string(13) "markets-macro"

Macro

January 10, 2024

Your estimated wait time is longer than usual

China is strengthening pandemic prevention measures – and cross-border trade may be affected. On December 29, the national legislature (NPCSC) released a revised Border Health and Quarantine Law for public comment. The law was enacted in 1987 and last amended in 2018. Some context: Since the COVI… Username Password Remember Me Forgot Password

The law was enacted in 1987 and last amended in 2018.

Some context: Since the COVI...

sources

NPC: 国境卫生检疫法（修订草案）征求意见

January 10, 2024

Legislature carves out more power

The legislature wants greater oversight of government policy. On December 29, the legislature (NPCSC) released draft revisions of a law governing the oversight powers of national and local legislatures. The law was last revised in 2006. The revisions will oblige governments, at all levels, to repo…

The law was last revised in 2006.

The revisions will oblige governments, at all levels, to repo...

sources

NPC: 各级人民代表大会常务委员会监督法（修正草案）征求意见

January 10, 2024

We’re warning you

The mainland has sent another warning to Taiwan in the run-up to Saturday’s election. On Tuesday, the Ministry of Commerce (MofCom) said it’s considering suspension of preferential tariff rates on Taiwanese exports of: Agricultural and fishery products Machinery Auto parts Textiles Some context: I…

The mainland has sent another warning to Taiwan in the run-up to Saturday’s election.
On Tuesday, the Ministry of Commerce (MofCom) said it's considering suspension of preferential tariff rates on Taiwanese exports of:

Agricultural and fishery products
Machinery
Auto parts
Textiles

Some context: I...

sources

MofCom: 商务部新闻发言人就中止《海峡两岸经济合作框架协议》部分产品关税减让进展答记者问

January 10, 2024

Foreign minister lays out 2024 agenda

On Tuesday, Foreign Minister Wang Yi laid out China’s diplomatic agenda for the year to come. Speaking at the annual symposium on international relations and China’s diplomacy, Wang laid out China’s overall goal (we are liberally paraphrasing): Reshape the world order to better serve China’s intere…

On Tuesday, Foreign Minister Wang Yi laid out China’s diplomatic agenda for the year to come.
Speaking at the annual symposium on international relations and China’s diplomacy, Wang laid out China’s overall goal (we are liberally paraphrasing):

Reshape the world order to better serve China’s intere...

sources

MoFA: 自信自立、开放包容、公道正义、合作共赢

January 10, 2024

Quality over quantitative

When it comes to China’s commodity markets, domestic quant traders have a tough year ahead of them. Some context: Quant trading has come under increased government scrutiny in recent months, as quant funds have consistently yielded gains amidst abysmal performance by the broader market. A particula…

When it comes to China's commodity markets, domestic quant traders have a tough year ahead of them.
Some context: Quant trading has come under increased government scrutiny in recent months, as quant funds have consistently yielded gains amidst abysmal performance by the broader market.

A particula...

sources

CSRC: 证监会有关部门负责人答记者问

Caixin: 期货“交返”新年新规交易所认定的特定程序化客户不参与

Dalian Commodity Exchange: 关于减免交割手续费等相关费用的通知

January 10, 2024

Devil and the deep blue sea

Shipping shortages could constrain China’s new energy vehicle (NEV) export growth this year. On Monday, the FT reported that shipping capacity remains 10% below pre-pandemic levels, following shipping companies’ downsizing during the pandemic. That’s pushed up daily charter prices – the per-day co…

Shipping shortages could constrain China’s new energy vehicle (NEV) export growth this year.
On Monday, the FT reported that shipping capacity remains 10% below pre-pandemic levels, following shipping companies’ downsizing during the pandemic.

