string(13) "markets-macro"

Macro

August 15, 2017

The Party is in the boardroom

China watchers have clearly seen the resurgence of the Party under Xi Jinping. That includes a greater say over policy, at the expense of government organs, and it has meant a greater presence in business – both state-owed and private, domestic and foreign. But the Party’s influence over business ha… Username Password Remember Me … Read More »

China watchers have clearly seen the resurgence of the Party under Xi Jinping.
That includes a greater say over policy, at the expense of government organs, and it has meant a greater presence in business – both state-owed and private, domestic and foreign.
But the Party’s influence over business ha...

sources

WSJ: Now Advising China’s State Firms: The Communist Party

August 15, 2017

Apple and Guizhou’s marriage of convenience

This may seem like old news – Apple struck an agreement with the Guizhou provincial government back in July to build a big data center and offer China-based cloud computing services. But the latest is that the Guizhou government has now announced a high-level taskforce to advance the proje…

This may seem like old news – Apple struck an agreement with the Guizhou provincial government back in July to build a big data center and offer China-based cloud computing services.
But the latest is that the Guizhou government has now announced a high-level taskforce to advance the proje...

sources

Xinhua: 贵州省政府决定:成立苹果iCloud项目推进协调工作领导小组

Jiemian: 大数据经济贵州路径：政用带动商用，民用尚有多远

TechNode: Hinterland Guizhou to advance Apple’s first data center in China

August 15, 2017

China needs money for the Belt and Road

Xi’s Belt and Road Initiative (BRI) is often described as a trillion-dollar initiative. That’s a lot of money, and it’s why China is exploring ways to attract funding for BRI projects. PBOC vice governor Yin Yong and the bank’s head of research Sun Guofeng spoke at a recent forum on the BRI. Th…

Xi’s Belt and Road Initiative (BRI) is often described as a trillion-dollar initiative.
That’s a lot of money, and it’s why China is exploring ways to attract funding for BRI projects.
PBOC vice governor Yin Yong and the bank’s head of research Sun Guofeng spoke at a recent forum on the BRI. Th...

sources

Sina: 殷勇：优化开发性金融模式更好服务一带一路建设

China Finance 40 Forum: 央行孙国峰：可通过为“一带一路”提供资金支持推动人民币国际化迈入新阶段

August 15, 2017

Too big to fail

Systemically important enterprises. That’s the new idea put forward by Chen Yuan, vice chairman of China’s political consultative body (CPPCC) at a recent forum. It’s analogous to identifying systemically important financial institutions, but with a different twist: Systemically important busi…

Systemically important enterprises. That’s the new idea put forward by Chen Yuan, vice chairman of China’s political consultative body (CPPCC) at a recent forum.
It’s analogous to identifying systemically important financial institutions, but with a different twist:

Systemically important busi...

sources

Sina: 陈元：开发性金融将在一带一路建设中大有所为

August 14, 2017

Xi is stuck in the middle on North Korea

With North Korea lobbing missiles and the US president promising to rain down “fire, fury and… power the likes of which this world has never seen before”, the risk of military action grows on a daily basis. That’s the last thing that China wants. We know Xi Jinping is frustrated with Kim Jong-un (NY…

With North Korea lobbing missiles and the US president promising to rain down “fire, fury and… power the likes of which this world has never seen before”, the risk of military action grows on a daily basis.
That’s the last thing that China wants.
We know Xi Jinping is frustrated with Kim Jong-un (NY...

sources

People's Daily: 习近平应约同美国总统特朗普通电话

NYT: Trump Eyes China Sanctions While Seeking Its Help on North Korea

China Daily: Xi urges restraint on Korean Peninsula nuclear issue in phone talks with Trump

August 14, 2017

Xi’s way forward on North Korea

That’s not to say that China doesn’t have advice for how to solve the problem. The preferred solution is a “double suspension”, described by foreign minister Wang Yi in March (Xinhua): “the Democratic People’s Republic of Korea (DPRK) may suspend its nuclear and missile activities in exchange …

That’s not to say that China doesn’t have advice for how to solve the problem. The preferred solution is a “double suspension”, described by foreign minister Wang Yi in March (Xinhua):

“the Democratic People’s Republic of Korea (DPRK) may suspend its nuclear and missile activities in exchange ...

