string(13) "markets-macro"

Macro

November 15, 2022

Q3 econ rebound already sputtering

China’s stats bureau published the monthly econ data for October on Tuesday. The headline: The economy is already losing steam after the Q3 recovery. Retail sales fell 0.5% y/y in October, down from a 2.5% y/y increase in September. Fixed asset investment rose 5.0% y/y in October, compared with 6.6… Username Password Remember Me … Read More »

China’s stats bureau published the monthly econ data for October on Tuesday.
The headline: The economy is already losing steam after the Q3 recovery.

Retail sales fell 0.5% y/y in October, down from a 2.5% y/y increase in September.
Fixed asset investment rose 5.0% y/y in October, compared with 6.6...

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NBS: 国家统计局新闻发言人就2022年10月份国民经济运行情况答记者问

Bloomberg: China’s Economic Slump Fuels Call for Stronger Policy Action

November 15, 2022

Deep dive | The beginning of the end of zero-COVID? Not so fast

Was this it? Finally, the light at the end of the tunnel? The sign we’ve all been waiting for? On Friday, the National Health Commission (NHC) announced 20 tweaks to China’s COVID containment policy. The changes were made to “optimize,” in the language of the NHC, the dynamic clearing (AKA zero-COV…

The changes were made to “optimize,” in the language of the NHC, the dynamic clearing (AKA zero-COV...

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NHC: 关于进一步优化新冠肺炎疫情防控措施科学精准做好防控工作的通知

NHC: 国务院联防联控机制2022年11月12日新闻发布会文字实录

November 15, 2022

Takes the BIS SKuit

Last Monday, the US Department of Commerce’s Bureau of Industry and Security (BIS) announced the creation of a US-South Korea “Dual-use Export Controls Group”. The Group’s official purpose: [I]identifying specific actions that the two sides would consider to promote export control cooperation” Som…

Last Monday, the US Department of Commerce’s Bureau of Industry and Security (BIS) announced the creation of a US-South Korea “Dual-use Export Controls Group”.
The Group’s official purpose:

[I]identifying specific actions that the two sides would consider to promote export control cooperation”

Som...

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BIS: U.S. DEPARTMENT OF COMMERCE AND KOREAN MINISTRY OF TRADE, INDUSTRY, AND ENERGY (MOTIE) LAUNCH U.S.-KOREA DUAL-USE EXPORT CONTROLS WORKING GROUP

SCMP: South Korea caught in the middle of US-China chip war, but American export control requests unlikely

Yonhap News Agency YNA: S. Korea, U.S. discuss impacts of semiconductor export controls on China

November 15, 2022

Legalizing Social Credit

On Monday, China’s macro planner (NDRC) and central bank (PBoC) jointly published a draft law that will finally give the Social Credit System (SCS) a consolidated legal basis. Some context: The SCS is China’s controversial effort to create a unified, comprehensive compliance tracking mechanism for c…

On Monday, China’s macro planner (NDRC) and central bank (PBoC) jointly published a draft law that will finally give the Social Credit System (SCS) a consolidated legal basis.
Some context: The SCS is China’s controversial effort to create a unified, comprehensive compliance tracking mechanism for c...

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NDRC: 关于对《中华人民共和国社会信用体系建设法（向社会公开征求意见稿）》公开征求意见的公告

November 15, 2022

Bringing down the house(‘s emissions)

Get excited: The Chinese government has released its carbon peaking roadmap for the building materials industry. The document forms a major component of China’s overarching “1+N” climate policy architecture – i.e., this is about as official as an industry policy gets. ICYDK: The “1” is a plan e…

Get excited: The Chinese government has released its carbon peaking roadmap for the building materials industry.
The document forms a major component of China’s overarching “1+N” climate policy architecture – i.e., this is about as official as an industry policy gets.
ICYDK: The “1” is a plan e...

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Gov.cn: 建材行业碳达峰实施方案

Caixin: 建材行业碳达峰方案公布或加速行业优胜劣汰

November 15, 2022

YMTC looking for Chinese alternatives

On Monday, FT reported that YMTC is looking for alternatives to American semiconductor equipment following the latest US export controls. They’ll find it hard. ICYMI: The US controls have badly disrupted YMTC’s ability to buy US equipment. A senior YMTC engineer spell…

On Monday, FT reported that YMTC is looking for alternatives to American semiconductor equipment following the latest US export controls.

They’ll find it hard.

ICYMI: The US controls have badly disrupted YMTC’s ability to buy US equipment.
A senior YMTC engineer spell...

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FT: China’s chip equipment makers struggle to profit at home from US export controls

November 15, 2022

Biden & Xi – Couple or Decouple?

