string(13) "markets-macro"

Macro

May 20, 2022

A man with a plan in Yunnan

Premier Li Keqiang wants farmers to know that the state has their back. From Tuesday to Thursday, Li was on an inspection tour of Yunnan province. His trip included visits to rural areas where he heard from farmers about their current economic woes…and saw how their corn seedlings were coming along… Username Password Remember Me… Read More »

Premier Li Keqiang wants farmers to know that the state has their back.
From Tuesday to Thursday, Li was on an inspection tour of Yunnan province.

His trip included visits to rural areas where he heard from farmers about their current economic woes…and saw how their corn seedlings were coming along...

sources

Gov.cn: 李克强在云南考察时强调：上下齐心协力加大市场主体纾困力度切实稳就业保基本民生

Gov.cn: Premier stresses more support to help market entities tide over difficulties

May 20, 2022

Oil on troubled waters

After three years of mounting agricultural trade disruptions, the tide may finally be turning. On Wednesday, Canadian officials announced that China had lifted restrictions on Canada’s two largest canola exporters, allowing trade in the valuable oilseed to resume. Some context: China banned canola i…

After three years of mounting agricultural trade disruptions, the tide may finally be turning.
On Wednesday, Canadian officials announced that China had lifted restrictions on Canada's two largest canola exporters, allowing trade in the valuable oilseed to resume.
Some context: China banned canola i...

sources

Global Affairs Canada: Statement by Minister Ng and Minister Bibeau on China’s removal of restrictions on Canadian canola exports

Financial Post: China ends ban on Canadian canola amid global shortage of cooking oils

Reuters: China lifts curbs on Canadian canola, demand seen muted

May 20, 2022

Double, double, oil is trouble

On Thursday, Bloomberg reported that Beijing is in talks with Moscow to purchase crude oil to refill domestic stockpiles. No deals have been struck, nor are any guaranteed. But a confirmed deal would whip up international frenzy over perceived Chinese economic support for Russia. Some context: …

On Thursday, Bloomberg reported that Beijing is in talks with Moscow to purchase crude oil to refill domestic stockpiles.

No deals have been struck, nor are any guaranteed.

But a confirmed deal would whip up international frenzy over perceived Chinese economic support for Russia.

Some context: ...

sources

Bloomberg: China in Talks With Russia to Buy Oil for Strategic Reserves

Reuters: Exclusive: China state refiners shun new Russian oil trades, teapots fly under radar

May 20, 2022

Xi bars top officials from investing overseas

So much for the beach house in Florida. According to the Wall Street Journal, the Party is tightening oversight over senior officials’ overseas assets: “Issued in March, [an internal Party] directive prohibits spouses and children of ministerial-level officials from holding—directly or indirectly—a…

So much for the beach house in Florida.
According to the Wall Street Journal, the Party is tightening oversight over senior officials’ overseas assets:

“Issued in March, [an internal Party] directive prohibits spouses and children of ministerial-level officials from holding—directly or indirectly—a...

sources

WSJ: China Insists Party Elites Shed Overseas Assets, Eyeing Western Sanctions on Russia

May 20, 2022

Environmental inspectors set sights on zoning violations

On Thursday, Executive Vice Premier Han Zheng presided over a meeting of the Central Leading Small Group on Ecological and Environmental Protection Supervision Work. Quick history: In 2015, the central government established environmental inspection “green teams” to fan out nationwide and find out w…

On Thursday, Executive Vice Premier Han Zheng presided over a meeting of the Central Leading Small Group on Ecological and Environmental Protection Supervision Work.
Quick history: In 2015, the central government established environmental inspection "green teams" to fan out nationwide and find out w...

sources

Gov.cn: 韩正主持召开中央生态环境保护督察工作领导小组会

May 20, 2022

Hello, summer stimulus?

Despite today’s LPR cut (see next entry), Beijing hasn’t yet rolled out large-scale stimulus – but it’s getting close. Over the past month the rollout of economic support measures has gathered momentum, big time. Earlier this month, Caixin reported that local governments are now required to issue t…

Despite today's LPR cut (see next entry), Beijing hasn’t yet rolled out large-scale stimulus – but it’s getting close.
Over the past month the rollout of economic support measures has gathered momentum, big time.

