string(13) "markets-macro"

Macro

September 8, 2017

PBoC shifts gears on the currency

After two years of fighting against currency devaluation, the central bank is now backpedaling to try and cap the currency’s strength. The regulator has scrapped two rules that were previously put in place to keep the currency from falling (WSJ): “[One] move, which ends a deposit req… Username Password Remember Me Forgot Password

After two years of fighting against currency devaluation, the central bank is now backpedaling to try and cap the currency’s strength.
The regulator has scrapped two rules that were previously put in place to keep the currency from falling (WSJ):

“[One] move, which ends a deposit req...

sources

WSJ: China Is Striving to Contain Its Once-Diving, Now-Thriving Yuan

September 8, 2017

China goes to Mars

Sometimes China can feel like a different planet. Sometimes that’s on purpose. China is trying to recreate Mars in Qinghai (China Daily): “China’s future Mars simulation base . . . [will be a] scientific research base and eco-tourism site.” “The red rock area in Qaidam basin in western Qinghai…

Sometimes China can feel like a different planet.
Sometimes that’s on purpose.
China is trying to recreate Mars in Qinghai (China Daily):

“China’s future Mars simulation base . . . [will be a] scientific research base and eco-tourism site.”
“The red rock area in Qaidam basin in western Qinghai...

sources

Youtube: Aerial view of China’s first Mars simulation base

China Daily: In pics: China’s future Mars simulation base in Qinghai

September 8, 2017

Youth League further decimated

The SCMP reports that Qin Yizhi, head of the Communist Youth League (CYL), will be demoted: “A Beijing-based source told the South China Morning Post: ‘Qin is leaving, but the news has not yet been made public.’” “A third source close to the youth league said Qin had been plagued with unfavourable …

The SCMP reports that Qin Yizhi, head of the Communist Youth League (CYL), will be demoted:

“A Beijing-based source told the South China Morning Post: ‘Qin is leaving, but the news has not yet been made public.’”
“A third source close to the youth league said Qin had been plagued with unfavourable ...

sources

SCMP: China Communist Youth League boss faces demotion, sources say, as influence of once powerful group wanes

September 8, 2017

Politics are opaque

China watchers are hoping the 19th Party Congress will shed light on the magnitude of Xi Jinping’s power – and what he plans to do with it. In a smart take, The Economist this week explains why we still might be in the dark, even after the Congress. Three examples: “Retaining Mr Wang [Qishan] would…

China watchers are hoping the 19th Party Congress will shed light on the magnitude of Xi Jinping’s power – and what he plans to do with it.
In a smart take, The Economist this week explains why we still might be in the dark, even after the Congress.
Three examples:

“Retaining Mr Wang [Qishan] would...

sources

The Economist: A Communist Party gathering in China will test Xi Jinping’s power

September 8, 2017

Xi Jinping is confident – but not overconfident

Xi’s first five years have been remarkable for the confidence that Xi Jinping has displayed on the world stage. But for all his bravado, Xi is still quick to point out that China has a long way to go. His July 26th speech to top officials stated that China remains at the “primary stage of… Read More »

Xi’s first five years have been remarkable for the confidence that Xi Jinping has displayed on the world stage.
But for all his bravado, Xi is still quick to point out that China has a long way to go. His July 26th speech to top officials stated that China remains at the “primary stage of socialism”...

sources

CCDI: 认识和把握我国社会发展的阶段性特征

Xinhua: 习近平：为决胜全面小康社会实现中国梦而奋斗

September 8, 2017

August trade accelerates and decelerates

Get excited. China’s trade data for August came out on Friday. Exports grew by 5.5% y/y – that’s down from 7.2% in July. Imports grew by 13.3% y/y – that’s up from 11% in July. What it means: The stronger-than-expected import data means that domestic demand remains pretty steady. We s…

Get excited. China’s trade data for August came out on Friday.
Exports grew by 5.5% y/y – that’s down from 7.2% in July.
Imports grew by 13.3% y/y – that’s up from 11% in July.
What it means: The stronger-than-expected import data means that domestic demand remains pretty steady. We s...

sources

CNBC: China August imports beat expectations, but exports disappoint

September 8, 2017

FX reserves inch up again

How far we have come. China’s foreign exchange reserves rose for the seventh consecutive month in August. Reserves climbed by USD 11 billion – they now stand at USD 3.09 trillion. Meanwhile, the RMB just saw its best monthly performance in over a decade. The onshore currency strengthe…

How far we have come. China’s foreign exchange reserves rose for the seventh consecutive month in August.
Reserves climbed by USD 11 billion – they now stand at USD 3.09 trillion.
Meanwhile, the RMB just saw its best monthly performance in over a decade. The onshore currency strengthe...

sources

Bloomberg: China Foreign Reserves Rise a Seventh Month Amid Yuan Strength

21st Century Biz: 人民币大涨背后企业、对冲基金套保投资策略摇摆

September 8, 2017

China Tip Sheet September 8: Strong RMB…boring trade…neutered CYL…opaque politics…Mars and more!

China’s most dangerous bank China Merchants Bank has been on a stock market tear recently. But the WSJ’s Anjani Trivedi thinks it is overvalued: “The bank is deeply reliant on so-called wealth-management products, which are short-term investments that promise higher returns than ordinary bank…

China’s most dangerous bank
China Merchants Bank has been on a stock market tear recently. But the WSJ’s Anjani Trivedi thinks it is overvalued:

“The bank is deeply reliant on so-called wealth-management products, which are short-term investments that promise higher returns than ordinary bank...

sources

WSJ: China’s Most Dangerous Bank

China Securities Journal: 招行是不是中国最危险的银行？

September 7, 2017

China is setting standards

File this under boring but important: The State Council also discussed the improvement of product quality standards yesterday. The key sectors: manufacturing, aerospace, rail, auto and ICT. Get smart: China wants to build its own standards ecosystem – it doesn’t want to simply sign up…

File this under boring but important: The State Council also discussed the improvement of product quality standards yesterday.
The key sectors: manufacturing, aerospace, rail, auto and ICT.
Get smart: China wants to build its own standards ecosystem – it doesn’t want to simply sign up...

sources

Gov.cn: China to improve quality certification

September 7, 2017

Li Keqiang cuts red tape (again)

The State Council convened its weekly meeting yesterday. The agenda: Making it easier to do business. The meeting eliminated 74 administrative approvals that were previously required to operate. Some context: Li has made cutting red tape his signature initiative, and it’s paying off (gov.c…

The State Council convened its weekly meeting yesterday.
The agenda: Making it easier to do business. The meeting eliminated 74 administrative approvals that were previously required to operate.
Some context: Li has made cutting red tape his signature initiative, and it’s paying off (gov.c...

sources

Gov.cn: 李克强主持召开国务院常务会议部署在更大范围推进“证照分离”改革试点等

Gov.cn: China goes further to cut red tape to aid business

September 7, 2017

China is setting standards

File this under boring but important: The State Council also discussed the improvement of product quality standards yesterday.
The key sectors: manufacturing, aerospace, rail, auto and ICT.
Get smart: China wants to build its own standards ecosystem – it doesn’t want to simply sign up...

sources

Gov.cn: China to improve quality certification

September 7, 2017

Li Keqiang cuts red tape (again)

The State Council convened its weekly meeting yesterday.
The agenda: Making it easier to do business. The meeting eliminated 74 administrative approvals that were previously required to operate.
Some context: Li has made cutting red tape his signature initiative, and it’s paying off (...

sources

Gov.cn: 李克强主持召开国务院常务会议部署在更大范围推进“证照分离”改革试点等

Gov.cn: China goes further to cut red tape to aid business

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