string(13) "markets-macro"

Macro

June 19, 2017

SOEs are becoming a more powerful tool for the Party

We should “unwaveringly resist wrongful thoughts and remarks about privatization, denationalization and subordinating the role of SOEs.” SOEs need to become “a most reliable force for the CCP and the country in enforcing their strategies.” Those are the most recent thoughts on SOE reform fro… Username Password Remember Me Forgot Password

We should “unwaveringly resist wrongful thoughts and remarks about privatization, denationalization and subordinating the role of SOEs.”
SOEs need to become “a most reliable force for the CCP and the country in enforcing their strategies.”

Those are the most recent thoughts on SOE reform fro...

sources

Study Times: 深化国企国资改革做强做优做大国有企业

SASAC: 郝鹏主持召开国资委党委党建工作领导小组第一次会议强调推动党建工作取得明显提升和实质性加强

Qiushi: 坚定不移做强做优做大国有企业—— 党的十八大以来国有企业改革发展的理论与实践

June 19, 2017

Xi’s belief in the CCP stems from his father

On Father’s Day, the Party continued its campaign to humanize Xi Jinping by publishing a letter he wrote to his father Xi Zhongxun in 2001 (see People’s Daily link below). The letter contains a list of things that Xi had learned from his father. A few of the more interesting ones are: Speak th…

On Father’s Day, the Party continued its campaign to humanize Xi Jinping by publishing a letter he wrote to his father Xi Zhongxun in 2001 (see People’s Daily link below).
The letter contains a list of things that Xi had learned from his father. A few of the more interesting ones are:

Speak th...

sources

People's Daily: 父亲节，让我们重温习近平写给父亲的一封信

ifeng: 亲历者讲述习仲勋父子情：想习近平哭了两个多小时

June 16, 2017

China steals a march in the new space race

Chinese scientists just proved Einstein wrong. And they may have advanced their military technology while dong it. From Scientific American (link below): “In a landmark study, a team of Chinese scientists using an experimental satellite has tested quantum entanglement over unprecedented distances ….

Chinese scientists just proved Einstein wrong. And they may have advanced their military technology while dong it. From Scientific American (link below):

“In a landmark study, a team of Chinese scientists using an experimental satellite has tested quantum entanglement over unprecedented distances ....

sources

Scientific American: China Shatters “Spooky Action at a Distance” Record, Preps for Quantum Internet

June 16, 2017

But that’s not all…

China has also launched an x-ray telescope (from Science, link below): “China’s first astronomical satellite, an x-ray telescope that will search the sky for black holes, neutron stars, and other extremely energetic phenomena, raced into orbit today after a morning launch from the Gobi Desert.” Th…

China has also launched an x-ray telescope (from Science, link below):

“China’s first astronomical satellite, an x-ray telescope that will search the sky for black holes, neutron stars, and other extremely energetic phenomena, raced into orbit today after a morning launch from the Gobi Desert.”

Th...

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Science: China successfully launches x-ray satellite

FT: China launches first X-ray telescope

June 16, 2017

China’s “slow bull market” in bonds

A “slow bull market” (慢牛行情) — that’s what traders are expecting for Chinese bonds in the second half of this year. In other words, rates will start to come down in July, but very gradually. Technical indicators, like subdued one-year interest rate swaps, are suggesting that this sentiment …

A “slow bull market” (慢牛行情) — that’s what traders are expecting for Chinese bonds in the second half of this year. In other words, rates will start to come down in July, but very gradually.
Technical indicators, like subdued one-year interest rate swaps, are suggesting that this sentiment ...

sources

21st Century Biz: 央行未跟进美联储加息利好债市下半年慢牛可期

June 16, 2017

What’s up with the CNY?

We are just putting this out there… The daily fixing rate of the CNY has been remarkably stable over the past two weeks. In fact, it has essentially been pegged at — or very close to— 6.8/USD for the past twelve trading days. This is a space to watch. When China pegs its currency, it never…

We are just putting this out there…
The daily fixing rate of the CNY has been remarkably stable over the past two weeks. In fact, it has essentially been pegged at — or very close to— 6.8/USD for the past twelve trading days.
This is a space to watch. When China pegs its currency, it never...

