string(13) "markets-macro"

Macro

March 15, 2024

A no good, very bad month for credit in February

Credit grew at almost its slowest ever pace in February. The central bank (PBoC) released monthly credit data for February on Friday. The details: The outstanding value of total social financing (TSF) grew 9.0% y/y in February, down from 9.5% in January. The slowest monthly expansion on record was … Username Password Remember Me … Read More »

Credit grew at almost its slowest ever pace in February.
The central bank (PBoC) released monthly credit data for February on Friday.
The details: The outstanding value of total social financing (TSF) grew 9.0% y/y in February, down from 9.5% in January.

The slowest monthly expansion on record was ...

sources

PBoC: 2024年2月社会融资规模存量统计数据报告

PBoC: 2024年2月社会融资规模增量统计数据报告

March 15, 2024

Wither the US-China sci-tech cooperation agreement?

US-China science collabs remain in relative limbo. On March 7, media reported that the US had quietly reached an agreement with China to extend the US-China Science and Technology Cooperation Agreement (STA) for another six months. The extension was agreed to nine days earlier but not followed by …

US-China science collabs remain in relative limbo.
On March 7, media reported that the US had quietly reached an agreement with China to extend the US-China Science and Technology Cooperation Agreement (STA) for another six months.

The extension was agreed to nine days earlier but not followed by ...

sources

WSJ: U.S. and China Extend Landmark Bilateral Deal, Very Quietly

VOA Chinese: US-China Science, Tech Pact Is Renewed for Another Six Months

March 15, 2024

Naked TikTokcrisy

Chinese officials are hopping mad that the TikTok divestment bill passed the US House. On Thursday, Ministry of Foreign Affairs spokesperson Wang Wenbin blasted the bill (MoFA): “If so-called national security grounds can be used to arbitrarily suppress excellent companies from other countries, the…

Chinese officials are hopping mad that the TikTok divestment bill passed the US House.
On Thursday, Ministry of Foreign Affairs spokesperson Wang Wenbin blasted the bill (MoFA):

“If so-called national security grounds can be used to arbitrarily suppress excellent companies from other countries, the...

sources

MoFA: 2024年3月14日外交部发言人汪文斌主持例行记者会

Yicai: 商务部回应美国国会众议院表决通过针对TikTok法案：美方应停止无理打压别国企业

CGTN: Full text – 'Freedom of Speech' in the United States: Truth and Facts

March 15, 2024

The teapots run dry

China’s small private oil refiners – known as teapots – are cutting diesel production. In the past week, their operating rates fell to just ~53% (Bloomberg). Excluding the temporary shocks from the Wuhan and Shanghai Covid lockdowns, operating rates are the lowest since 2016. They’ve trended steadi…

China's small private oil refiners – known as teapots – are cutting diesel production.
In the past week, their operating rates fell to just ~53% (Bloomberg).

Excluding the temporary shocks from the Wuhan and Shanghai Covid lockdowns, operating rates are the lowest since 2016.
They've trended steadi...

sources

Bloomberg: China’s Teapot Oil Refiners Slash Output as Industrial Demand for Fuel Fizzles

Reuters: Venezuela rushes to mend Iran relationship as US sanctions loom

March 15, 2024

China balks at booked wheat

In the last two weeks, Chinese buyers have canceled or delayed delivery on purchases of around 1.5 million metric tons of wheat from the US and Australia (Reuters). Some context: China is the world’s largest wheat importer, buying a record-breaking 12 million metric tons in 2023. These cancellation…

In the last two weeks, Chinese buyers have canceled or delayed delivery on purchases of around 1.5 million metric tons of wheat from the US and Australia (Reuters).
Some context: China is the world's largest wheat importer, buying a record-breaking 12 million metric tons in 2023.

These cancellation...

sources

Reuters: Exclusive: Chinese buyers cancel, postpone Australian wheat buys amid global surplus

21st Century Biz: 今春冬小麦长势向好，气象条件总体利于春耕春播及夏粮产量形成

S&P Global Commodity Insights: China's wheat import could decline in 2024 amid shipment cancellations, delays

March 15, 2024

Flash Talk | China Politics Update: China is innovating

In this bi-weekly Politics Flash Talk, Trivium co-founders Andrew Polk and Trey McArver discuss the Two Sessions frenzy. They assess the impact of Premier Li Qiang’s press conference cancellation. They discuss China’s momentous shift towards innovation and high-tech development. Last but not least,…

In this bi-weekly Politics Flash Talk, Trivium co-founders Andrew Polk and Trey McArver discuss the Two Sessions frenzy.

They assess the impact of Premier Li Qiang’s press conference cancellation.
They discuss China’s momentous shift towards innovation and high-tech development.
Last but not least,...

