string(13) "markets-macro"

Macro

May 8, 2023

Swap Connect goes live

The long-awaited Swap Connect program will start next week, finally giving offshore investors access to a key part of China’s financial derivatives market. On Friday, the central bank (PBoC) announced that the Swap Connect will launch on May 15, allowing offshore investors to trade in the mainland’s… Username Password Remember Me Forgot Password

The long-awaited Swap Connect program will start next week, finally giving offshore investors access to a key part of China’s financial derivatives market.
On Friday, the central bank (PBoC) announced that the Swap Connect will launch on May 15, allowing offshore investors to trade in the mainland's...

sources

PBoC: 中国人民银行、香港证券及期货事务监察委员会、香港金融管理局即将正式启动香港与内地利率互换市场互联互通合作

May 8, 2023

Squeeze those pips

As profit margins tighten, banks are starting to cut deposit rates. Three joint stock banks announced just that on Thursday evening (Bloomberg). The deets: China Zheshang Bank, Hengfeng Bank, and China Bohai Bank will now pay: 1.85% on one-year deposits, down from 1.95% 1.95% annually on three-yea…

As profit margins tighten, banks are starting to cut deposit rates.
Three joint stock banks announced just that on Thursday evening (Bloomberg).
The deets: China Zheshang Bank, Hengfeng Bank, and China Bohai Bank will now pay:

1.85% on one-year deposits, down from 1.95%
1.95% annually on three-yea...

sources

Bloomberg: More Chinese Banks Cut Deposit Rates as Margins Shrink

May 8, 2023

Quick Take | China’s economic revival and role of consumption: The three phases of recovery

Consumption was at the top of the agenda when the Politburo met to discuss the state of the economy on April 28. However, China’s leaders have been talking about the need to support consumption since late last year. The question is, after months of jawboning, when will we finally see some policies …

Consumption was at the top of the agenda when the Politburo met to discuss the state of the economy on April 28. However, China's leaders have been talking about the need to support consumption since late last year.

The question is, after months of jawboning, when will we finally see some policies ...

May 6, 2023

Backend infosec

Beijing wants state-owned enterprises (SOEs) and domestically listed companies to review the information security practices of their auditors. That’s per rules published yesterday by the Ministry of Finance (MoF) and the securities regulator (CSRC) governing how companies select their audit firms. …

Beijing wants state-owned enterprises (SOEs) and domestically listed companies to review the information security practices of their auditors.

That’s per rules published yesterday by the Ministry of Finance (MoF) and the securities regulator (CSRC) governing how companies select their audit firms.
...

sources

MoF: 关于印发《国有企业、上市公司选聘会计师事务所管理办法》的通知

CSRC: 证监会发布《证券期货业网络和信息安全管理办法》

Gov.cn: 关于印发《会计师事务所监督检查办法》的通知

May 6, 2023

De minimis viable products

On Wednesday, the US House Select Committee on China sent inquiry letters to Chinese e-commerce giants Shein and Temu. Lawmakers want to understand how these platforms are using the “de minimis” rule to fulfill US customers’ orders. Some context: Intended to ease US Customs’ workload, the de minim…

On Wednesday, the US House Select Committee on China sent inquiry letters to Chinese e-commerce giants Shein and Temu.

Lawmakers want to understand how these platforms are using the "de minimis" rule to fulfill US customers' orders.

Some context: Intended to ease US Customs' workload, the de minim...

sources

WSJ: The $67 Billion Tariff Dodge That’s Undermining U.S. Trade Policy

Politico: Gallagher, Krishnamoorthi Send Letters on Forced Labor Concerns to Nike, Adidas, Shein, Temu

May 6, 2023

Every breaking waive

On Wednesday, FT reported that the US has verbally agreed to extend permissions for China-based South Korean memory chipmakers to continue accessing US chipmaking tools. ICYMI: Shortly after the US October export controls were imposed, South Korean chipmakers secured a one-year waiver for their mai…

On Wednesday, FT reported that the US has verbally agreed to extend permissions for China-based South Korean memory chipmakers to continue accessing US chipmaking tools.
ICYMI: Shortly after the US October export controls were imposed, South Korean chipmakers secured a one-year waiver for their mai...

sources

FT: Washington signals support for South Korean chipmakers in US battle with China

