string(13) "markets-macro"

Macro

April 12, 2023

As simple as RMB

Another day, another dollar-is-dead pronouncement in Chinese media. In a lengthy commentary published by Sina on Tuesday, prominent economist Ren Zeping outlined the ways in which Beijing should push RMB internationalization. With his 4.6 million Weibo followers, Ren is a bona fide celebrity econom… Username Password Remember Me Forgot Password

With his 4.6 million Weibo followers, Ren is a bona fide celebrity econom...

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Sina: 任泽平：人民币崛起天下苦美元霸权久矣

April 12, 2023

The de-parted

Foreign auto companies are pushing manufacturers of car parts to build plants outside of China. On Monday, Bloomberg cited industry sources capturing the scope and severity of the pressure. As one manager of a Jiangsu electric vehicle charging component manufacturer said: “I have no choice. Move ou…

Foreign auto companies are pushing manufacturers of car parts to build plants outside of China.
On Monday, Bloomberg cited industry sources capturing the scope and severity of the pressure.
As one manager of a Jiangsu electric vehicle charging component manufacturer said:

"I have no choice. Move ou...

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Bloomberg: China Auto-Parts Makers Join Apple in Offshore Factory Push

April 12, 2023

Broadening out

On Tuesday, China’s central bank released credit data for March. The headlines: Net new total social financing (TSF) hit RMB 5.38 trillion last month, versus the consensus forecast of RMB 4.5 trillion. Net new bank loans were RMB 3.89 trillion in March, higher than the forecasted RMB 3.24 trillion….

On Tuesday, China’s central bank released credit data for March.
The headlines:

Net new total social financing (TSF) hit RMB 5.38 trillion last month, versus the consensus forecast of RMB 4.5 trillion.
Net new bank loans were RMB 3.89 trillion in March, higher than the forecasted RMB 3.24 trillion....

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PBoC: 2023年3月社会融资规模存量统计数据报告

Reuters: China's new loans hit record on policy support, mortgages

April 12, 2023

Teach a man to fish

Following his meeting with French president Macron in Guangzhou on Friday, Xi Jinping stayed on in Guangdong province to inspect local cities. His first stop: On Monday, Xi visited coastal Zhanjiang, which sits opposite the Hainan capital Haikou across the Qiongzhou Strait. Xi’s fun-packed itinerary…

Following his meeting with French president Macron in Guangzhou on Friday, Xi Jinping stayed on in Guangdong province to inspect local cities.
His first stop: On Monday, Xi visited coastal Zhanjiang, which sits opposite the Hainan capital Haikou across the Qiongzhou Strait.
Xi’s fun-packed itinerary...

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Xinhua: 习近平在广东考察调研

April 12, 2023

He Lifeng’s bulging portfolio

Vice Premier He Lifeng has added China-US trade to his bulging portfolio. How we know: On Friday, He met with Evan Greenberg, vice chair of the National Committee on US-China Relations (and CEO of insurer Chubb) in Beijing. The official readout said they discussed “Sino-US economic and trade cooper…

Vice Premier He Lifeng has added China-US trade to his bulging portfolio.
How we know: On Friday, He met with Evan Greenberg, vice chair of the National Committee on US-China Relations (and CEO of insurer Chubb) in Beijing.

The official readout said they discussed "Sino-US economic and trade cooper...

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Gov.cn: 何立峰会见美国安达集团董事长一行

April 12, 2023

Barley across the line

Beijing and Canberra have reached an agreement that should see Australian barley flowing back into China by July. Aussie officials announced the deal on Tuesday morning, and Beijing confirmed in the afternoon. ICYDK: Australia used to be China’s largest supplier of barley, accounting for over 40% …

Beijing and Canberra have reached an agreement that should see Australian barley flowing back into China by July.

Aussie officials announced the deal on Tuesday morning, and Beijing confirmed in the afternoon.

ICYDK: Australia used to be China's largest supplier of barley, accounting for over 40% ...

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Australian Broadcasting Corporation: Federal government says agreement reached with China to resolve barley dispute

Australian Government: Transcript of press conference, Adelaide

Yicai: 商务部新闻发言人就中澳解决大麦争端达成共识事答记者问

April 12, 2023

CAC regulates Chinese ChatGPT services

On Tuesday, the Cyberspace Administration of China (CAC) released draft regulations for AI-generated content (AIGC) services. That includes tools like ChatGPT. ICYMI: ChatGPT has generated enormous excitement in China – but also concerns about misuse, security, and censorship. The CAC’s draft reg…

On Tuesday, the Cyberspace Administration of China (CAC) released draft regulations for AI-generated content (AIGC) services.