On Monday, after months of planning, Joe Biden and Xi Jinping met on the sidelines of the G20 summit in Bali. It’s the first time they’ve met face-to-face since 2015. A White House statement portrayed Biden as respectful but forceful in the meeting with Xi: “The United States will continue t…

On Monday, after months of planning, Joe Biden and Xi Jinping met on the sidelines of the G20 summit in Bali.

It's the first time they've met face-to-face since 2015.

A White House statement portrayed Biden as respectful but forceful in the meeting with Xi:

“The United States will continue t...

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MoFA: 王毅就中美元首会晤向媒体介绍情况并答问

People's Daily: 习近平同美国总统拜登在巴厘岛举行会晤

White House: Readout of President Joe Biden’s Meeting with President Xi Jinping of the People’s Republic of China

White House: Remarks by President Biden in a Press Conference | Bali, Indonesia

November 15, 2022

Promethium unbound

Baotou Steel Union (Baotou Steel) is raising the price of rare earth element (REE) concentrates for its biggest customer, affiliate China Northern Rare Earth (CNRE). Both are subsidiaries of state-owned Baotou Iron and Steel Group. CNRE is China’s largest producer of finished rare earth products. …

Baotou Steel Union (Baotou Steel) is raising the price of rare earth element (REE) concentrates for its biggest customer, affiliate China Northern Rare Earth (CNRE).

Both are subsidiaries of state-owned Baotou Iron and Steel Group.
CNRE is China's largest producer of finished rare earth products.

...

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Caixin: 包钢股份欲大幅上调稀土售价遭遇两次否决后仍坚持

Yicai: Baotou Steel Gains by Limit as Chinese Rare Earth Supplier Says It Will Sell to Highest Bidder

November 15, 2022

Pushing the cap back

The central bank (PBoC) and banking regulator (CBIRC) have rolled out a raft of measures to ease property sector stress, as we noted on Monday. Among them is the indefinite postponement of banks’ year-end deadline to comply with caps on lending to the property sector (FT). ICYDK: On the last day of …

The central bank (PBoC) and banking regulator (CBIRC) have rolled out a raft of measures to ease property sector stress, as we noted on Monday.
Among them is the indefinite postponement of banks’ year-end deadline to comply with caps on lending to the property sector (FT).
ICYDK: On the last day of ...

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FT: China extends bank deadline for capping property sector loans

November 15, 2022

Just do it

Property developers may be grabbing the headlines, but they’re not the only ones in need of help. On Monday, the central bank (PBoC) issued a notice encouraging banks to defer repayment of loans by micro and small firms due in the fourth quarter of 2022. Importantly, the notice was cosigned by fiv…

Property developers may be grabbing the headlines, but they're not the only ones in need of help.
On Monday, the central bank (PBoC) issued a notice encouraging banks to defer repayment of loans by micro and small firms due in the fourth quarter of 2022.
Importantly, the notice was cosigned by fiv...

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PBoC: 人民银行等六部门联合印发《关于进一步加大对小微企业贷款延期还本付息支持力度的通知》

November 15, 2022

Oracle shows China the way

Has Oracle illuminated a way forward? On Monday, Garrett Ilg, President of Oracle Japan & Asia Pacific, noted the unexpected benefits of US-China tensions (Nikkei). Ilg revealed Oracle’s partnership with TikTok”created a reassurance” for other Chinese companies that they could use Oracle’s clou…

Has Oracle illuminated a way forward?
On Monday, Garrett Ilg, President of Oracle Japan & Asia Pacific, noted the unexpected benefits of US-China tensions (Nikkei).

Ilg revealed Oracle's partnership with TikTok"created a reassurance" for other Chinese companies that they could use Oracle's clou...

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Nikkei: Oracle in talks with Chinese companies to provide cloud services

November 15, 2022

Some wind in the presales

Another day, another favorable policy tweak for China’s embattled real estate sector. On Monday, the banking regulator (CBIRC), housing regulator (MoHURD), and central bank (PBoC) dropped a notice aimed at freeing up much-needed cash for developers. The key detail: Commercial banks will be allowed …

Another day, another favorable policy tweak for China’s embattled real estate sector.
On Monday, the banking regulator (CBIRC), housing regulator (MoHURD), and central bank (PBoC) dropped a notice aimed at freeing up much-needed cash for developers.
The key detail:

Commercial banks will be allowed ...

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CBIRC: 中国银保监会、住房和城乡建设部、人民银行有关部门负责人就《关于商业银行出具保函置换预售监管资金有关工作的通知》答记者问

CBIRC: 中国银保监会、住房和城乡建设部、人民银行发布《关于商业银行出具保函置换预售监管资金有关工作的通知》

Caixin: 银行可与房企开展保函置换预售监管资金不超竣工所需金额的30%

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