string(13) "markets-macro"

Macro

September 5, 2023

Bang the drum

Beijing is boosting fuel export allowances, as domestic demand slows. On September 1, the Ministry of Commerce (MofCom) issued the third and final batch of fuel export allowances for 2023. This year’s total quota is 39.99 million metric tons – up 7.4% and 6.3% from 2022 and 2021 levels, respectivel… Username Password Remember Me … Read More »

Beijing is boosting fuel export allowances, as domestic demand slows.
On September 1, the Ministry of Commerce (MofCom) issued the third and final batch of fuel export allowances for 2023.

This year's total quota is 39.99 million metric tons – up 7.4% and 6.3% from 2022 and 2021 levels, respectivel...

sources

Bloomberg: China Issues Big Fuel Export Quota as Domestic Demand Peaks

STCN: 荣盛石化：取得成品油、低硫船用燃料油出口配额

September 5, 2023

Dig for victory

Food security remains right at the top of Beijing’s priority list. On Wednesday the legislature (NPCSC) held a special inquiry on the subject. The State Council submitted a report on food security. Vice Premier Liu Guozhong, whose portfolio includes food security, the head of the macro planner (ND…

Food security remains right at the top of Beijing's priority list.
On Wednesday the legislature (NPCSC) held a special inquiry on the subject.

The State Council submitted a report on food security.
Vice Premier Liu Guozhong, whose portfolio includes food security, the head of the macro planner (ND...

sources

NPC: 聚焦“粮食安全” 十四届全国人大常委会开展首次专题询问

NPC: 十四届全国人大常委会第五次会议举行联组会议，就确保国家粮食安全工作情况报告进行专题询问

September 5, 2023

Gradual intervention

China’s central bank is reaching into its familiar toolkit to ramp up support for the CNY. The latest: The PBoC is soon set to lower banks’ FX reserve requirements to a record low. The reserve requirement will fall from 6% to 4%, effective September 15, the PBoC announced on Friday. Such a move w…

China's central bank is reaching into its familiar toolkit to ramp up support for the CNY.
The latest: The PBoC is soon set to lower banks' FX reserve requirements to a record low.

The reserve requirement will fall from 6% to 4%, effective September 15, the PBoC announced on Friday.
Such a move w...

sources

PBoC: 中国人民银行决定下调金融机构外汇存款准备金率

Caixin: 人民币汇率持续承压外汇“降准”2个百分点至4%

September 5, 2023

Manufacturing up, services down

August PMI readings brought sort-of-positive news for China’s manufacturing sector, but markets are focused on the dismal reading for services. The stats bureau (NBS) and Caixin dropped their monthly Purchasing Managers’ Indices (PMI) on Thursday and Friday, respectively. Quick refresher: Th…

August PMI readings brought sort-of-positive news for China’s manufacturing sector, but markets are focused on the dismal reading for services.

The stats bureau (NBS) and Caixin dropped their monthly Purchasing Managers’ Indices (PMI) on Thursday and Friday, respectively.

Quick refresher: Th...

sources

Stats.gov.cn: 2023年8月中国采购经理指数运行情况

Caixin: 财新中国通用制造业 PMI 新闻稿

Reuters: China's August services activity slows amid sluggish demand - Caixin PMI

September 5, 2023

Pushing on a string

The interest rate environment in China continues to gradually loosen. On Friday, over a dozen Chinese banks lowered deposit rates across major tenors. This follows a previous round of deposit rate cuts three months ago. Back in June, banks cut deposit rates just weeks before the one-year and five-y…

The interest rate environment in China continues to gradually loosen.
On Friday, over a dozen Chinese banks lowered deposit rates across major tenors.

This follows a previous round of deposit rate cuts three months ago.
Back in June, banks cut deposit rates just weeks before the one-year and five-y...

sources

China National Radio: 多家银行下调部分定期存款利率！期限越长降得越多，五年期整存整取利率下调约25个基点

September 4, 2023

Every fen counts

Regulators have a new tool to punish healthcare providers that misuse social insurance. On Friday, the State Council published new regulations for China’s Social Insurance Fund. The regulations come into force on December 1. Some context: The Social Insurance Fund, as specified in the Social Insur…

Regulators have a new tool to punish healthcare providers that misuse social insurance.
On Friday, the State Council published new regulations for China's Social Insurance Fund.

The regulations come into force on December 1.

