string(13) "markets-macro"

Macro

August 15, 2022

Data dump – credit

China’s central bank released the credit data for July late on Friday. The headlines: Net new total social financing (TSF) hit RMB 756.1 billion last month, versus the consensus forecast of RMB 1.3 trillion. Net new bank loans were RMB 679 billion in July, lower than the forecasted RMB 1.1 trillion… Username Password Remember Me… Read More »

China’s central bank released the credit data for July late on Friday.
The headlines:

Net new total social financing (TSF) hit RMB 756.1 billion last month, versus the consensus forecast of RMB 1.3 trillion.
Net new bank loans were RMB 679 billion in July, lower than the forecasted RMB 1.1 trillion...

sources

PBoC: 2022年7月金融统计数据报告

Reuters: China new bank loans tumble more than expected amid property jitters

August 15, 2022

Thanks for the memories

Goodbye, New York. On Friday, in a flurry of seemingly coordinated statements, five state-owned enterprises (SOEs) announced plans to voluntarily delist from US exchanges. Some context: Their exits come amidst the continued impasse between US and Chinese regulators vis-à-vis access to U…

Goodbye, New York.
On Friday, in a flurry of seemingly coordinated statements, five state-owned enterprises (SOEs) announced plans to voluntarily delist from US exchanges.
Some context: Their exits come amidst the continued impasse between US and Chinese regulators vis-à-vis access to U...

sources

CSRC: 证监会有关部门负责人答记者问

Shanghai Stock Exchange: 关于拟将美国存托股份从纽约证券交易所退市和撤销美国证券交易法下注册及终止信息披露责任的公告

Bloomberg: China State-Owned Giants to Delist From US Amid Audit Spat

August 15, 2022

Xi Jinping steps out

Sometimes, you just gotta get away. Chinese officials are reportedly making arrangements for Xi Jinping’s first international trip in almost three years. (But he’s probably not packing just yet). Some context: Like the vast majority of Chinese officials, Xi hasn’t left China since the outbreak of CO…

Sometimes, you just gotta get away.
Chinese officials are reportedly making arrangements for Xi Jinping’s first international trip in almost three years.
(But he's probably not packing just yet).
Some context: Like the vast majority of Chinese officials, Xi hasn’t left China since the outbreak of CO...

sources

WSJ: China’s Xi Jinping Plans to Meet With Biden in First Foreign Trip in Nearly Three Years

August 15, 2022

An unexpected cut

Dismal economic and financial data for July has forced the central bank’s hand, albeit reluctantly. On Monday, the PBoC surprised markets by cutting two key interest rates for the first time since January, each by 10 basis points: The one-year medium-term lending facility (MLF) rate fell to 2.75% …

Dismal economic and financial data for July has forced the central bank's hand, albeit reluctantly.
On Monday, the PBoC surprised markets by cutting two key interest rates for the first time since January, each by 10 basis points:

The one-year medium-term lending facility (MLF) rate fell to 2.75% ...

sources

PBoC: 公开市场业务交易公告 [2022]第158号

Caixin: MLF、逆回购齐降息10BP 释放稳房贷意图

August 15, 2022

The algorithm master list

On Friday, China’s cyberspace watchdog (CAC) published the first group of algorithms registered for a license number under China’s new algorithm rules. Recap: On March 1, the CAC’s landmark recommendation algorithm regulations came into effect. They impact tech companies that build apps or platforms…

On Friday, China's cyberspace watchdog (CAC) published the first group of algorithms registered for a license number under China's new algorithm rules.
Recap: On March 1, the CAC's landmark recommendation algorithm regulations came into effect. They impact tech companies that build apps or platforms...

sources

CAC: 国家互联网信息办公室关于发布互联网信息服务算法备案信息的公告

August 15, 2022

Goodbye, New York

On Friday, five US-listed Chinese state-owned enterprises (SOEs) announced plans to delist from US exchanges. The five are: China Life Insurance, PetroChina, Sinopec, Chalco, and Shanghai Petrochemical. Some context: The announcements come amidst the continued impasse between US and Chinese regula…

On Friday, five US-listed Chinese state-owned enterprises (SOEs) announced plans to delist from US exchanges. The five are:

China Life Insurance, PetroChina, Sinopec, Chalco, and Shanghai Petrochemical.

