string(13) "markets-macro"

Macro

November 29, 2022

Spring awakening for Evergrande?

Is China Evergrande Group’s long-awaited restructuring proposal finally in sight? On Monday, Reuters reported that Evergrande hopes to finalize its debt restructuring plan by late February or early March, citing the company’s lawyers. Reuters also said – citing an unnamed source – that Evergrande pl… Username Password Remember Me Forgot Password

Is China Evergrande Group’s long-awaited restructuring proposal finally in sight?
On Monday, Reuters reported that Evergrande hopes to finalize its debt restructuring plan by late February or early March, citing the company’s lawyers.
Reuters also said – citing an unnamed source – that Evergrande pl...

sources

Reuters: Evergrande aims to win approval for restructuring proposals early next year

November 29, 2022

Taking stock

After spending years locked out of China’s equity markets, the door is finally opening again for property developers. On Monday, a spokesperson for the securities regulator (CSRC) outlined five measures to help support the property sector. Some context: Developers’ ability to raise funds from domest…

After spending years locked out of China’s equity markets, the door is finally opening again for property developers.
On Monday, a spokesperson for the securities regulator (CSRC) outlined five measures to help support the property sector.
Some context: Developers’ ability to raise funds from domest...

sources

CSRC: 证监会新闻发言人就资本市场支持房地产市场平稳健康发展答记者问

November 29, 2022

Officials look to thread a needle on COVID policy implementation

The wave of public protests last weekend against China’s strict pandemic controls forced authorities nationwide to respond on Sunday and Monday. Bye-bye, zero-COVID? Nope. Instead, Beijing is doubling down. Central authorities have told local officials they must strictly follow the zero-COVID playbo…

The wave of public protests last weekend against China’s strict pandemic controls forced authorities nationwide to respond on Sunday and Monday.
Bye-bye, zero-COVID? Nope.
Instead, Beijing is doubling down. Central authorities have told local officials they must strictly follow the zero-COVID playbo...

sources

The Paper: 今日读报丨疫情严峻复杂压力前所未有，新华社连发三条时评

The Paper: 人民日报头版仲音：科学精准，提高防疫工作的有效性

The Paper: 北京：严禁采取硬质隔离、严禁封堵消防通道、单元门、小区门

The Paper: 北京：临时管控第一时间向群众发公告，原则上不超过24小时

Sina: 北京朝阳：满足解封条件的小区将及时解封

Sina: 北京朝阳：辖区医院应开尽开涉疫门诊处置后快速恢复

The Paper: 上海：医疗机构不得以封管控、红黄码等为由限制就诊

Caixin: 广州日新增连续八天下降管控社区满足条件可申请解封

Caixin: 广州多区调整核酸检测政策网课学生和长期居家老人可不参加

Yicai: 合肥：探索实行负面清单管理，严管防控工作跑偏走样

21st Century Biz: 乌鲁木齐市明起逐步有序恢复公共交通和低风险区商超等场所运营

The Paper: 新疆乌鲁木齐机场逐步恢复开通疆内疆外航班

The Paper: 11月29日起，乌鲁木齐市恢复快递物流企业运营

The Paper: 新疆维吾尔自治区党委常委会召开会议，研究部署乌鲁木齐防疫、风险防范处置等工作

November 29, 2022

Turning the screw on Huawei and ZTE gear

On Friday, the US Federal Communications Commission (FCC) slapped a ban on telecom equipment sales by Huawei, ZTE, and other Chinese manufacturers. Background: The FCC is already pushing telecoms to rip out and replace existing Huawei and ZTE equipment that has been installed in US telecom networks….

On Friday, the US Federal Communications Commission (FCC) slapped a ban on telecom equipment sales by Huawei, ZTE, and other Chinese manufacturers.
Background: The FCC is already pushing telecoms to rip out and replace existing Huawei and ZTE equipment that has been installed in US telecom networks....

sources

FCC: FCC Bans Authorizations for Devices That Pose National Security Threat

FT: Chinese telecoms groups Huawei and ZTE barred from US sales

FT: UK limits use of Chinese-made surveillance systems on government sites

Statscounter: Mobile Vendor Market Share United States Of America

Statista: Huawei's revenue from 2012 to 2021, by geographical region

November 29, 2022

Deep Dive | Thanksgiving surprise: Beijing ramps up support for the property sector

It was a busy Thanksgiving for China’s regulators. Over the last couple of weeks, they’ve rolled out a wave of support measures for the property sector. We appreciate that it’s hard to keep track of what’s been done, so we’ve summarized the measures below in chronological order. TL;DR: The me…

It was a busy Thanksgiving for China’s regulators.

Over the last couple of weeks, they’ve rolled out a wave of support measures for the property sector.

We appreciate that it’s hard to keep track of what’s been done, so we’ve summarized the measures below in chronological order.
TL;DR: The me...

November 29, 2022

You’ve got it, now spend it

Central officials want local governments to deploy stimulus funds ASAP. On Friday, the state planner (NDRC) held a video meeting imploring local cadres to break ground on major projects. In the NDRC’s words, the meeting was meant to (NDRC): “Urge and guide localities to accelerate the construction …

Central officials want local governments to deploy stimulus funds ASAP.
On Friday, the state planner (NDRC) held a video meeting imploring local cadres to break ground on major projects.
In the NDRC’s words, the meeting was meant to (NDRC):

“Urge and guide localities to accelerate the construction ...

sources

NDRC: 投资司召开全国基金项目视频调度工作会议

Gov.cn: 李克强主持召开国务院常务会议部署抓实抓好稳经济一揽子政策和接续措施全面落地见效等

November 28, 2022

Open the sluice gate!