March 15, 2024

China’s financial regulator to rein in risk

Throughout 2024, the financial regulator (NFRA) aims to further home in on financial sector risk, support the real estate sector, and mitigate local government debt risks. How we know: Following a post-Two Sessions meeting, the NFRA issued a statement outlining its policy priorities. Priority number…

Throughout 2024, the financial regulator (NFRA) aims to further home in on financial sector risk, support the real estate sector, and mitigate local government debt risks.
How we know: Following a post-Two Sessions meeting, the NFRA issued a statement outlining its policy priorities.
Priority number...

sources

NFRA: 国家金融监督管理总局党委召开扩大会议传达学习习近平总书记重要讲话和全国两会精神

March 15, 2024

MofCom doubles down on rural e-commerce

On Thursday, the Ministry of Commerce (MofCom) and nine other ministries released a policy outlining plans to upgrade e-commerce systems in rural areas over the next five years. The plan centers around ensuring farmers and villagers have the tools, services, and training they need to sell online. …

On Thursday, the Ministry of Commerce (MofCom) and nine other ministries released a policy outlining plans to upgrade e-commerce systems in rural areas over the next five years.
The plan centers around ensuring farmers and villagers have the tools, services, and training they need to sell online.
...

sources

Gov.cn: 商务部等9部门关于推动农村电商高质量发展的实施意见

Gov.cn: 中共中央国务院关于学习运用“千村示范、万村整治” 工程经验有力有效推进乡村全面振兴的意见

March 15, 2024

The TikTok divestment bill kicks up a ruckus

Chinese officials aren’t pleased that the TikTok divestment bill made it past the House. On Thursday, Ministry of Foreign Affairs (MoFA) spokesperson Wang Wenbin commented on bill, stating: “If so-called national security grounds can be used to arbitrarily suppress excellent companies from other co…

Chinese officials aren't pleased that the TikTok divestment bill made it past the House.
On Thursday, Ministry of Foreign Affairs (MoFA) spokesperson Wang Wenbin commented on bill, stating:

"If so-called national security grounds can be used to arbitrarily suppress excellent companies from other co...

sources

MoFA: 2024年3月14日外交部发言人汪文斌主持例行记者会

Yicai: 商务部回应美国国会众议院表决通过针对TikTok法案：美方应停止无理打压别国企业

CGTN: Full text – 'Freedom of Speech' in the United States: Truth and Facts

March 14, 2024

Shipbuilding hits the fan in US-China trade relationship

Commercial shipbuilding is a new focus of China-US trade tensions. On Tuesday, US President Joe Biden promised to review a petition from five US unions – led by the powerful United Steelworkers – to open a trade investigation into China’s “non-market” shipbuilding industry practices. In a statement…

Commercial shipbuilding is a new focus of China-US trade tensions.
On Tuesday, US President Joe Biden promised to review a petition from five US unions – led by the powerful United Steelworkers – to open a trade investigation into China's "non-market" shipbuilding industry practices.

In a statement...

sources

USTR: Section 301 Petition: China – Maritime, Logistics, and Shipbuilding Sector

Twitter: President Biden: "Today, a group of unions led by USW filed a petition on shipbuilding."

Bloomberg: Biden Eyes Chinese Shipbuilding Subsidies as Tensions Simmer

US Gov: Statement by Ambassador Katherine Tai on Petition Filed Under Section 301 Related to the People’s Republic of China’s Acts, Policies, and Practices in the Maritime, Logistics, and Shipbuilding Sector

March 14, 2024

Country Garden faces first onshore default

There are more signs that the property sector’s funding conditions are worsening. The latest: On Tuesday, private developer Country Garden disclosed it missed an annual coupon payment on an RMB-denominated bond maturing in 2026 (Bloomberg). The details: The missing payment, totaling RMB 96 million, …

There are more signs that the property sector's funding conditions are worsening.
The latest: On Tuesday, private developer Country Garden disclosed it missed an annual coupon payment on an RMB-denominated bond maturing in 2026 (Bloomberg).
The details: The missing payment, totaling RMB 96 million, ...

sources

Bloomberg: Country Garden Misses Yuan Bond Payment for First Time

Reuters: Country Garden liquidation petition adds to China's property woes

Country Garden: 管理层致歉：化危机为生机，锻造更健康的碧桂园

March 14, 2024

Steady as she goes: How the PBoC’s larger-than-expected February mortgage rate reduction aligns with gradual easing

To view PDF, click here. On the face of it, February’s 25 bps decline in the five-year loan prime rate (LPR) – the largest drop since the benchmark lending rate was introduced in 2019 – was an uncharacteristically aggressive move by China’s monetary authorities. However, the cut is far less aggress…

To view PDF, click here.
On the face of it, February’s 25 bps decline in the five-year loan prime rate (LPR) – the largest drop since the benchmark lending rate was introduced in 2019 – was an uncharacteristically aggressive move by China’s monetary authorities.

However, the cut is far less aggress...

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