Some context: The announcements come amidst the continued impasse between US and Chinese regula...

sources

PCAOB: RULE GOVERNING BOARD DETERMINATIONS UNDER THE HOLDING FOREIGN COMPANIES ACCOUNTABLE ACT

Caixin: 多家国企中概股公告美国退市证监会称企业自主行为

CSRC: 证监会有关部门负责人答记者问

August 15, 2022

Elon Musk graces CAC magazine

So… Elon Musk penned an article in the July edition of the official magazine of China’s cybersecurity watchdog (CAC). And as of Saturday, there’s an English translation available online. Recap: Regular readers know that in March this year, the CAC re-launched its official magazine, “China Cyberspa…

So... Elon Musk penned an article in the July edition of the official magazine of China’s cybersecurity watchdog (CAC).
And as of Saturday, there's an English translation available online.
Recap: Regular readers know that in March this year, the CAC re-launched its official magazine, “China Cyberspa...

sources

Beijing Channel: Elon Musk's article in China Cyberspace, exclusive digital version & translation

SCMP: China military must be able to destroy Elon Musk’s Starlink satellites if they threaten national security: scientists

Source: Elon Musk ramps up attacks on US regulators

August 15, 2022

6G, 6G whatcha gonna do when Sun Wei comes for you?

Last week, a senior Chinese academic questioned whether China was really ready for 6G. The event: Senior academics and industry researchers met to discuss the next generation of 6G technology at the “World 5G Forum,” a major Chinese telecoms conference. What happened: Sun Wei, Dean of Software at Be…

Last week, a senior Chinese academic questioned whether China was really ready for 6G.
The event: Senior academics and industry researchers met to discuss the next generation of 6G technology at the "World 5G Forum," a major Chinese telecoms conference.
What happened: Sun Wei, Dean of Software at Be...

sources

IT Home: 专家：现在还没有真正的 5G 应用，运营商逼迫用户升级 5G 不是商业正路

Sina: 6G要来了！但还有这些挑战要解决……

August 15, 2022

Guiding AI development

On Friday, the Ministry of Science and Technology (MoST), MIIT, and four other ministries published high-level guidance on artificial intelligence “scenario innovation.” Translation: The government wants to encourage the development of new applications for AI – and it sounds like they’ve got strong …

On Friday, the Ministry of Science and Technology (MoST), MIIT, and four other ministries published high-level guidance on artificial intelligence “scenario innovation.”
Translation: The government wants to encourage the development of new applications for AI - and it sounds like they've got strong ...

sources

Ministry of Science and Technology: 科技部等六部门关于印发《关于加快场景创新以人工智能高水平应用促进经济高质量发展的指导意见》的通知

August 15, 2022

Shanghai health code system hacked

On Wednesday, a hacker posted the personal information of 48.5 million people from Shanghai’s municipal Covid health code system for sale. Have deja vu? The breach comes just weeks after a massive data leak at the Shanghai Ministry of Public Security (MPS) that exposed more than 1 billion personal r…

On Wednesday, a hacker posted the personal information of 48.5 million people from Shanghai’s municipal Covid health code system for sale.
Have deja vu? The breach comes just weeks after a massive data leak at the Shanghai Ministry of Public Security (MPS) that exposed more than 1 billion personal r...

sources

Reuters: Hacker offers to sell data of 48.5 million users of Shanghai's COVID app

August 15, 2022

US lawmakers rush to talk semiconductors in Taiwan

Surprise! On Sunday, another delegation of US politicians landed in Taiwan to meet with President Tsai Ing-wen. The visit wasn’t made public until the plane was preparing to land. What they talked about: Regional security and – ta da! – semiconductors. ICYMI: This follows Speaker of the US House …

Surprise!
On Sunday, another delegation of US politicians landed in Taiwan to meet with President Tsai Ing-wen.

The visit wasn't made public until the plane was preparing to land.

What they talked about: Regional security and – ta da! – semiconductors.
ICYMI: This follows Speaker of the US House ...

sources

Politico: More U.S. lawmakers visiting Taiwan 12 days after Pelosi trip

Reuters: U.S. lawmakers arrive in Taiwan as China tensions simmer

August 15, 2022

Taking out the trash

Beijing is in a hurry. On Sunday, People’s Daily reported that the banking regulator (CBIRC) is working on a pilot to speed up non-performing loan (NPL) disposal at small and medium-sized banks (SMBs). Details are scant but the pilot will: Initially focus on six unnamed provinces Adapt solutions t…

Beijing is in a hurry.
On Sunday, People's Daily reported that the banking regulator (CBIRC) is working on a pilot to speed up non-performing loan (NPL) disposal at small and medium-sized banks (SMBs).
Details are scant but the pilot will:

Initially focus on six unnamed provinces
Adapt solutions t...

sources

Gov.cn: 推动地方中小银行加快处置不良贷款

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