string(13) "markets-macro"

Macro

January 26, 2024

Watcha talking about Willis?

China’s commercial bank profits are falling, and the pace of bad loan disposals is slowing. The latest: On Thursday, the financial regulator (NFRA) disclosed that in 2023 China’s banks disposed of RMB 3 trillion worth of nonperforming assets. That’s a slight downtick from the RMB 3.1 trillion and 3… Username Password Remember Me … Read More »

China's commercial bank profits are falling, and the pace of bad loan disposals is slowing.
The latest: On Thursday, the financial regulator (NFRA) disclosed that in 2023 China’s banks disposed of RMB 3 trillion worth of nonperforming assets.

That's a slight downtick from the RMB 3.1 trillion and 3...

sources

NFRA: 国新办“金融服务经济社会高质量发展”新闻发布会现场实录

January 26, 2024

More wealth to manage

A much-awaited expansion of the Wealth Management Connect (WMC) program is finally here. ICYDK: Launched in September 2021, the WMC allows individuals living in nine cities in Guangdong province to purchase approved wealth management products sold in Hong Kong and Macau, and vice-versa. In Septembe…

A much-awaited expansion of the Wealth Management Connect (WMC) program is finally here.
ICYDK: Launched in September 2021, the WMC allows individuals living in nine cities in Guangdong province to purchase approved wealth management products sold in Hong Kong and Macau, and vice-versa.

In Septembe...

sources

PBoC: 《粤港澳大湾区“跨境理财通”业务试点实施细则》修订并发布

PBoC: 中国人民银行广东省分行举行2023年广东省金融运行形势新闻发布会

January 26, 2024

Flash talk | An RRR cut, A-share rescue plans, and more fiscal support

It’s been quite a week for economic policy in China! On Monday, the State Council promised to get serious about reviving China’s stock markets. The next day, Bloomberg reported that authorities were considering rolling out a RMB 2 trillion A-share stabilization fund backed by the national team. The…

It's been quite a week for economic policy in China!
On Monday, the State Council promised to get serious about reviving China's stock markets.

The next day, Bloomberg reported that authorities were considering rolling out a RMB 2 trillion A-share stabilization fund backed by the national team.
The...

January 26, 2024

Tashkent ascent

Beijing is continuing to step up its engagement in Central Asia. The latest development: Xi Jinping and Uzbekistan’s President Shavkat Mirziyoyev upgraded the Sino-Uzbek bilateral relationship to an “all-weather comprehensive strategic partnership” in Beijing on Wednesday. ICYDK: The “all-weather” …

Beijing is continuing to step up its engagement in Central Asia.
The latest development: Xi Jinping and Uzbekistan's President Shavkat Mirziyoyev upgraded the Sino-Uzbek bilateral relationship to an "all-weather comprehensive strategic partnership" in Beijing on Wednesday.
ICYDK: The "all-weather" ...

sources

Gov.cn: 习近平同乌兹别克斯坦总统米尔济约耶夫会谈

CCTV: 李强会见乌兹别克斯坦总统

Reuters: China seals closer Uzbek ties, pushes railway route bypassing Russia

AIIB: President of Uzbekistan Expands Partnership with AIIB during Landmark Visit

January 26, 2024

Brussels flexes its muscles

The EU is trying to ramp up its de-risking efforts. Some context: The de-risking debate has dominated China-EU relations in recent months. Beijing argues against broad de-risking and advocates for economic openness. Brussels is adamant about the need to protect itself by putting restrictions on tra…

The EU is trying to ramp up its de-risking efforts.
Some context: The de-risking debate has dominated China-EU relations in recent months.

Beijing argues against broad de-risking and advocates for economic openness.
Brussels is adamant about the need to protect itself by putting restrictions on tra...

sources

European Commission: Memo on European Economic Security

January 26, 2024

Liu Jianchao expected to become foreign minister

China is soon to have a new foreign minister – and his name is Liu Jianchao. That’s according to “people familiar with the matter” (WSJ). In case you forgot: Wang Yi has been serving as foreign minister since Qin Gang was dismissed from the role in July. But Wang’s reappointment (he previously serv…

China is soon to have a new foreign minister – and his name is Liu Jianchao.
That’s according to “people familiar with the matter” (WSJ).
In case you forgot: Wang Yi has been serving as foreign minister since Qin Gang was dismissed from the role in July.

But Wang’s reappointment (he previously serv...

sources

WSJ: He Hunted Corrupt Chinese Officials. Now He’s Set to Be Foreign Minister.

