string(13) "markets-macro"

Macro

September 16, 2022

Pumping up the Cybersecurity Law

On Wednesday, China’s cyberspace watchdog (CAC) proposed amendments to the Cybersecurity Law (CSL) that would dramatically increase penalties for transgressions. Quick background: The CSL was passed back in 2016, when China’s efforts to build a comprehensive cyber and data security legal framew… Username Password Remember Me Forgot Password

On Wednesday, China’s cyberspace watchdog (CAC) proposed amendments to the Cybersecurity Law (CSL) that would dramatically increase penalties for transgressions.
Quick background: The CSL was passed back in 2016, when China’s efforts to build a comprehensive cyber and data security legal framew...

sources

CAC: 关于公开征求《关于修改〈中华人民共和国网络安全法〉的决定（征求意见稿）》意见的通知

September 16, 2022

Making up for lost time

Xi Jinping’s meeting with Russia’s President Vladimir Putin grabbed the headlines, but there was far more to his Thursday schedule on the sidelines of the Shanghai Cooperation Organization (SCO) Summit in Samarkand. Xi also found time to sit down for talks with: Mongolia’s President Ukhnaa Khurelsu…

Xi Jinping's meeting with Russia's President Vladimir Putin grabbed the headlines, but there was far more to his Thursday schedule on the sidelines of the Shanghai Cooperation Organization (SCO) Summit in Samarkand.
Xi also found time to sit down for talks with:

Mongolia's President Ukhnaa Khurelsu...

sources

MoFA: President Xi Jinping Meets with Kyrgyz President Sadyr Zhaparov

MoFA: President Xi Jinping Meets with Tajik President Emomali Rahmon

MoFA: President Xi Jinping Meets with Turkmen President Serdar Berdymukhamedov

MoFA: President Xi Jinping Meets with Belarusian President Alexander Lukashenko

MoFA: President Xi Jinping Holds Talks with President Shavkat Mirziyoyev of Uzbekistan

September 16, 2022

Don’t mention the war

On Thursday, during his visit to Uzbekistan to attend the Shanghai Cooperation Organization (SCO) Summit, Xi Jinping caught up with his BFF, Russian President Vladimir Putin. Some context: The pair last met in person at the Beijing Winter Olympics – just ahead of Russia’s “don’t call it an invasion”…

On Thursday, during his visit to Uzbekistan to attend the Shanghai Cooperation Organization (SCO) Summit, Xi Jinping caught up with his BFF, Russian President Vladimir Putin.
Some context: The pair last met in person at the Beijing Winter Olympics – just ahead of Russia’s “don’t call it an invasion”...

sources

MoFA: President Xi Jinping Meets with Russian President Vladimir Putin

Reuters: Putin says Xi has questions and concerns over Ukraine

September 16, 2022

Don’t pass that bill

On Wednesday, the US Senate Foreign Relations Committee cleared the Taiwan Policy Act for full Senate deliberation. The bill – if it becomes law – will upgrade US relations with Taiwan and boost security assistance to the island (Bloomberg): “[The Act] would give Taipei $4.5 billion for defense ove…

On Wednesday, the US Senate Foreign Relations Committee cleared the Taiwan Policy Act for full Senate deliberation.
The bill – if it becomes law – will upgrade US relations with Taiwan and boost security assistance to the island (Bloomberg):

“[The Act] would give Taipei $4.5 billion for defense ove...

sources

Bloomberg: US Senate Panel Approves $4.5 Billion Weapons Deal for Taiwan

Politico: White House resists Congress’ bipartisan bid to overhaul U.S.-Taiwan relations

MoFA: Foreign Ministry Spokesperson Mao Ning’s Regular Press Conference on September 15, 2022

September 16, 2022

Smoother sailing across the business sea

Hey business, Beijing’s got your back, as ever. On Thursday, the State Council unveiled some juicy policy moves to improve the business environment and lower firms’ costs. Sound familiar? Premier Li Keqiang has long railed against local governments’ restrictive market practices, including overly com…

Hey business, Beijing's got your back, as ever.
On Thursday, the State Council unveiled some juicy policy moves to improve the business environment and lower firms' costs.
Sound familiar? Premier Li Keqiang has long railed against local governments' restrictive market practices, including overly com...

sources

Gov.cn: 国务院办公厅关于进一步优化营商环境降低市场主体制度性交易成本的意见

September 16, 2022

The US gets its head in the data privacy game?

On Wednesday, the US Senate Committee on the Judiciary convened a hearing on “Protecting Americans’ Private Information from Hostile Foreign Powers.” Four US data privacy experts delivered testimony. The big topic: How to ensure the data of US citizens doesn’t fall into the hands of competing nati…

On Wednesday, the US Senate Committee on the Judiciary convened a hearing on "Protecting Americans’ Private Information from Hostile Foreign Powers."

