomat to North Korea (Xinhua): “Song Tao, special envoy of…Xi Jinping, will leave for the Democratic People’s Republic of Korea (DPRK) on Friday.” What’s his agenda? Per the MFA, there are two key topics of discussion: Brief Kim Jong Un and company on the 19th Party…

Xi Jinping is sending a top diplomat to North Korea (Xinhua):

“Song Tao, special envoy of…Xi Jinping, will leave for the Democratic People’s Republic of Korea (DPRK) on Friday.”

What’s his agenda?
Per the MFA, there are two key topics of discussion:

Brief Kim Jong Un and company on the 19th Party...

sources

Xinhua: Xi’s special envoy to visit DPRK

MFA: 2017年11月15日外交部发言人耿爽主持例行记者会

November 16, 2017

How to succeed in the Xi era

Being close to Xi Jinping is one way to get promoted these days. But it’s not the only way. Chen Xi, the Party’s new head of HR, tells cadres how to get ahead in his commentary on the 19th Party Congress. A few tips (People’s Daily): Be loyal to the Party – and to Xi Jinping Have fai…

Being close to Xi Jinping is one way to get promoted these days. But it’s not the only way.
Chen Xi, the Party’s new head of HR, tells cadres how to get ahead in his commentary on the 19th Party Congress.
A few tips (People’s Daily):

Be loyal to the Party – and to Xi Jinping
Have fai...

sources

People's Daily: 培养选拔干部必须突出政治标准

November 16, 2017

Communist Party gets back to basics

We often write about the “Back to Basics” push in the financial sector. But that approach applies to several areas of China’s current political economy. In the political realm, it means putting the “communist” back in the Chinese Communist Party. Here’s what the new Central Party School head, Chen X…

We often write about the “Back to Basics” push in the financial sector. But that approach applies to several areas of China’s current political economy.
In the political realm, it means putting the “communist” back in the Chinese Communist Party.
Here’s what the new Central Party School head, Chen X...

sources

CPC People: 陈希在中央党校2017年秋季学期第二批入学学员开学典礼上强调把思想和行动统一到党的十九大精神上来

November 16, 2017

New policy for policy banks

Speaking of Chinese banks, the three policy banks got an updated mission statement this week, courtesy of the banking regulator (Caixin): “[China Development Bank] should focus on mid- and long-term investment financing, especially in strategic and underdeveloped sectors.” “[Export–Impor…

Speaking of Chinese banks, the three policy banks got an updated mission statement this week, courtesy of the banking regulator (Caixin):

“[China Development Bank] should focus on mid- and long-term investment financing, especially in strategic and underdeveloped sectors.”
“[Export–Impor...

sources

Caixin: New Rules Released on Policy Banks to Enhance Risk Control

21st Century Biz: 银监会详解开发银行、政策性银行监管办法重点完善资本约束和内控管理机制

CBRC: 中国银监会印发《国家开发银行监督管理办法》

CBRC: 中国银监会印发《中国进出口银行监督管理办法》

CBRC: 中国银监会印发《中国农业发展银行监督管理办法》

November 16, 2017

China’s most interesting bank

Meet China’s most interesting bank (Bloomberg): “Bank of Taizhou is being called China’s most profitable lender and has delivered industry-beating loan margins since at least 2013.” “The little-known bank is achieving these results by employing a lending model from Germany to scrutinize i…

Meet China’s most interesting bank (Bloomberg):

“Bank of Taizhou is being called China’s most profitable lender and has delivered industry-beating loan margins since at least 2013.”
“The little-known bank is achieving these results by employing a lending model from Germany to scrutinize i...

sources

Bloomberg: Military Drills Help China’s Best Bank Toughen Up Its Staff

November 15, 2017

Is China finally killing its zombies?

China’s courts are increasingly taking companies through bankruptcy. Ground zero for the restructuring is Dongbei, where the latest case comes from Dalian (Caixin): “The Intermediate People’s Court of Dalian… accepted a petition from Dalian Machine’s creditors on Friday that requested th…

China’s courts are increasingly taking companies through bankruptcy.
Ground zero for the restructuring is Dongbei, where the latest case comes from Dalian (Caixin):

“The Intermediate People’s Court of Dalian… accepted a petition from Dalian Machine’s creditors on Friday that requested th...

sources

Caixin: Another ‘Zombie Company’ Seeks Reorganization

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