string(13) "markets-macro"

Macro

January 11, 2023

Credit growth slows despite jump in corporate lending

On Tuesday, China’s central bank (PBoC) released credit data for December. The headlines: Net new total social financing (TSF) hit RMB 1.31 trillion, versus the consensus forecast of RMB 1.85 trillion. Net new bank loans were RMB 1.4 trillion, higher than the forecast of RMB 1.2 trillion. Credit g… Username Password Remember Me … Read More »

On Tuesday, China’s central bank (PBoC) released credit data for December.
The headlines:

Net new total social financing (TSF) hit RMB 1.31 trillion, versus the consensus forecast of RMB 1.85 trillion.
Net new bank loans were RMB 1.4 trillion, higher than the forecast of RMB 1.2 trillion.

Credit g...

sources

PBoC: 2022年金融统计数据报告

Bloomberg: China’s Corporate Loan Growth Picks Up on Rising Property Aid

January 11, 2023

Xi-Putin bromance unaffected by whispers

Chinese officials are talking s*** about Vladimir Putin to the FT: “’Putin is crazy,’ says one Chinese official, who declined to be identified.” “’The [Ukraine] invasion decision was made by a very small group of people. China shouldn’t simply follow Russia.’” The official quoted above is not alon…

Chinese officials are talking s*** about Vladimir Putin to the FT:

“’Putin is crazy,’ says one Chinese official, who declined to be identified.”
“’The [Ukraine] invasion decision was made by a very small group of people. China shouldn’t simply follow Russia.’”

The official quoted above is not alon...

sources

FT: Xi Jinping’s plan to reset China’s economy and win back friends

January 11, 2023

Show me the digital currency

On Tuesday, China’s central bank (PBoC) included the total amount of digital yuan (e-CNY) in circulation in its monthly financial statistics report for the first time. Going forward, e-CNY in circulation will be included in the PBoC’s monthly reports. More deets: e-CNY is boing counted by the P…

On Tuesday, China's central bank (PBoC) included the total amount of digital yuan (e-CNY) in circulation in its monthly financial statistics report for the first time.

Going forward, e-CNY in circulation will be included in the PBoC's monthly reports.

More deets: e-CNY is boing counted by the P...

sources

PBoC: 2022年金融统计数据报告

January 11, 2023

Back in the game

Local governments are getting on board with Beijing’s pivot to support big tech platforms. The latest: On Tuesday, Hangzhou Party boss Liu Jie signed a strategic agreement with Hangzhou-based Alibaba on behalf of the city government. What’s in the agreement? We have no idea, but it’s surely a…

Local governments are getting on board with Beijing’s pivot to support big tech platforms.
The latest: On Tuesday, Hangzhou Party boss Liu Jie signed a strategic agreement with Hangzhou-based Alibaba on behalf of the city government.
What’s in the agreement? We have no idea, but it’s surely a...

sources

Gov.cn: 刘捷赴有关企业开展“大走访大调研大服务大解题”活动

Gov.cn: 杭州市政府与阿里巴巴集团签订全面深化战略合作协议

January 11, 2023

Dr. Yang on chips, carrots & sticks

In late December, domestic outlet Guancha interviewed outspoken Peking University professor and respected economist Yao Yang. Yao was asked to pontificate on semiconductors and US-China decoupling. In Yao’s opinion, US export controls on advanced chips may soon extend to low-end chips: “The US is…

In late December, domestic outlet Guancha interviewed outspoken Peking University professor and respected economist Yao Yang.

Yao was asked to pontificate on semiconductors and US-China decoupling.

In Yao's opinion, US export controls on advanced chips may soon extend to low-end chips:

“The US is...

sources

Guancha: 姚洋：我为什么主张给老百姓发钱？

January 11, 2023

Hedge your bets

On Tuesday, three state financial newspapers published front-page columns warning of greater two-way volatility in the yuan’s value in 2023 (Reuters). Their advice? Firms and investors should guard against currency fluctuations. Why it matters: When three state-run newspapers publish front-page co…

On Tuesday, three state financial newspapers published front-page columns warning of greater two-way volatility in the yuan’s value in 2023 (Reuters).

Their advice? Firms and investors should guard against currency fluctuations.