Some context: The Social Insurance Fund, as specified in the Social Insur...

sources

Gov.cn: 社会保险经办条例

September 4, 2023

The private sector love bureau

The macro planner (NDRC) will establish a new bureau for private sector development as part of the government’s push to boost the private economy. The new bureau was announced at a State Council presser Monday. The bureau will coordinate policy planning and implementation of private sector support…

The macro planner (NDRC) will establish a new bureau for private sector development as part of the government's push to boost the private economy.

The new bureau was announced at a State Council presser Monday.

The bureau will coordinate policy planning and implementation of private sector support...

sources

SCIO: 国新办举行推动民营经济高质量发展新闻发布会

September 4, 2023

For your reconsideration

Contesting government administrative actions – such as fines or penalties – is about to get easier. On Friday, the legislature (NPCSC) passed the third amendment to China’s Administrative Reconsideration Law. Some context: Administrative reconsideration is when companies or individuals challenge gov…

Contesting government administrative actions – such as fines or penalties – is about to get easier.
On Friday, the legislature (NPCSC) passed the third amendment to China's Administrative Reconsideration Law.
Some context: Administrative reconsideration is when companies or individuals challenge gov...

sources

NPC: 中华人民共和国行政复议法

September 4, 2023

At your service

Services trade can bolster China’s economy and deliver a global economic recovery. That was Xi Jinping’s message in a speech to the annual China International Fair for Trade in Services, delivered by video link on Saturday. ICYDK: Services trade encompasses tourism and education, financial and insur…

Services trade can bolster China's economy and deliver a global economic recovery.
That was Xi Jinping's message in a speech to the annual China International Fair for Trade in Services, delivered by video link on Saturday.
ICYDK: Services trade encompasses tourism and education, financial and insur...

sources

Gov.cn: 习近平向2023年中国国际服务贸易交易会全球服务贸易峰会发表视频致辞

September 4, 2023

Benin on me (when you’re not strong)

China’s taking a carrot and…uh…more carrot approach to Africa. On Friday, Xi Jinping inked a strategic partnership agreement with Beninese President Patrice Talon in Beijing. Xi and Talon pledged cooperation across the usual range of areas, including: Investment Security Education Agriculture Some…

China’s taking a carrot and…uh…more carrot approach to Africa.
On Friday, Xi Jinping inked a strategic partnership agreement with Beninese President Patrice Talon in Beijing.
Xi and Talon pledged cooperation across the usual range of areas, including:

Investment
Security
Education
Agriculture

Some...

sources

Xinhua: Xi Focus: China, Benin establish strategic partnership as heads of state hold talks in Beijing

Xinhua: Chinese premier meets with president of Benin

FMPRC: 中国同贝宁的关系

September 2, 2023

Man in the middle (east)

Are chip export controls broadening beyond China and Russia? On Thursday, western media reported that the US government has barred Nvidia from shipping some of its high-end chips to some Middle Eastern countries. The countries were not specified. The info came from an August 28 regulatory filing b…

Are chip export controls broadening beyond China and Russia?
On Thursday, western media reported that the US government has barred Nvidia from shipping some of its high-end chips to some Middle Eastern countries.

The countries were not specified.

The info came from an August 28 regulatory filing b...

sources

NVIDIA: NVIDIA CORPORATION FORM 10-Q FOR THE QUARTER ENDED JULY 30, 2023

Xinhua: Xi says BRICS expansion historic, new starting point for cooperation

SCMP: From AI to dates, China and Saudi Arabia explore new oases beyond oil, but obstacles remain

The Telegraph: Biden blocks sale of Nvidia AI chips to Middle East over China fears

The Verge: Nvidia and AMD say they face new restrictions on AI chip sales

September 2, 2023

Serving up a training data buffet

Good AI can only be produced with good data – and Chinese policymakers know it. On Thursday, the China Artificial Intelligence Industry Alliance (AIIA) announced it will be forming a new data committee. Some context: The AIIA was established in 2017 with the backing of China’s macro planning agency…

Good AI can only be produced with good data – and Chinese policymakers know it.
On Thursday, the China Artificial Intelligence Industry Alliance (AIIA) announced it will be forming a new data committee.
Some context: The AIIA was established in 2017 with the backing of China's macro planning agency...

sources

CAICT: 中国人工智能产业联盟数据委员会征集首批成员

Arxiv: Will we run out of data? An analysis of the limits of scaling datasets in Machine Learning

CAS: 中国人工智能产业发展联盟成立，自动化所当选副理事长单位

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