string(13) "markets-macro"

Macro

August 11, 2017

China’s latest bank run

You might not have noticed, but China just experienced a bank run. It wasn’t a nation-wide affair, though – It was contained to a small lender in Shandong (SCMP): “Linshang Bank, a lender with 61 billion yuan (US$9.1 billion) in deposits, said in a brief statement on its website that the spate… Username Password Remember Me… Read More »

You might not have noticed, but China just experienced a bank run.
It wasn’t a nation-wide affair, though – It was contained to a small lender in Shandong (SCMP):

“Linshang Bank, a lender with 61 billion yuan (US$9.1 billion) in deposits, said in a brief statement on its website that the spate...

sources

SCMP: In sign of financial stress, gossips cause a rare bank run in China

China Banking News: Police Arrest Instigators of Bank Run in Shandong Province

August 11, 2017

China wants to look tough on trade

China wants to talk tough without upping the ante on trade tensions with the US. That’s why the Commerce Ministry issued a statement on Thursday, without explicitly warning of retaliation – for now (CNN Money): “U.S. Commerce Secretary Wilbur Ross this week announced a preliminary decision to slap …

“U.S. Commerce Secretary Wilbur Ross this week announced a preliminary decision to slap ...

sources

CNN: China warns U.S. over aluminum dispute

August 11, 2017

Real estate’s excessive prosperity

We’ve written a lot about property recently. That’s because it’s so important to the Chinese economy. But it’s a double-edged sword. Strong property activity has helped to underline growth this year, but the government is increasingly worried about a bubble (FT): “[A]uthorities are increa…

We’ve written a lot about property recently. That’s because it’s so important to the Chinese economy.
But it’s a double-edged sword. Strong property activity has helped to underline growth this year, but the government is increasingly worried about a bubble (FT):

“[A]uthorities are increa...

sources

FT: Chinese top official warns economy ‘kidnapped’ by property bubble

August 11, 2017

A fresh take on Xi

Chris Johnson at CSIS is one of our favorite China watchers. Lucky for us – and you – he’s got a new piece on Chinese politics out (link below). It’s very much worth reading in full, but the thrust of it is that Xi Jinping is likely to transgress many of the commonly accepted “norms” of Ch…

Chris Johnson at CSIS is one of our favorite China watchers. Lucky for us – and you – he’s got a new piece on Chinese politics out (link below).
It’s very much worth reading in full, but the thrust of it is that Xi Jinping is likely to transgress many of the commonly accepted “norms” of Ch...

sources

CSIS: Chinese Politics Has No Rules, But It May Be Good if Xi Jinping Breaks Them

August 11, 2017

This is Xi’s Party

Part of the reason that we are in uncharted territory as we head into the Party Congress, is that the rules of the game have changed under Xi Jinping. Literally. As Xinhua reminds us: “In the past five years, the CPC Central Committee has formulated or revised nearly 80 Party regulations, accountin…

Part of the reason that we are in uncharted territory as we head into the Party Congress, is that the rules of the game have changed under Xi Jinping. Literally. As Xinhua reminds us:

“In the past five years, the CPC Central Committee has formulated or revised nearly 80 Party regulations, accountin...

sources

Xinhua: Backgrounder: China’s comprehensive moves in advancing rule of law

August 11, 2017

Daddy Xi wishes Trump and Kim would behave like adults

Frustrated. That’s how China feels about its ability to influence the situation on the Korean peninsula. The reason? Neither the US or North Korea will listen to China. Professor of international strategic research – and expert on North Korea – Zhang Liangui sums it up: “China has never ‘owned…

Frustrated. That’s how China feels about its ability to influence the situation on the Korean peninsula.
The reason? Neither the US or North Korea will listen to China. Professor of international strategic research – and expert on North Korea – Zhang Liangui sums it up:

“China has never ‘owned...

sources

Reuters: China seethes on sidelines amid latest North Korea crisis

August 10, 2017

Beach Party

Most of China’s top leaders haven’t made public appearances over the past week. That means one thing: they are gathering for the annual conclave at Beidaihe, a beach resort northeast of Beijing. One public appearance we have seen was by the Party’s #5, Liu Yunshan, at the beach town on Wednesda…

