string(13) "markets-macro"

Macro

June 20, 2017

Better living, through communication

One of Zhou’s most lasting legacies will be the central bank’s much improved communication in recent years. That improved messaging has been on display over the past several weeks. On Monday, the PBoC released a statement explaining why it had come to the market with a relatively large one-day … Username Password Remember Me Forgot… Read More »

One of Zhou’s most lasting legacies will be the central bank’s much improved communication in recent years.
That improved messaging has been on display over the past several weeks. On Monday, the PBoC released a statement explaining why it had come to the market with a relatively large one-day ...

sources

PBoC: 公开市场业务交易公告 [2017]第114号

Caixin: “钱荒”不会重来央行“给一次钱扎你一针”

Wallstreet.cn: 股债双涨“庆祝“央妈再放1200亿红包“监管微变伦“坐实

MNI: PBOC Injects Net CNY110 Billion In OMOs Monday

21st Century Biz: 央行连日大幅净投放未来流动性难言乐观

June 20, 2017

Disentangling local governments and asset managers

Turns out banks are not the only institutions required to undergo a thorough self-examination right now. Asset managers are being required to do so as well. Strangely, though, it is the Ministry of Finance that is requiring these inspections. The reason: They want to stop the funny business tha…

Turns out banks are not the only institutions required to undergo a thorough self-examination right now. Asset managers are being required to do so as well. Strangely, though, it is the Ministry of Finance that is requiring these inspections.
The reason: They want to stop the funny business tha...

sources

Source: 各地证监局要求资管机构自查参与地方政府债务事项，主要有这三点

June 20, 2017

Correcting records, literally

The knives are out for local officials who juke economic stats. Violators will be disciplined. And where it occurs, promotion will be vetoed for local cadres-in-charge. That’s according to the new implementing rules for the Statistics Law that Premier Li just signed into existence. The previous…

The knives are out for local officials who juke economic stats. Violators will be disciplined. And where it occurs, promotion will be vetoed for local cadres-in-charge.
That’s according to the new implementing rules for the Statistics Law that Premier Li just signed into existence. The previous...

sources

State Council: 中华人民共和国统计法实施条例

State Council: 李克强签署国务院令公布《中华人民共和国统计法实施条例》

People's Daily: 努力开创依法统计依法治统新局面

NYT: China Steps Up Rules Against Falsifying Economic Data

June 20, 2017

Xi Jinping wants a big state economy

China’s economic debates center around the meaning of the “socialist market economy”. Liberals emphasize the “market”. Conservatives emphasize the “socialist”. In case there was any question, previously unpublished statements from Xi Jinping show that he is definitely in the conservative camp. Xi at…

China’s economic debates center around the meaning of the “socialist market economy”. Liberals emphasize the “market”. Conservatives emphasize the “socialist”.
In case there was any question, previously unpublished statements from Xi Jinping show that he is definitely in the conservative camp.
Xi at...

June 20, 2017

China’s universities get a refresher in ideology

Xi sees himself in an ideological struggle with the West and “universal values”. We pointed that out last week. That’s why he’s attempting to instill greater ideological conformity across Chinese society, including in universities. Recent CCDI investigations at 29 universities found that 14 uni…

Xi sees himself in an ideological struggle with the West and “universal values”. We pointed that out last week.
That’s why he’s attempting to instill greater ideological conformity across Chinese society, including in universities.
Recent CCDI investigations at 29 universities found that 14 uni...

sources

CCDI: 巡视反馈后，高校整改怎么抓?

FT: China universities accused of ideological weakness

June 20, 2017

Zhou’s Parting Shot?

The need for more competition in the financial sector is as great as ever. China should not be afraid to pursue it. That was Zhou Xiaochuan’s message this morning. Zhou is the long-serving governor of China’s central bank and has been one of the most high profile proponents of marketizing refor…

The need for more competition in the financial sector is as great as ever. China should not be afraid to pursue it.
That was Zhou Xiaochuan’s message this morning.
Zhou is the long-serving governor of China’s central bank and has been one of the most high profile proponents of marketizing refor...

sources

21st Century Biz: 周小川：金融业的竞争性属性已十分清晰

June 20, 2017

China looks to upgrade its industrial work force

China needs a workforce reboot. According to the government, only 4% of China’s 200 million industrial workers are sophisticated technicians or engineers. That’s a tenth of the level in developed economies. That’s why the Central Committee and the State Council published a plan to improve the i…