Finally, and not unexpectedly, China’s financial officials have offered some monetary easing to aid all their recent property support measures. On Friday, China’s central bank (PBoC) said it will cut banks’ reserve requirement ratio (RRR) by 25 basis points, effective December 5. The move will rele…

Finally, and not unexpectedly, China's financial officials have offered some monetary easing to aid all their recent property support measures.
On Friday, China’s central bank (PBoC) said it will cut banks’ reserve requirement ratio (RRR) by 25 basis points, effective December 5.

The move will rele...

sources

PBoC: 中国人民银行决定于2022年12月5日下调金融机构存款准备金率

PBoC: 中国人民银行有关负责人就下调金融机构存款准备金率答记者问

November 28, 2022

The good news keeps coming

The property market is having a damn fine week – and the good news keeps coming. On Monday, the central bank (PBoC) unveiled RMB 200 billion in relending for commercial banks to complete overdue housing projects. On Wednesday, the PBoC and banking regulator (CBIRC) officially issued their 16-p…

The property market is having a damn fine week – and the good news keeps coming.

On Monday, the central bank (PBoC) unveiled RMB 200 billion in relending for commercial banks to complete overdue housing projects.
On Wednesday, the PBoC and banking regulator (CBIRC) officially issued their 16-p...

sources

Yicai: 银保监会：保交楼专项借款资金已基本投放至项目

Caixin: 六大行与优质房企签订战略合作新增授信或逾万亿元

Reuters: Exclusive: China central bank to offer cheap loans to support developers' bonds-sources

November 28, 2022

The finance party

On Monday, China’s top regulators discussed the priorities for the finance sector. The event: The 2022 Financial Street Forum in Beijing. How time flies: China’s wannabe Wall Street clocks its 30th anniversary this year, and the forum marked its 10th. Here’s a run-down of key messages from the key…

On Monday, China's top regulators discussed the priorities for the finance sector.

The event: The 2022 Financial Street Forum in Beijing.

How time flies: China's wannabe Wall Street clocks its 30th anniversary this year, and the forum marked its 10th.
Here's a run-down of key messages from the key...

sources

PBoC: 人民银行行长易纲在2022年金融街论坛年会上的讲话

PBoC: 加快社会领域补短板促进国内国际双循环——人民银行党委书记、银保监会主席郭树清在2022年金融街论坛上的主题演讲

CSRC: 易会满主席在2022金融街论坛年会上的主题演讲

November 28, 2022

Get those loans moving

Support for property developers is gathering momentum. Central bank (PBoC) deputy governor Pan Gongsheng announced on November 21 that the PBoC would provide RMB 200 billion in relending loans to commercial banks to complete overdue housing projects. Some context: Starting in July, homebuyers at hu…

Support for property developers is gathering momentum.
Central bank (PBoC) deputy governor Pan Gongsheng announced on November 21 that the PBoC would provide RMB 200 billion in relending loans to commercial banks to complete overdue housing projects.
Some context: Starting in July, homebuyers at hu...

sources

Caixin: 多举措稳定地产融资央行拟设立支持“保交楼”结构性政策工具

China Economic Net: 央行推出“保交楼”贷款支持计划

November 28, 2022

Authorities vow stricter implementation of existing COVID policies

The wave of public protests this weekend against China’s strict pandemic controls forced authorities nationwide to respond on Sunday and Monday. Bye-bye, zero-COVID? Nope. Instead, Beijing is doubling down. Central authorities have told local officials they must strictly follow the zero-COVID playbo…

The wave of public protests this weekend against China's strict pandemic controls forced authorities nationwide to respond on Sunday and Monday.
Bye-bye, zero-COVID? Nope.
Instead, Beijing is doubling down. Central authorities have told local officials they must strictly follow the zero-COVID playbo...

sources

The Paper: 今日读报丨疫情严峻复杂压力前所未有，新华社连发三条时评

The Paper: 人民日报头版仲音：科学精准，提高防疫工作的有效性

The Paper: 北京：严禁采取硬质隔离、严禁封堵消防通道、单元门、小区门

The Paper: 北京：临时管控第一时间向群众发公告，原则上不超过24小时

Sina: 北京朝阳：满足解封条件的小区将及时解封

Sina: 北京朝阳：辖区医院应开尽开涉疫门诊处置后快速恢复

The Paper: 上海：医疗机构不得以封管控、红黄码等为由限制就诊

Caixin: 广州日新增连续八天下降管控社区满足条件可申请解封

Caixin: 广州多区调整核酸检测政策网课学生和长期居家老人可不参加

Yicai: 合肥：探索实行负面清单管理，严管防控工作跑偏走样

21st Century Biz: 乌鲁木齐市明起逐步有序恢复公共交通和低风险区商超等场所运营

The Paper: 新疆乌鲁木齐机场逐步恢复开通疆内疆外航班

The Paper: 11月29日起，乌鲁木齐市恢复快递物流企业运营

The Paper: 新疆维吾尔自治区党委常委会召开会议，研究部署乌鲁木齐防疫、风险防范处置等工作

November 28, 2022

On the ground in Beijing

There’s a lot to unpack about the protests in China this weekend. To help cut through the noise, a Beijing-based Trivium analyst lays out below some first-hand observations about what’s happening in the capital. Observation 1: Most people aren’t demanding that the government “let the virus rip.” …

There’s a lot to unpack about the protests in China this weekend.

To help cut through the noise, a Beijing-based Trivium analyst lays out below some first-hand observations about what’s happening in the capital.

Observation 1: Most people aren’t demanding that the government “let the virus rip.”

...

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