That includes tools like ChatGPT.

ICYMI: ChatGPT has generated enormous excitement in China – but also concerns about misuse, security, and censorship.

The CAC’s draft reg...

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CAC: 国家互联网信息办公室关于《生成式人工智能服务管理办法（征求意见稿）》公开征求意见的通知

April 12, 2023

Jinping of House Xi, First of his Name, Unbreaker of Supply Chains

Monsieur Le Président Emmanuel Macron wasn’t the only one who got the royal treatment during his recent visit to China. The 50-strong French business representatives who flew with him also got to chow down on some tasty Chinese carrots. On Thursday, both Macron and Xi Jinping attended the closing …

Monsieur Le Président Emmanuel Macron wasn’t the only one who got the royal treatment during his recent visit to China.

The 50-strong French business representatives who flew with him also got to chow down on some tasty Chinese carrots.

On Thursday, both Macron and Xi Jinping attended the closing ...

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CCTV: [视频]习近平出席中法企业家委员会第五次会议闭幕式并致辞

Seetao: 36 Chinese and French companies signed 18 cooperation agreements

April 12, 2023

A penny saved

Small banks are cutting deposit rates. On Tuesday, Reuters reported cuts by banks in three provinces. Rural commercial banks in Hubei and Hunan lowered rates over the weekend. In Guangdong, some regional lenders cut rates last week. Cuts vary, but Reuters noted one Henan bank made cuts of 35 bps o…

Small banks are cutting deposit rates.
On Tuesday, Reuters reported cuts by banks in three provinces.

Rural commercial banks in Hubei and Hunan lowered rates over the weekend.
In Guangdong, some regional lenders cut rates last week.

Cuts vary, but Reuters noted one Henan bank made cuts of 35 bps o...

sources

Reuters: Smaller Chinese banks cut deposit rates on squeezed margins

The Paper: 多省中小银行下调存款利率：原因何在，是“降息”信号吗

April 12, 2023

Educating your way to tech self-sufficiency

Last Tuesday, the Ministry of Education (MoE) released new guidelines to rationalize tech subjects in China’s higher education system. Some context: China’s universities have been criticized for failing to produce sufficient numbers of work-ready graduates in sci-tech fields. External factors …

Last Tuesday, the Ministry of Education (MoE) released new guidelines to rationalize tech subjects in China’s higher education system.
Some context: China’s universities have been criticized for failing to produce sufficient numbers of work-ready graduates in sci-tech fields.

External factors ...

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MOE: 教育部等五部门关于印发《普通高等教育学科专业设置调整优化改革方案》的通知

April 12, 2023

MoT says don’t do that again…again

Last Friday, the Ministry of Transportation (MoT) sat down with several of the biggest ride- and truck-hailing platforms – including Didi, Huolala, and Manbang – to discuss driver compensation. Some context: Since the tech crackdown began two years ago, MoT has regularly reminded platforms to improv…

Last Friday, the Ministry of Transportation (MoT) sat down with several of the biggest ride- and truck-hailing platforms – including Didi, Huolala, and Manbang – to discuss driver compensation.
Some context: Since the tech crackdown began two years ago, MoT has regularly reminded platforms to improv...

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MoT: 交通运输新业态协同监管部际联席会议办公室约谈货拉拉

April 12, 2023

Divulging secrets to ChatGPT

On Monday, the Payment & Clearing Association of China (PCAC) urged its members to monitor employees using AI chatbots like ChatGPT. PCAC’s members include clearing houses, banks, and payment platforms. PCAC’s top concern: Data security. Some context: ChatGPT has a wide…

On Monday, the Payment & Clearing Association of China (PCAC) urged its members to monitor employees using AI chatbots like ChatGPT.

PCAC’s members include clearing houses, banks, and payment platforms.

PCAC’s top concern: Data security.
Some context: ChatGPT has a wide...

sources

Yicai: 中国支付清算协会倡议支付行业从业人员谨慎使用ChatGPT等工具

engadget: Three Samsung employees reportedly leaked sensitive data to ChatGPT

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