string(13) "markets-macro"

Macro

September 28, 2017

China’s SOE behemoths are coming after you, MNCs!

The number of central SOEs has dropped from 117 to 98 in the past five years. It’s going to drop further. Yesterday’s State Council meeting called for consolidating central SOEs in the following sectors: equipment manufacturing coal electricity telecommunication chemicals Those last two secto… Username Password Remember Me Forgot Password

equipment manufacturing
coal
electricity
telecommunication
chemicals

Those last two secto...

sources

Gov.cn: 李克强主持召开国务院常务会议听取推进中央企业重组整合工作汇报等

SCIO: 国新办举行十八大以来国有企业改革情况发布会图文实录

September 28, 2017

China’s money markets are gyrating again, but the PBoC seems chill about it.

Short-term interbank rates have jumped up into high single digits as September comes to a close. As ever, market actors are getting nervous and calling for the central bank to inject some liquidity. But the PBoC has been reticent – it has withdrawn money from the banking system over the pa…

Short-term interbank rates have jumped up into high single digits as September comes to a close.
As ever, market actors are getting nervous and calling for the central bank to inject some liquidity. But the PBoC has been reticent – it has withdrawn money from the banking system over the pa...

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21st Century Biz: 9%! 逆回购利率节前飙涨 MPA考核与非银杠杆上升叠加

September 28, 2017

What aluminum illuminates about policy

What does the government’s push to improve the aluminum industry suggest about policy? First, implementation may be improving (Caixin): “By August, when news of the closure of Hongqiao’s unauthorized plants emerged, it was clear the authorities were serious. Shandong province’s economic planni…

What does the government’s push to improve the aluminum industry suggest about policy?
First, implementation may be improving (Caixin):

“By August, when news of the closure of Hongqiao’s unauthorized plants emerged, it was clear the authorities were serious. Shandong province’s economic planni...

sources

Caixin: Aluminum Prices Surge as China Imposes Curbs

September 28, 2017

China’s aluminum insanity

Are you dumbfounded by what’s going on in China’s aluminum market? Probably not, because you probably don’t think about it much. But it matters – for global prices, for China’s indebted aluminum industry and for China’s efforts at environmental protection. Caixin has a nice rundown of the …

Are you dumbfounded by what’s going on in China’s aluminum market? Probably not, because you probably don’t think about it much.
But it matters – for global prices, for China’s indebted aluminum industry and for China’s efforts at environmental protection.
Caixin has a nice rundown of the ...

sources

Caixin: Aluminum Prices Surge as China Imposes Curbs

September 28, 2017

China and Taiwan disagree

We have long argued that the biggest potential flash point in East Asia is not the Korean peninsula, or the South China Sea, or the Diaoyu/Senkaku islands. It’s Taiwan. Recent events show why: Tuesday, the Taiwanese premier said, in parliament, that Taiwan is an independent country. …

We have long argued that the biggest potential flash point in East Asia is not the Korean peninsula, or the South China Sea, or the Diaoyu/Senkaku islands.
It’s Taiwan.
Recent events show why:

Tuesday, the Taiwanese premier said, in parliament, that Taiwan is an independent country.
...

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Reuters: China says Taiwan not a country, Taiwan says China needs reality check

Xinhua: Mainland opposes “Taiwan independence” in any form: spokesperson

September 27, 2017

China wants a national technology market

The State Council released a plan to facilitate technology transfers among companies, researchers and the military. Some context: Universities and research institutes are leading the way in research, but only a small percentage of their patents are actually commercialized by businesse…

The State Council released a plan to facilitate technology transfers among companies, researchers and the military.
Some context: Universities and research institutes are leading the way in research, but only a small percentage of their patents are actually commercialized by businesse...