That's pushed up daily charter prices – the per-day co...

sources

FT: Ship shortage holds up Chinese EV sales in Europe

Reuters: China likely dethroned Japan as world's top auto exporter in 2023: China group

January 10, 2024

More where that came from

China’s central bank (PBoC) intends to lend a further RMB 150 billion to policy banks to support the “three major projects,” thereby boosting property construction. Reminder: The “three major projects” relate to construction of affordable housing, upgrading urban villages, and building dual-use fac…

China’s central bank (PBoC) intends to lend a further RMB 150 billion to policy banks to support the “three major projects,” thereby boosting property construction.

Reminder: The "three major projects" relate to construction of affordable housing, upgrading urban villages, and building dual-use fac...

sources

PBoC: 盘点央行的2023 | ①稳健的货币政策精准有力

Caixin: 支持“三大工程”项目央行2023年新增5000亿元PSL额度

January 10, 2024

Robots to the rescue

China wants humans out of the line of fire. On December 29, the emergency response bureau and the industrial ministry (MIIT) released Opinions on speeding up the development of robots “Accelerating the Development of Emergency Robots.” The plan’s stated goal: To transform disaster management to a …

China wants humans out of the line of fire.
On December 29, the emergency response bureau and the industrial ministry (MIIT) released Opinions on speeding up the development of robots “Accelerating the Development of Emergency Robots.”
The plan's stated goal: To transform disaster management to a ...

sources

Gov.cn: 应急管理部工业和信息化部关于加快应急机器人发展的指导意见

January 10, 2024

Monetary policy is back in fashion

China’s monetary officials aren’t content to sit on the sidelines as the economy limps along. That’s our reading of comments from Zou Lan, director of the central bank’s (PBoC) monetary policy department, on Tuesday. In an interview with Xinhua, Zou said the PBoC: “Will strengthen counter-cyclica…

China's monetary officials aren't content to sit on the sidelines as the economy limps along.

That’s our reading of comments from Zou Lan, director of the central bank’s (PBoC) monetary policy department, on Tuesday.

In an interview with Xinhua, Zou said the PBoC:

“Will strengthen counter-cyclica...

sources

Xinhua: 服务好高质量发展守牢风险底线——中国人民银行有关负责人谈落实中央经济工作会议精神

January 10, 2024

Controlling quality control

Beijing wants to promote high-quality tech development. On Monday, the market regulator (SAMR) launched a pilot program to build out 14 new “National Quality Infrastructure” (NQI) service centers nationwide. The service centers are quasi-government institutions that will assist high-tech companies…

Beijing wants to promote high-quality tech development.
On Monday, the market regulator (SAMR) launched a pilot program to build out 14 new "National Quality Infrastructure" (NQI) service centers nationwide.

The service centers are quasi-government institutions that will assist high-tech companies...

sources

SAMR: 市场监管总局办公厅关于开展国家质量基础设施集成服务基地试点工作的通知

January 9, 2024

Holding the line: A 10bps cut to one-year LPR likely in next two months

To view this note as a PDF, click here. In the week before Christmas, China’s large banks cut deposit rates for the third time since June. This is also the fourth measure since June specifically aimed at lowering bank funding costs. Each previous measure preempted a reduction in lending rates – an…

To view this note as a PDF, click here.
In the week before Christmas, China's large banks cut deposit rates for the third time since June.

This is also the fourth measure since June specifically aimed at lowering bank funding costs.

Each previous measure preempted a reduction in lending rates – an...

January 9, 2024

Pain in the pork

China’s pig farming industry is heading toward a new normal – but getting there could be painful. On Monday, state media highlighted the challenges facing the industry (Securities Daily): The industry’s debt ratio reached nearly 70% in Q3 2023 – up from roughly 50% in early 2021. Major producers l…

China's pig farming industry is heading toward a new normal – but getting there could be painful.
On Monday, state media highlighted the challenges facing the industry (Securities Daily):

The industry's debt ratio reached nearly 70% in Q3 2023 – up from roughly 50% in early 2021.
Major producers l...

sources

Securities Daily: 多家猪企公布2023年产销数据产能去化缓慢消费端疲弱

MARA: 生猪生产效率和产业素质稳步提升

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