Four US data privacy experts delivered testimony.

The big topic: How to ensure the data of US citizens doesn't fall into the hands of competing nati...

sources

US Senate Committee for the Judiciary: Hearing: Protecting Americans’ Private Information from Hostile Foreign Powers

September 16, 2022

PCAOB to test China’s bottom line

On Wednesday, SCMP reported that PwC Hong Kong and KPMG China will be the first in line to assist in inspections of US-listed Chinese companies by US audit watchdog (PCAOB). Their sources say audit papers are ready to be reviewed: “The two firms have already prepared the paper and electronic …

On Wednesday, SCMP reported that PwC Hong Kong and KPMG China will be the first in line to assist in inspections of US-listed Chinese companies by US audit watchdog (PCAOB).
Their sources say audit papers are ready to be reviewed:

“The two firms have already prepared the paper and electronic ...

sources

SCMP: PwC Hong Kong, KPMG China are first firms to host US regulator for audit inspections of mainland firms, sources say

September 16, 2022

Deep dive | Is social credit China’s regulatory tool for the post-tech crackdown era?

On Tuesday, we told you that China’s macro-planning agency (NDRC) issued a draft of two new documents that further define the scope of the social credit system. We also told you that those documents may have implications for the tech sector. That’s because they point to the existence of a new soc…

On Tuesday, we told you that China’s macro-planning agency (NDRC) issued a draft of two new documents that further define the scope of the social credit system.

We also told you that those documents may have implications for the tech sector.

That's because they point to the existence of a new soc...

sources

NDRC: 关于对《全国公共信用信息基础目录（2022年版）（征求意见稿）》和《全国失信惩戒措施基础清单（2022年版）（征求意见稿）》公开征求意见的公告

September 16, 2022

Bring in the (investment) ban

On Wednesday, Reuters revealed more details about a coming ban on US tech sector investment in China. ICYMI: Reuters and other sources have been reporting rumors about the investment ban over the last few days. The latest: National Security Council official Peter Harrell explained the measures: “sh…

On Wednesday, Reuters revealed more details about a coming ban on US tech sector investment in China.
ICYMI: Reuters and other sources have been reporting rumors about the investment ban over the last few days.
The latest: National Security Council official Peter Harrell explained the measures:

“sh...

sources

Reuters: U.S. investments in foreign chip firms a potential concern, White House says

September 16, 2022

We’re there, finally

China’s central bank (PBoC) has finally bowed to the inevitable. On Thursday, the offshore RMB breached 7 to the USD for the first time since July 2020, reaching 7.0186 at one point (Bloomberg). The onshore RMB followed Friday morning, hitting 7.0066 (SCMP). This rare moment would have come earlie…

China's central bank (PBoC) has finally bowed to the inevitable.
On Thursday, the offshore RMB breached 7 to the USD for the first time since July 2020, reaching 7.0186 at one point (Bloomberg).

The onshore RMB followed Friday morning, hitting 7.0066 (SCMP).

This rare moment would have come earlie...

sources

Bloomberg: Offshore Yuan Drops Past 7 Per Dollar for First Time Since 2020

Bloomberg: China Sets Yuan Fix at Strongest Bias on Record to Lift Currency

SCMP: China’s onshore yuan breaches key level of 7 per US dollar for the first time in over 2 years

September 16, 2022

TikTok swears everything will work out in the US

On Thursday, the US Senate Homeland Security and Governmental Affairs Committee grilled TikTok over alleged data security risks at a hearing in DC. Senators voiced the same concerns we’ve been hearing about for years: American citizen data collected by the app could be at risk if accessed in China. …

On Thursday, the US Senate Homeland Security and Governmental Affairs Committee grilled TikTok over alleged data security risks at a hearing in DC.
Senators voiced the same concerns we’ve been hearing about for years: American citizen data collected by the app could be at risk if accessed in China.
...

sources

WSJ: TikTok Exec Says Agreement With U.S. Government to Address Concerns Over User Data

NYT: Biden Issues New Order to Block Chinese Investment in Technology in the U.S.

September 16, 2022

Biden expands CFIUS’ remit

On Thursday, President Biden signed an executive order increasing US government powers to block Chinese investment in the US. Background: The US government already has powers to review and block foreign investment via the Committee on Foreign Investments in the United States (CFIUS). The Committee …

On Thursday, President Biden signed an executive order increasing US government powers to block Chinese investment in the US.
Background: The US government already has powers to review and block foreign investment via the Committee on Foreign Investments in the United States (CFIUS).

The Committee ...

sources

NYT: Biden Issues New Order to Block Chinese Investment in Technology in the U.S.

White House: FACT SHEET: President Biden Signs Executive Order to Ensure Robust Reviews of Evolving National Security Risks by the Committee on Foreign Investment in the United States

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