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Gov.cn: 国务院关于印发国家技术转移体系建设方案的通知

Gov.cn: Govt plans to build national technology transfer system

China Daily: UAE to launch tech transfer center to tie up with Chinese companies

September 27, 2017

We’ve got another Wang Qishan sighting

Wang met with Cambodian Deputy Prime Minister Men Sam An on Tuesday. What does it mean? Nothing really. Men Sam An oversees Party discipline for the Cambodian People’s Party, so the two were just comparing notes. It’s all in day’s work for Wang. Get smart: These party-to-party meetings are…

Wang met with Cambodian Deputy Prime Minister Men Sam An on Tuesday.
What does it mean? Nothing really. Men Sam An oversees Party discipline for the Cambodian People’s Party, so the two were just comparing notes. It’s all in day’s work for Wang.
Get smart: These party-to-party meetings are...

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CPC People: 王岐山会见柬埔寨副首相梅森安

September 27, 2017

China wants better world policemen

Xi Jinping addressed the Interpol General Assembly in Beijing yesterday (full speech linked below). XI praised the organization and promised to help it beef up its operations (China Daily): “China will ‘help . . . 100 developing countries build or upgrade communication systems and crime l…

Xi Jinping addressed the Interpol General Assembly in Beijing yesterday (full speech linked below).
XI praised the organization and promised to help it beef up its operations (China Daily):

“China will ‘help . . . 100 developing countries build or upgrade communication systems and crime l...

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CPC People: 习近平：坚持合作创新法治共赢携手开展全球安全治理

China Daily: Xi pledges to help strengthen Interpol

September 27, 2017

Keep tabs on Sina

Their battle with an activist hedge fund investor is a perfect illustration of the risks of investing in Chinese companies – no matter where they are listed. Caixin spells out the latest: “Leading web portal Sina Corp. defended its corporate governance and the low valuation of its U.S. stock a…

Their battle with an activist hedge fund investor is a perfect illustration of the risks of investing in Chinese companies – no matter where they are listed.
Caixin spells out the latest:

“Leading web portal Sina Corp. defended its corporate governance and the low valuation of its U.S. stock a...

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Caixin: Sina Spurns Activist Investor as Proxy Fight Heats Up

September 27, 2017

China’s SOEs had another happy month

As you might imagine, solid industrial profits redounded mostly to SOEs. In fact, China’s state-owned companies have now seen 21.7% y/y profit growth through the first eight months of 2017. Not too shabby. Profits for central SOEs grew by 16.1% y/y, while profits for the local guys grew by a wh…

As you might imagine, solid industrial profits redounded mostly to SOEs.
In fact, China’s state-owned companies have now seen 21.7% y/y profit growth through the first eight months of 2017. Not too shabby.
Profits for central SOEs grew by 16.1% y/y, while profits for the local guys grew by a wh...

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MoF: 2017年1-8月全国国有及国有控股企业经济运行情况

NDRC: 我国企业杠杆率由升转降潜在债务风险趋于下降

September 27, 2017

Prices matter

Higher prices continue to drive strong industrial profits in China. At 24% y/y, August saw the strongest profit growth for industrial companies since the beginning of 2017 (Reuters): “Profits in August jumped 24 percent to 672 billion yuan ($101.21 billion), the biggest percentage jump since the Ja…

Higher prices continue to drive strong industrial profits in China. At 24% y/y, August saw the strongest profit growth for industrial companies since the beginning of 2017 (Reuters):

“Profits in August jumped 24 percent to 672 billion yuan ($101.21 billion), the biggest percentage jump since the Ja...

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Reuters: China’s August industrial profit growth accelerates as commodity prices surge

September 27, 2017

China’s banks are slowly coming to heel

We know that sounds heretical, but just look at the bank asset data – to us, it’s the broadest and most important measure of what’s going on in China’s banking system right now. The latest data – for August – shows that bank assets expanded at 10.9% y/y in August – that is down from 11.3%… Read More »

We know that sounds heretical, but just look at the bank asset data – to us, it’s the broadest and most important measure of what’s going on in China’s banking system right now.
The latest data – for August – shows that bank assets expanded at 10.9% y/y in August – that is down from 11.3% in Ju...

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CBRC: 2017年总资产、总负债(月度)

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