June 16, 2017

Taiwan is only going to get more complicated

As we said earlier this week, the Taiwan issue is likely to be a big one in coming years. Here’s the dynamic: Republican Senators want a stronger commitment to Taiwan – as evidenced by yesterday’s hearing “Renewing Assurances: Strengthening U.S.-Taiwan Ties”. But the US administration wants to maint…

As we said earlier this week, the Taiwan issue is likely to be a big one in coming years.
Here’s the dynamic:
Republican Senators want a stronger commitment to Taiwan – as evidenced by yesterday’s hearing “Renewing Assurances: Strengthening U.S.-Taiwan Ties”.
But the US administration wants to maint...

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US Foreign Affairs Committee: Renewing Assurances: Strengthening U.S.-Taiwan Ties

FMPRC: Foreign Ministry Spokesperson Lu Kang’s Regular Press Conference on June 15, 2017

June 16, 2017

Xi Jinping is a values politician

If you’ve been in China for the past four years you’ve probably noticed “Socialist Core Values” (SCVs) being promoted on banners, posters and even traffic circles. You also probably didn’t care. But you know who does care? Xi Jinping. And he is stepping up his campaign to promote those values. The c…

If you’ve been in China for the past four years you’ve probably noticed “Socialist Core Values” (SCVs) being promoted on banners, posters and even traffic circles. You also probably didn’t care.
But you know who does care? Xi Jinping. And he is stepping up his campaign to promote those values.
The c...

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People's Daily: 让核心价值观融入社会生活

Xinhua: “平语”近人——习近平谈社会主义核心价值观

June 16, 2017

When it comes to elections, the Party’s man always wins

2017 is all about the Party Congress. Provinces and other groups are in the process of selecting delegates, which will number around 2,300 in total. There is a selection process with several rounds of elections (the CCDI link below outlines this). But in reality it’s a top down process. Hunan Party …

2017 is all about the Party Congress. Provinces and other groups are in the process of selecting delegates, which will number around 2,300 in total.
There is a selection process with several rounds of elections (the CCDI link below outlines this). But in reality it’s a top down process.
Hunan Party ...

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CCDI: 怎么从8900万党员中挑选出2300名十九大代表?

The Paper: 浙江省选举产生51名出席党的十九大代表

The Paper: 河南省出席十九大代表候选人初步人选名单出炉，共80人

Hunan Daily: 对面交心抒忠诚——从省委三次谈心谈话会看作风转变

June 15, 2017

Welcome to the new new normal for Chinese debt

We hate the phrase “new normal”. But Chinese policymakers love it. Our main criticism is that China’s economy is changing rapidly. So nothing is ever truly static enough to be called “normal.” The latest “new normal” is in money and credit growth, according to the PBoC. Specifically, the diverg…

We hate the phrase “new normal”. But Chinese policymakers love it.
Our main criticism is that China’s economy is changing rapidly. So nothing is ever truly static enough to be called “normal.”
The latest “new normal” is in money and credit growth, according to the PBoC. Specifically, the diverg...

sources

PBoC: 人民银行有关负责人就5月份货币信贷数据答记者问

Bloomberg: Can China Really Rein in Credit?

June 15, 2017

Correct the record

Financial papers are largely saying credit decelerated in May. They are wrong. In reality, credit growth accelerated a touch in May to 12.9% y/y — compared to 12.8% in April. So what? The tiny acceleration underscores that credit growth has been exceptionally stable in recent months. Under…

Financial papers are largely saying credit decelerated in May. They are wrong.
In reality, credit growth accelerated a touch in May to 12.9% y/y — compared to 12.8% in April.
So what? The tiny acceleration underscores that credit growth has been exceptionally stable in recent months. Under...

sources

Bloomberg: China Credit Growth Slows in May as Tighter Oversight Takes Hold

SCMP: China’s credit expansion cooled in May amid crackdown on shadow banking, analysts say

June 15, 2017

Weak and strong bond issuance in May

Whacky moves did not stop with loans last month. Chinese bond markets also saw some strange fluctuations. Yields were up so corporate bond issuances were weak. The result was net redemptions of RMB 246 billion – that is essentially negative issuance. But yields were also up for local government…

Whacky moves did not stop with loans last month.
Chinese bond markets also saw some strange fluctuations. Yields were up so corporate bond issuances were weak. The result was net redemptions of RMB 246 billion – that is essentially negative issuance.
But yields were also up for local government...

sources

PBoC: 2017年5月社会融资规模增量统计数据报告

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