Why it matters: When three state-run newspapers publish front-page co...

sources

Reuters: China state media warn of two-way volatility for yuan in 2023

Securities Times: 人民币汇率升破6.8 全年双向波动将是常态

China Securities Journal: 人民币汇率开年大涨折射向好“强预期”

Shanghai Securities News: 涨势如虹人民币汇率创5个月新高

January 11, 2023

Traffic lights are turning red

Are we getting our first peek at an IPO traffic light system? On Monday, the FT reported that China’s securities regulator (CSRC) is working on a “traffic light” system to block specific industries from IPO-ing this year. Background: Over the past year, policymakers repeatedly said that the state w…

Are we getting our first peek at an IPO traffic light system?
On Monday, the FT reported that China’s securities regulator (CSRC) is working on a “traffic light” system to block specific industries from IPO-ing this year.
Background: Over the past year, policymakers repeatedly said that the state w...

sources

FT: Beijing blocks listings of ‘red light’ companies to steer funding to strategic sectors

January 11, 2023

CAC and Cai Qi, sitting in a tree…

On Thursday, China’s cyberspace regulator (CAC) wrapped up its annual meeting of top leadership. And boy, are the CAC’s leaders enamored with Xi Jinping’s new cabinet. A large part of the meeting readout was basically a love letter to Cai Qi and Li Shulei, China’s new propaganda and ideology chi…

On Thursday, China's cyberspace regulator (CAC) wrapped up its annual meeting of top leadership.

And boy, are the CAC's leaders enamored with Xi Jinping's new cabinet.

A large part of the meeting readout was basically a love letter to Cai Qi and Li Shulei, China's new propaganda and ideology chi...

sources

CAC: 全国网信办主任会议在京召开

China National Radio: 全国宣传部长会议在京召开蔡奇出席并讲话

January 11, 2023

CAICT tops up on tech trends

On Friday, state-backed ICT think-tank CAICT the top ten ICT trends it expects to see over the next several years. Overall, there were no huge surprises: China will continue pushing ICT tech, including 5G, advanced computing, big data, and AI, to drive digital transformation and the industrial inter…

On Friday, state-backed ICT think-tank CAICT the top ten ICT trends it expects to see over the next several years.
Overall, there were no huge surprises: China will continue pushing ICT tech, including 5G, advanced computing, big data, and AI, to drive digital transformation and the industrial inter...

sources

People's Daily: 中国信通院发布“ICT十大趋势”：2025年我国数字经济规模将超60万亿元

January 11, 2023

Do you believe in life after subsidies?

China’s new energy vehicle (NEV) industry is entering uncharted territory: Life after subsidies. Subsidies were a key policy tool for Beijing in developing the NEV industry into one of the world’s heavyweights. The first subsidies date back to 2009. The most recent – accounting for 3-6% of vehicle …

China's new energy vehicle (NEV) industry is entering uncharted territory: Life after subsidies.
Subsidies were a key policy tool for Beijing in developing the NEV industry into one of the world's heavyweights.

The first subsidies date back to 2009.
The most recent – accounting for 3-6% of vehicle ...

sources

Bloomberg: China New-Energy Vehicle Sales, Shipments Nearly Doubled in 2022

January 11, 2023

Credit where credit is due

Beijing wants big banks to open the credit taps – for certain segments of the economy. On Tuesday, the central bank (PBoC) and banking regulator (CBIRC) held a joint symposium to discuss their lending expectations of the major banks. Regulators called on key banks to: Maintain credit support for th…

Beijing wants big banks to open the credit taps – for certain segments of the economy.
On Tuesday, the central bank (PBoC) and banking regulator (CBIRC) held a joint symposium to discuss their lending expectations of the major banks.
Regulators called on key banks to:

Maintain credit support for th...

sources

PBoC: 人民银行银保监会联合召开主要银行信贷工作座谈会

January 10, 2023

Czeching in before Czeching out

On Monday, Xi Jinping hopped on a farewell call with Czech President Miloš Zeman, who will leave office by the end of January after reaching his constitutional term limit. Firmly pro-Beijing, Zeman has been a key ally in central Europe for the past decade. Xi reminisced about the good times, remin…

On Monday, Xi Jinping hopped on a farewell call with Czech President Miloš Zeman, who will leave office by the end of January after reaching his constitutional term limit.

Firmly pro-Beijing, Zeman has been a key ally in central Europe for the past decade.

Xi reminisced about the good times, remin...

sources

Xinhua: Chinese, Czech presidents hold virtual meeting

Prague Castle: Prezident republiky hovořil s čínským prezidentem

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