string(13) "markets-macro"

Macro

July 5, 2017

Lack of incentives grounds China’s rockets

Uh-oh. China just had two failed rocket launches in two weeks. That’s two big blemishes on what had so far been a banner year for the space program. Reasons for the failure are still unknown. Possible culprit? A bad HR department. There has been high turnover among scientists at China’s st… Username Password Remember Me … Read More »

Uh-oh. China just had two failed rocket launches in two weeks. That’s two big blemishes on what had so far been a banner year for the space program.
Reasons for the failure are still unknown.
Possible culprit? A bad HR department.
There has been high turnover among scientists at China’s st...

sources

Xinhua: 长征五号遥二火箭发射失利专家将调查故障原因

The Paper: 傅成玉谈他的国企改革理想：干部能上能下，工资能高能低

The Verge: China’s most powerful rocket failed yesterday. What does that mean for the country’s space plans?

July 5, 2017

Xi’s political purification campaign gets high marks

Xi Jinping’s first term has been characterized by the widest ranging corruption crackdown in the Party’s 96 year history. Xinhua has a rundown of the accomplishments: “authorities have registered about 1.16 million cases and taken disciplinary actions against 1.2 million people” “57,000 party membe…

Xi Jinping’s first term has been characterized by the widest ranging corruption crackdown in the Party’s 96 year history. Xinhua has a rundown of the accomplishments:

“authorities have registered about 1.16 million cases and taken disciplinary actions against 1.2 million people”
“57,000 party membe...

sources

Xinhua: Factbox: Seven facts of China's anti-corruption campaign

July 4, 2017

All hail chairman Xi

Xi Jinping’s most impressive achievement thus far has been his reorganization of the military and associated reforms. Nothing shows Xi’s consolidation of power so clearly as his control over the military. It’s in stark contrast to his predecessor, Hu Jintao. Xi’s authority was on full display w…

Xi Jinping’s most impressive achievement thus far has been his reorganization of the military and associated reforms.
Nothing shows Xi’s consolidation of power so clearly as his control over the military. It’s in stark contrast to his predecessor, Hu Jintao.
Xi’s authority was on full display w...

sources

81.com: 习近平视察驻香港部队并发表重要讲话

July 4, 2017

Wang Qishan gives Xi a hand on poverty alleviation

Wang Qishan — the head of the Party’s discipline unit — is on board with Xi Jinping’s drive to eliminate poverty. Wang held a teleconference Monday for 120,000 discipline officials, where he called on them to step up supervision of anti-poverty efforts. Get smart: Under Wang, the Party’s discip…

Wang Qishan — the head of the Party’s discipline unit — is on board with Xi Jinping’s drive to eliminate poverty.
Wang held a teleconference Monday for 120,000 discipline officials, where he called on them to step up supervision of anti-poverty efforts.
Get smart: Under Wang, the Party’s discip...

sources

CPC People: 王岐山：为打赢脱贫攻坚战提供坚强保障

China.org: Top graft-buster stresses enforcement of discipline in poverty relief

July 4, 2017

Another bear hug for Xi in Russia

Xi Jinping is in Moscow to meet with Russian president Vladimir Putin before both men head to Hamburg for the G20 later this week. Think the US President has come up in conversation? Certainly, but the two leaders also want to discuss their own bilateral ties. On Monday, Xi gave an interv…

Xi Jinping is in Moscow to meet with Russian president Vladimir Putin before both men head to Hamburg for the G20 later this week.
Think the US President has come up in conversation? Certainly, but the two leaders also want to discuss their own bilateral ties.
On Monday, Xi gave an interv...

sources

CPC People: 习近平接受俄罗斯媒体采访

July 4, 2017

Xi meets Putin to talk North Korea

The two leaders had an informal dinner last night. North Korea was no doubt a topic of conversation. Trump’s strategy: US President Trump is reaching out to Japanese Prime Minister Abe and South Korean President Moon to coordinate a strategy on North Korea. The three will hold a trilateral meet…

The two leaders had an informal dinner last night. North Korea was no doubt a topic of conversation.
Trump’s strategy: US President Trump is reaching out to Japanese Prime Minister Abe and South Korean President Moon to coordinate a strategy on North Korea. The three will hold a trilateral meet...

sources

RT: Xi Jinping meets Putin in Moscow for 3rd time this year, set to seal deals worth $10bn