China needs a workforce reboot.
According to the government, only 4% of China’s 200 million industrial workers are sophisticated technicians or engineers. That’s a tenth of the level in developed economies.
That’s why the Central Committee and the State Council published a plan to improve the i...

sources

State Council: 中共中央、国务院印发《新时期产业工人队伍建设改革方案》

Xinhua: 全国总工会负责人就学习贯彻《新时期产业工人队伍建设改革方案》答记者问

Qiushi: 建设宏大的产业工人队伍唱响新时代的劳动者之歌

June 19, 2017

Xi hints that the Party might accept slower growth

When it comes to the economy, China’s growth target is the root of all evil. But there are signs that official thinking is starting to change. Newly published comments by Xi Jinping himself could not be more forward thinking in this area (see link below): “Building a moderately prosperous society i…

When it comes to the economy, China’s growth target is the root of all evil. But there are signs that official thinking is starting to change.
Newly published comments by Xi Jinping himself could not be more forward thinking in this area (see link below):

“Building a moderately prosperous society i...

sources

CPC People: 习近平：全面建成小康社会不是一个“速度游戏”

June 19, 2017

What to watch for: MSCI inclusion

Quick reminder that Tuesday is decision day for the MSCI on China. Well, technically the decision will come out at 4:30 am on Wednesday in the Mainland. That is where market attention will be focused this week. Last year MSCI did not include China because of three obstacles (see MSCI presentati…

Quick reminder that Tuesday is decision day for the MSCI on China. Well, technically the decision will come out at 4:30 am on Wednesday in the Mainland.
That is where market attention will be focused this week.
Last year MSCI did not include China because of three obstacles (see MSCI presentati...

sources

MSCI: CONSULTATION ON CHINA A-SHARES POTENTIAL INCLUSION

June 19, 2017

MSCI and China: What markets think

Tuesday’s decision still feels like a coin flip (our above comments notwithstanding). Market actors are divided. Some investors think inclusion is inevitable at some point, so get on with it. Others are wary that China’s stock exchanges are still too volatile and poorly regulated. No matter how tomo…

Tuesday’s decision still feels like a coin flip (our above comments notwithstanding). Market actors are divided.
Some investors think inclusion is inevitable at some point, so get on with it. Others are wary that China’s stock exchanges are still too volatile and poorly regulated.
No matter how tomo...

sources

FT: MSCI set to rule on China A-shares and Brexit talks begin

FT: Defining moment for investors looms as MSCI rules on China

June 19, 2017

Is Chongqing the blueprint for fiscal discipline?

Chongqing has rolled out a document that is meant to cut ties with local government financing vehicles (LGFVs). The idea is to cut all ties in one go. The method: Chongqing will create a shortlist of SOEs whose sole mission is to undertake public interest projects such as infrastructure and pub…

Chongqing has rolled out a document that is meant to cut ties with local government financing vehicles (LGFVs). The idea is to cut all ties in one go.
The method: Chongqing will create a shortlist of SOEs whose sole mission is to undertake public interest projects such as infrastructure and pub...

sources

Gov.cn: 重庆市人民政府办公厅关于加强融资平台公司管理有关工作的通知

21st Century Biz: 地方融资平台转型在即 “顶层设计”有望适时推出

June 19, 2017

AIIB is a bit player in the Belt and Road Initiative

The AIIB is still finding its identity. But that identity will not be in financing Xi Jinping’s Belt and Road Initiative (BRI). The bank held its annual meeting in Korea this weekend, where its president, Jin Liqun, underscored Asia’s infrastructure needs: “Current research…

The AIIB is still finding its identity. But that identity will not be in financing Xi Jinping’s Belt and Road Initiative (BRI).
The bank held its annual meeting in Korea this weekend, where its president, Jin Liqun, underscored Asia’s infrastructure needs:

“Current research...

sources

The Korea Herald: [INTERVIEW] AIIB chief puts quality ahead of quantity in projects

Yicai: 又一里程碑：亚投行宣布首个股权投资项目

The Standard: AIIB plows US$324m into India, Georgia, and Tajikistan building projects

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