May 6, 2023

New technologies, same old playbook

We’re just getting around to looking through the readouts of the April 28 Politburo meeting, chaired by Xi Jinping. The top issues raised at the meeting should come as no surprise: Leaders discussed China’s sluggish post-Covid economic recovery and technological self-reliance. But this was a little…

We're just getting around to looking through the readouts of the April 28 Politburo meeting, chaired by Xi Jinping.
The top issues raised at the meeting should come as no surprise: Leaders discussed China's sluggish post-Covid economic recovery and technological self-reliance.
But this was a little...

sources

Gov.cn: 中共中央政治局召开会议分析研究当前经济形势和经济工作中共中央总书记习近平主持会议

May 5, 2023

Turn on, tune in, don’t drop out

Beijing wants grassroots officials to up their game. From April 24-28, the Central Party School (CPS) and the Central Organization Department held training courses for all village Party organization secretaries and village committee directors. Online lectures and offline seminars lit up 3,568 class…

Beijing wants grassroots officials to up their game.
From April 24-28, the Central Party School (CPS) and the Central Organization Department held training courses for all village Party organization secretaries and village committee directors.

Online lectures and offline seminars lit up 3,568 class...

sources

CCPS: 中央组织部、中央党校（国家行政学院）联合举办全国村党组织书记和村委会主任视频培训班

May 5, 2023

Study hard and take action

Xi Jinping is demanding a lot of the country’s officials. On Sunday, Qiushi, the Party’s flagship magazine, published Xi’s full speech at the April 3 launch of the nationwide education campaign to study and implement Xi Jinping Thought. Xi didn’t mince words about the mounting challenges (Qiushi): …

Xi Jinping is demanding a lot of the country's officials.
On Sunday, Qiushi, the Party's flagship magazine, published Xi’s full speech at the April 3 launch of the nationwide education campaign to study and implement Xi Jinping Thought.
Xi didn’t mince words about the mounting challenges (Qiushi):

...

sources

Qiushi: 在学习贯彻习近平新时代中国特色社会主义思想主题教育工作会议上的讲话

May 5, 2023

A naan starter

On Thursday, Foreign Minister Qin Gang was in Goa, India, where he met his Indian counterpart Subrahmanyam Jaishankar. On the sidelines: The bilat happened thanks to a foreign ministers’ meeting of the Shanghai Cooperation Organization (SCO). The pair last met in March, when Jaishankar described Si…

On Thursday, Foreign Minister Qin Gang was in Goa, India, where he met his Indian counterpart Subrahmanyam Jaishankar.
On the sidelines: The bilat happened thanks to a foreign ministers' meeting of the Shanghai Cooperation Organization (SCO).

The pair last met in March, when Jaishankar described Si...

sources

MoFA: 秦刚会见印度外长苏杰生

Twitter: Subrahmanyam Jaishankar's Twitter

SCMP: China-India relations: Qin Gang pledges better dialogue and cooperation to improve ties

May 5, 2023

Coming over for a chat

On Wednesday, US climate envoy John Kerry said that Beijing has invited him to visit “in the near term” for talks about climate change. Kerry isn’t booking his ticket yet. The timing and details still need to be hashed out. But Kerry wants to ensure tackling climate change remains common ground de…

On Wednesday, US climate envoy John Kerry said that Beijing has invited him to visit "in the near term" for talks about climate change.
Kerry isn’t booking his ticket yet.

The timing and details still need to be hashed out.

But Kerry wants to ensure tackling climate change remains common ground de...

sources

Reuters: Exclusive: US climate envoy Kerry says China has invited him for talks

May 5, 2023

The Three Merchanteers

China’s world-leading steel conglomerate, Baosteel, is investing USD 437.5 million in a joint venture to build Saudi Arabia’s first integrated steel plate manufacturing complex. We’ve long wondered when China’s steelmakers would start seeking opportunities overseas as domestic demand growth slows. …

China's world-leading steel conglomerate, Baosteel, is investing USD 437.5 million in a joint venture to build Saudi Arabia's first integrated steel plate manufacturing complex.

We've long wondered when China's steelmakers would start seeking opportunities overseas as domestic demand growth slows.
...

sources

The Paper: 宝钢在沙特合建首家全流程生产基地：年产150万吨厚板，出资30亿元

Aramco: Aramco, Baosteel and PIF sign agreement to establish first integrated steel plate manufacturing complex in Saudi Arabia

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