string(13) "markets-macro"

Macro

August 9, 2017

Aluminum joins China’s metals party

Steel and iron ore prices have been on a tear in China – we highlighted that last week. Now aluminum is joining the party, thanks in large part to coming capacity cuts (news.com.au): Aluminium hit a two-and-a-half-year peak above $US2,000 a tonne on Tuesday, lifted by growing concer… Username Password Remember Me Forgot Password

Steel and iron ore prices have been on a tear in China – we highlighted that last week.
Now aluminum is joining the party, thanks in large part to coming capacity cuts (news.com.au):

Aluminium hit a two-and-a-half-year peak above $US2,000 a tonne on Tuesday, lifted by growing concer...

sources

News.com.au: Aluminium hits 2-1/2 yr peak on shutdowns

FT: Aluminium trades above $2,000 a tonne for first time in nearly three years

August 9, 2017

Not so fast on upstream disinflation

The latest inflation numbers were hot off the presses this morning. Consumer prices grew 1.4%y/y in July – not much changed from 1.5% in June. Producer prices grew by 5.5%y/y in July – not changed at all from 5.5% in June. Get smart: Most analysts have been predicting that producer pric…

The latest inflation numbers were hot off the presses this morning.

Consumer prices grew 1.4%y/y in July – not much changed from 1.5% in June.
Producer prices grew by 5.5%y/y in July – not changed at all from 5.5% in June.

Get smart: Most analysts have been predicting that producer pric...

sources

Reuters: Steady China factory inflation a boon for industrial profits, economic growth

CNBC: China consumer inflation falls short of expectations

August 9, 2017

A coming fiscal cliff?

The central government’s fiscal taps have been open in the first half of 2017. But that is strange — usually the government keeps its powder dry to spend as needed late in the year. (Bloomberg): Officials usually turn on the taps around November and December, once they know they’ll have raised…

The central government’s fiscal taps have been open in the first half of 2017. But that is strange — usually the government keeps its powder dry to spend as needed late in the year. (Bloomberg):

Officials usually turn on the taps around November and December, once they know they’ll have raised...

sources

Bloomberg: arty Congress Means China Has Spent Year-End Surge Already

August 9, 2017

Cashless payments unnerve the PBoC

(A poster displays Alibaba’s cashless week promotion (August 1- 8) in a shopping mall near the Trivium/China office in Beijing.) Tencent and Alibaba have really been pushing cashless transactions. But the PBoC isn’t exactly comfortable with it all. An internal notice shows that the PBoC s…

(A poster displays Alibaba’s cashless week promotion (August 1- 8) in a shopping mall near the Trivium/China office in Beijing.)
Tencent and Alibaba have really been pushing cashless transactions.
But the PBoC isn’t exactly comfortable with it all.
An internal notice shows that the PBoC s...

sources

Caixin: 线下商家明示谢绝现金是否违法？

Caixin: Central Bank Pushes Payment Companies to Connect With New Clearinghouse

August 9, 2017

The CBRC’s roadmap on debt-for-equity swaps

Debt-for-equity swaps (DES) should be one important tool for addressing China bad debt problem – if regulators can get it right. Till now, they’ve had a difficult time establishing rules of the road for these transactions. But since the National Financial Work Conference flagged DES …

Debt-for-equity swaps (DES) should be one important tool for addressing China bad debt problem – if regulators can get it right.
Till now, they’ve had a difficult time establishing rules of the road for these transactions. But since the National Financial Work Conference flagged DES ...

sources

21st Century Biz: 债转股”管理办法征求意见： 7000亿项目落地在即百亿注册门槛预防一哄而上

21st Century Biz: 银监会就新设债转股实施机构征求意见注册资本不低于100亿

CBRC: 中国银监会关于《商业银行新设债转股实施机构管理办法（试行）》（征求意见稿）公开征求意见的通知

August 9, 2017

All Xi’s men

It’s all quiet on the politics front these days as top leaders enjoy a working holiday in Beidaihe. If you’re jonesing for some Chinese political news (we are!), SCMP has a solid rundown of a few players likely to be promoted at the Party congress. Out of 67 high-level appointments o…

It’s all quiet on the politics front these days as top leaders enjoy a working holiday in Beidaihe.
If you’re jonesing for some Chinese political news (we are!), SCMP has a solid rundown of a few players likely to be promoted at the Party congress.
Out of 67 high-level appointments o...