Reuters: Exclusive: Russia's Gazprom tells Europe gas halt beyond its control

July 4, 2017

The PBoC passes its finals for the semester

China’s central bank is taking a brief victory lap. In a commentary in its official media outlet, the Financial News, the central bank is arguing that it passed its June “final exams.” What does that mean? The central bank says it employed “steady and neutral” monetary policy to great effe…

China’s central bank is taking a brief victory lap.
In a commentary in its official media outlet, the Financial News, the central bank is arguing that it passed its June “final exams.”
What does that mean? The central bank says it employed “steady and neutral” monetary policy to great effe...

sources

Financial News: 稳健中性货币政策效果良好

Caixin: 流动性总量较高央行继续净回笼资金

Caijing: 央行：6月末常备借贷便利余额为446.33亿元

Reuters: China central bank doubles June liquidity injections to avert cash crunch

July 4, 2017

Foreign ratings agencies get the go ahead

We’ll take what we can get. China’s central bank is now saying that it will allow foreign ratings agencies to rate bonds issued in the interbank market. The PBoC outlined the rules for foreign firms to do so on Monday. It’s a small opening, but it is an opening nonetheless. What it means: …

We’ll take what we can get.
China’s central bank is now saying that it will allow foreign ratings agencies to rate bonds issued in the interbank market. The PBoC outlined the rules for foreign firms to do so on Monday. It’s a small opening, but it is an opening nonetheless.
What it means: ...

sources

21st Century Biz: 潘功胜：央行正研究开放内地评级市场

PBoC: 中国人民银行公告〔2017〕第7号

July 4, 2017

FX reserves are a national security tool

The head of China’s foreign exchange regulator, Pan Gongsheng, has a fascinating piece in Qiushi this week — the Party’s fortnightly magazine that is essential reading for cadres. This one is worth a read even if you’re not a cadre. Pan outlines the state of China’s foreign exchange r…

The head of China’s foreign exchange regulator, Pan Gongsheng, has a fascinating piece in Qiushi this week — the Party’s fortnightly magazine that is essential reading for cadres.
This one is worth a read even if you’re not a cadre. Pan outlines the state of China’s foreign exchange r...

sources

Qiushi: 理性看待我国外汇储备规模的变化

July 3, 2017

Xi and Trump are on the rocks

We told you this would happen: The China-US relationship is looking increasingly rocky despite the initial bonhomie between Xi and Trump. The reason: Trump is increasingly frustrated with China’s limited efforts to rein in North Korea. Trump wants to talk to Xi about it. The two leaders sp…

We told you this would happen: The China-US relationship is looking increasingly rocky despite the initial bonhomie between Xi and Trump.
The reason: Trump is increasingly frustrated with China’s limited efforts to rein in North Korea.
Trump wants to talk to Xi about it. The two leaders sp...

sources

CNN: Trump to get China, Japan leaders on the phone

WSJ: U.S. Navy Patrols Near Disputed Island in South China Sea

July 3, 2017

The new China-Hong Kong bond connect is a one-way street

Today’s lead in China’s financial papers centers on one thing: the opening of the China-Hong Kong bond connect. The connect opened only this morning and HSBC has already completed the first Northbound trading order (i.e. an entity in Hong Kong purchasing a bond in the Mainland). But, but, but: …

Today’s lead in China’s financial papers centers on one thing: the opening of the China-Hong Kong bond connect.
The connect opened only this morning and HSBC has already completed the first Northbound trading order (i.e. an entity in Hong Kong purchasing a bond in the Mainland).
But, but, but: ...

sources

Caixin: “债券通”正式落地国开行等面向境内外投资者同时发债

21st Century Biz: 潘功胜：债券通“南向通”无明确时间表

July 3, 2017

Will dividend payments sink the CNY in July?

July is the high point for offshore corporate dividend payments in China. And this year it will be another doozy. As Bloomberg tells us, Chinese companies are set to pay out USD 7.8 billion in July, of which: “Hong Kong-listed China Construction Bank Corp will need to pay the equivalent of $3.8 bil…

“Hong Kong-listed China Construction Bank Corp will need to pay the equivalent of $3.8 bil...

sources

Bloomberg: China Inc’s $7.8 Billion of Dividend Payments Will Stress the Yuan

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