Most of China’s top leaders haven’t made public appearances over the past week. That means one thing: they are gathering for the annual conclave at Beidaihe, a beach resort northeast of Beijing.
One public appearance we have seen was by the Party’s #5, Liu Yunshan, at the beach town on Wednesda...

sources

Xinhua: 刘云山看望慰问北戴河暑期休假专家

August 10, 2017

About those off-balance-sheet assets…

Thanks to all the Tip Sheet readers who heeded our call to help figure out China’s bank assets. We have received some great insights on the potential meaning behind the PBoC’s statement that banks’ off-balance-sheet assets are equal to 109% of on-balance-sheet assets (see Tuesday’s Tip Sheet). …

Thanks to all the Tip Sheet readers who heeded our call to help figure out China’s bank assets.
We have received some great insights on the potential meaning behind the PBoC’s statement that banks’ off-balance-sheet assets are equal to 109% of on-balance-sheet assets (see Tuesday’s Tip Sheet).
...

sources

PBoC: 中国金融稳定报告

August 10, 2017

CBRC preps for a banking crisis

You can file this one in the “boring but important” category, but China’s banking regulator (CBRC) is working on net settlement rules. What’s that you ask? It’s basically a mechanism for sorting out all the various transactions between entities and coming up with a single figure for how much mo…

You can file this one in the “boring but important” category, but China’s banking regulator (CBRC) is working on net settlement rules.
What’s that you ask? It’s basically a mechanism for sorting out all the various transactions between entities and coming up with a single figure for how much mo...

sources

21st Century Biz: 银监会：正在起草《商业银行破产风险处置条例》

ISDA: Netting and Collateral

August 10, 2017

Banks prep for a banking crisis

China’s smaller banks are prepping for tough times as well. City commercial banks are banding together to create “mutual assistance” funds that can be tapped when liquidity gets tight. These funds are being created in conjunction with provincial authorities, at the behest of the CBRC (link belo…

China’s smaller banks are prepping for tough times as well.
City commercial banks are banding together to create “mutual assistance” funds that can be tapped when liquidity gets tight.
These funds are being created in conjunction with provincial authorities, at the behest of the CBRC (link belo...

sources

21st Century Biz: 应对钱紧，城商行、农商行等建立“流动性互助机制”

CBRC: 中国银监会关于银行业风险防控工作的指导意见

August 10, 2017

Tianjin’s Party Secretary is sweating

Tianjin party secretary Li Hongzhong should get a seat on the Politburo at the congress this Fall. BUT. Recent criticisms by the central government have some analysts wondering if Li’s position is more tenuous than previously thought. Recent inspections found that Tianjin officials ha…

Tianjin party secretary Li Hongzhong should get a seat on the Politburo at the congress this Fall.
BUT. Recent criticisms by the central government have some analysts wondering if Li’s position is more tenuous than previously thought.
Recent inspections found that Tianjin officials ha...

sources

Xinhua: 中央环保督察组向天津反馈督察情况指出四大问题

Xinhua: 求职大学生疑入传销溺亡通过BOSS直聘进“李鬼”公司

Xinhua: 对环保督察意见整改不力天津两名副区长被免职

Tianjin.gov: 李鸿忠深入北辰区暗访抽查中央环保督察反馈意见整改落实情况

Tianjin.gov: 重典治乱除恶务尽打赢清除传销的人民战争

People's Daily: 坚定不移沿着“三个着力”指引的方向前进

August 10, 2017

An outline for SOE debt

Xi Jinping got the diagnosis right at the Financial Work Conference – SOE debt is the key driver of China’s leverage. Not much has been done to address the issue, but we are seeing baby steps. The most recent was from the NDRC, who advocates the following this week: Prioritize SOEs to lower t…

Xi Jinping got the diagnosis right at the Financial Work Conference – SOE debt is the key driver of China’s leverage.
Not much has been done to address the issue, but we are seeing baby steps.

The most recent was from the NDRC, who advocates the following this week:

Prioritize SOEs to lower t...

sources

NDRC: 我国降低企业杠杆率工作取得初步成效

Shanghai Securities News: 央行和国资委近期有望祭出降杠杆组合拳

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