sources

Xinhua: China proposes “double suspension” to defuse Korean Peninsula crisis

August 14, 2017

Xi’s broader strategy

Xi continues to try to personally engage and reassure Trump. He wants to do just enough on the security front to repeatedly delay any US trade actions. Xi’s simple, unwavering goals: keep a war from breaking out on his border avoid destabilizing relations with the US ahead of the 19th Party Congres…

Xi continues to try to personally engage and reassure Trump. He wants to do just enough on the security front to repeatedly delay any US trade actions.
Xi’s simple, unwavering goals:

keep a war from breaking out on his border
avoid destabilizing relations with the US ahead of the 19th Party Congres...

sources

Bloomberg: Trump Is Ready to Turn Up the Heat on China Over IP Transfers

August 14, 2017

China shakes up its North Korea team

With developments headed in the wrong direction, China has selected a new point man for Korean affairs (SCMP): “Wu Dawei, China’s top negotiator in the long-stalled six-party talks…has been replaced by Kong Xuanyou, currently the top Chinese diplomat in charge of Asian affairs.” “Beijing has yet to…

With developments headed in the wrong direction, China has selected a new point man for Korean affairs (SCMP):

“Wu Dawei, China’s top negotiator in the long-stalled six-party talks…has been replaced by Kong Xuanyou, currently the top Chinese diplomat in charge of Asian affairs.”
“Beijing has yet to...

sources

SCMP: Meet the Chinese diplomat with the world’s toughest job … taming North Korea

August 14, 2017

Some red flags on economic momentum

China’s latest monthly economic data came out this morning. Some key highlights: Industrial production grew at 6.4% y/y – that’s down from 7.6% in June. Retail sales (shorthand for consumption) grew 10.4% y/y – down from 11% in June. Investment decelerated fairly rapidly, growing at about 6.5%…

China’s latest monthly economic data came out this morning. Some key highlights:

Industrial production grew at 6.4% y/y – that’s down from 7.6% in June.
Retail sales (shorthand for consumption) grew 10.4% y/y – down from 11% in June.
Investment decelerated fairly rapidly, growing at about 6.5%...

sources

NBS: Overall Economic Performance was Steady with Continued Sound Momentum in July

August 14, 2017

Explaining monetary policy

The PBoC’s Q2 monetary policy report dropped on Friday. The key section was a deep dive on the “countercyclical factor” that the PBoC introduced for the currency in May. While the bank didn’t spell out an exact algorithm, it did provide some transparency (Reuters): “Under the new regime, each …

The PBoC’s Q2 monetary policy report dropped on Friday.
The key section was a deep dive on the “countercyclical factor” that the PBoC introduced for the currency in May. While the bank didn’t spell out an exact algorithm, it did provide some transparency (Reuters):

“Under the new regime, each ...

sources

Caixin: 央行首次详解“逆周期因子” 称新机制保持较高透明度

Reuters: HIGHLIGHTS-China c.bank’s Q2 monetary policy implementation report

PBoC: 中国货币政策执行报告

August 14, 2017

Explaining monetary policy, cont.

The other key takeaway from the monetary report regarded the Macro-Prudential Assessment (MPA) mechanism, which the PBoC says: “closely links credit growth with reasonable capital needs and economic development, and has the dual attributes of a macro-prudential policy tool and a monetary policy too…

The other key takeaway from the monetary report regarded the Macro-Prudential Assessment (MPA) mechanism, which the PBoC says:

“closely links credit growth with reasonable capital needs and economic development, and has the dual attributes of a macro-prudential policy tool and a monetary policy too...

sources

Sina: 同业存单纳入MPA考核方案和时间表明确

PBoC: 中国货币政策执行报告

August 11, 2017

Xi Jinping’s priorities

China’s top leaders are on the beach in Hebei hashing out the plan for the 19th Party Congress. But official media and the rest of the Party cadres are still busy making sense of Xi Jinping’s most recent pronouncements. Several commentaries over the past several days – mostly in the People…

China’s top leaders are on the beach in Hebei hashing out the plan for the 19th Party Congress.
But official media and the rest of the Party cadres are still busy making sense of Xi Jinping’s most recent pronouncements.
Several commentaries over the past several days – mostly in the People...

sources

People's Daily: 为中国特色社会主义进入新的发展阶段做理论准备

People's Daily: 施芝鸿：准确把握“7·26”重要讲话的五个关键词

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