sources

SCMP: What to expect from Xi Jinping’s Communist Party congress power play

August 9, 2017

Information for the people

The State Council just reviewed government websites across the country. It was a big job: There are 36,916 gov website in total. The goal? Make sure they are on message with the central government. The findings: “96 percent of government websites above county level, and for ministerial depart…

The State Council just reviewed government websites across the country.
It was a big job: There are 36,916 gov website in total.
The goal? Make sure they are on message with the central government.
The findings:

“96 percent of government websites above county level, and for ministerial depart...

sources

Gov.cn: Quarterly review on government websites released

August 8, 2017

Increasing FX reserves don’t mean China is out of the woods

China’s central bank released foreign exchange reserve data for July late on Monday. Official FX reserves increased for the sixth consecutive month – up USD 24 billion, to USD 3.08 trillion. The reason: This increase was due to the same dynamics that have dominated since the beginning of t…

China’s central bank released foreign exchange reserve data for July late on Monday.
Official FX reserves increased for the sixth consecutive month – up USD 24 billion, to USD 3.08 trillion.
The reason: This increase was due to the same dynamics that have dominated since the beginning of t...

sources

Bloomberg: Why China’s Snatched Away the Punch Bowl

21st Century Biz: 外储连增6个月共825亿美元资本外流压力犹存

SCMP: China’s foreign exchange reserves rise to nine-month high of US$3.08 trillion

August 8, 2017

Alibaba is getting Fliggy with it

You might ask – if regulators are against investments in the hotel industry, why would they let this new deal between Marriott and Alibaba go forward (Reuters): “The world’s biggest hotel chain said the joint venture with Alibaba would allow Chinese travelers to book rooms at Marriott hotels v…

You might ask – if regulators are against investments in the hotel industry, why would they let this new deal between Marriott and Alibaba go forward (Reuters):

“The world’s biggest hotel chain said the joint venture with Alibaba would allow Chinese travelers to book rooms at Marriott hotels v...

sources

Reuters: Marriott set to woo Chinese tourists with Alibaba deal

August 8, 2017

The steam comes out of China’s trade

This is one to keep an eye on. China’s trade growth for July saw a fairly significant slowdown. Exports grew by 11.2% y/y – that’s down from 17.3% growth in June Imports grew by 14.7% y/y – that’s down from 23.1% growth in June. Get smart: The trade data is notoriously volatile o…

This is one to keep an eye on. China’s trade growth for July saw a fairly significant slowdown.
Exports grew by 11.2% y/y – that’s down from 17.3% growth in June
Imports grew by 14.7% y/y – that’s down from 23.1% growth in June.
Get smart: The trade data is notoriously volatile o...

sources

CNBC: China’s international trade grows less than expected, surplus with US dips

August 8, 2017

China’s banking system doubles overnight

We are going to be honest here. We are not quite sure what to make of this one. A new report out by the China Banking Association has highlighted some startling numbers. The report actually reiterated something that the PBoC wrote in its financial stability report back in July – here’s the mone…

We are going to be honest here. We are not quite sure what to make of this one.
A new report out by the China Banking Association has highlighted some startling numbers.
The report actually reiterated something that the PBoC wrote in its financial stability report back in July – here’s the mone...

sources

PBoC: 中国金融稳定报告

Xinhua: 银行业协会：同业业务增速将放缓不良贷款压力可能继续小幅上升

China Banking News: Off-balance Sheet Business Equal to 109.16% of Balance Sheet Assets at Chinese Banks

August 8, 2017

The central bank intensifies scrutiny of internet finance

As more transactions go online, China’s central bank is taking notice. Just within the past several days, the PBoC has twice signaled tighter oversight of internet finance. Local news reports signaled last week that the PBoC is requiring all online payment companies to channel transactions thro…

As more transactions go online, China’s central bank is taking notice. Just within the past several days, the PBoC has twice signaled tighter oversight of internet finance.
Local news reports signaled last week that the PBoC is requiring all online payment companies to channel transactions thro...

sources

Caijing: 央行明确网络支付必须通过网联平台 “直连模式”即将终结

21st Century Biz: 央行：部分互联网金融产品具系统重要性，将探索纳MPA

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