January 25, 2024

Funding a way out

Regulators are exploring more ways to boost funding for property developers. The latest: On Wednesday, the central bank (PBoC) and the financial regulator (NFRA) relaxed rules for issuing and using commercial property loans. ICYDK: “Commercial properties” are non-residential projects or land that ge…

Regulators are exploring more ways to boost funding for property developers.
The latest: On Wednesday, the central bank (PBoC) and the financial regulator (NFRA) relaxed rules for issuing and using commercial property loans.
ICYDK: “Commercial properties” are non-residential projects or land that ge...

sources

PBoC: 做好经营性物业贷款管理满足房地产企业合理融资需求

Bloomberg: China Adds Support for Developer Funding By Easing Loan Uses

January 25, 2024

Covert fiscal preparations

The central government is preparing a new round of fiscal stimulus, funded with ultra-long-term “special” treasury bonds (STBs). That’s according to a Caixin report on Tuesday. ICYMI: Bloomberg reported last week that Beijing was considering issuing an additional RMB 1 trillion of such bonds to su…

The central government is preparing a new round of fiscal stimulus, funded with ultra-long-term “special” treasury bonds (STBs).

That’s according to a Caixin report on Tuesday.

ICYMI: Bloomberg reported last week that Beijing was considering issuing an additional RMB 1 trillion of such bonds to su...

sources

Caixin: 多地争取超长期特别国债政策机遇工作进展不一

January 25, 2024

Making a connection

It just got a little easier for capital to move from Hong Kong to the mainland. On Wednesday, China’s central bank (PBoC) and the Hong Kong Monetary Authority (HKMA) unveiled measures widening the scope of cross-border capital flows. They include: Allowing foreign institutional investors that have …

It just got a little easier for capital to move from Hong Kong to the mainland.
On Wednesday, China’s central bank (PBoC) and the Hong Kong Monetary Authority (HKMA) unveiled measures widening the scope of cross-border capital flows. They include:

Allowing foreign institutional investors that have ...

sources

HKMA: The HKMA and the PBoC announce measures to deepen the financial cooperation between Hong Kong and the Mainland

PBoC: 推进中国债券市场高水平开放，支持香港国际金融中心建设新举措：“债券通”债券纳入香港金融管理局人民币流动资金安排合资格抵押品名单

SCIO: 国新办举行贯彻落实中央经济工作会议部署、金融服务实体经济高质量发展新闻发布会

January 25, 2024

There’s more where that came from

There’s plenty more monetary and fiscal support on the way. That was the message from central bank (PBoC) Governor Pan Gongsheng on Wednesday. Some context: Pan’s comments came on the same day that the PBoC cut banks’ reserve requirement ratio (RRR) by 50 basis points – the largest cut in more tha…

There’s plenty more monetary and fiscal support on the way.

That was the message from central bank (PBoC) Governor Pan Gongsheng on Wednesday.

Some context: Pan's comments came on the same day that the PBoC cut banks’ reserve requirement ratio (RRR) by 50 basis points – the largest cut in more tha...

sources

SCIO: 国新办举行贯彻落实中央经济工作会议部署、金融服务实体经济高质量发展新闻发布会

January 25, 2024

Li keeps his AI on the prize

Premier Li Qiang is desperate to deploy AI across the real economy, pronto. Li dedicated a chunk of Monday’s State Council meeting to discussing the rollout of AI, with a special focus on manufacturing. Li demanded officials: “Aim for the deep integration of artificial intelligence and manufacturi…

Premier Li Qiang is desperate to deploy AI across the real economy, pronto.
Li dedicated a chunk of Monday's State Council meeting to discussing the rollout of AI, with a special focus on manufacturing.
Li demanded officials:

“Aim for the deep integration of artificial intelligence and manufacturi...

sources

Gov.cn: 李强主持召开国务院常务会议研究全面推进乡村振兴有关举措等

January 25, 2024

Turn ideas into products

Beijing is taking new steps to help manufacturers commercialize research. On Tuesday, the industrial ministry (MIIT) released new guiding opinions on pilot testing for the manufacturing industry. ICYDK: “Pilot testing” refers to the stage of R&D in which research results are tested and validat…

Beijing is taking new steps to help manufacturers commercialize research.
On Tuesday, the industrial ministry (MIIT) released new guiding opinions on pilot testing for the manufacturing industry.
ICYDK: "Pilot testing" refers to the stage of R&D in which research results are tested and validat...

sources

MIIT: 两部委关于印发《制造业中试创新发展实施意见》的通知

MIIT: 《制造业中试创新发展实施意见》解读

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