Earlier this month, Caixin reported that local governments are now required to issue t...

sources

MoF: 三部门联合举行留抵退税新闻发布会

May 20, 2022

Device manufacturers feel the burn

Sick of Covid’s impact on the economy yet? So are China’s mobile device manufacturers. On Thursday, Xiaomi reported their Q1 earnings. The numbers weren’t pretty: (SCMP) “First-quarter revenue fell 4.6% y/y.” “Adjusted net profit fell 53% y/y.” And the falling sales will be felt up and down th…

Sick of Covid's impact on the economy yet?

So are China's mobile device manufacturers.

On Thursday, Xiaomi reported their Q1 earnings. The numbers weren't pretty: (SCMP)

"First-quarter revenue fell 4.6% y/y."
“Adjusted net profit fell 53% y/y.”

And the falling sales will be felt up and down th...

sources

SCMP: Xiaomi’s business hit hard by China’s Covid-19 lockdowns as profit halves in first quarter

Cailianshe: 日经新闻：小米、OPPO、vivo已通知供应商未来几季将砍单约二成

May 20, 2022

Li pats big tech on the head again

On Wednesday, during a symposium of provincial leaders in Yunnan, Li outlined plans to stabilize the economy. One critical piece of the puzzle: Stabilizing the tech sector. “We will support the platform economy and the digital economy for legal and compliant domestic and overseas listing and fina…

On Wednesday, during a symposium of provincial leaders in Yunnan, Li outlined plans to stabilize the economy.
One critical piece of the puzzle: Stabilizing the tech sector.

"We will support the platform economy and the digital economy for legal and compliant domestic and overseas listing and fina...

sources

People.cn: 加快和加力实施宏观政策着力稳市场主体以稳增长保就业保民生

May 20, 2022

Canada kicks Huawei and ZTE to the curb

On Thursday, Canada joined the US, UK, and Australia in banning the use of Huawei or ZTE equipment in Canadian telecom networks. Operators will also be required to replace existing 5G equipment by 2024, and 4G equipment by 2027. The reasoning: China’s National Security Law poses a danger to Canad…

On Thursday, Canada joined the US, UK, and Australia in banning the use of Huawei or ZTE equipment in Canadian telecom networks.

Operators will also be required to replace existing 5G equipment by 2024, and 4G equipment by 2027.

The reasoning: China's National Security Law poses a danger to Canad...

sources

Canada.ca: Statement from Minister Champagne on telecommunications security

May 19, 2022

Sun sets on Sun

That’s a pretty big fly. On Wednesday, the Party’s anti-corruption watchdog (CCDI) said it is investigating Sun Guofeng – head of the monetary policy department at the central bank (PBoC) – for “serious violations of discipline.” The CCDI didn’t provide any further detail – it seldom does – but the …

That’s a pretty big fly.
On Wednesday, the Party’s anti-corruption watchdog (CCDI) said it is investigating Sun Guofeng – head of the monetary policy department at the central bank (PBoC) – for “serious violations of discipline.”
The CCDI didn’t provide any further detail – it seldom does – but the ...

sources

CCDI: 中国人民银行货币政策司原司长孙国峰接受审查调查

WSJ: Senior Chinese Central Banker Is Probed for Corruption

Caixin: Exclusive: China’s Corruption Cops Launch Probe Into Former Central Bank Official and His Wife

May 19, 2022

Exodus, movement of jah money!

Yesterday, we flagged an unusual delay in the release of April data on foreign holdings in China’s interbank bond market. The China Central Depository and Clearing Co (CCDC) blamed “epidemic factors” for the lag. Also yesterday, apparently heeding Trivium’s call, the CCDC and the Shanghai Clearing…

Yesterday, we flagged an unusual delay in the release of April data on foreign holdings in China’s interbank bond market.

The China Central Depository and Clearing Co (CCDC) blamed “epidemic factors” for the lag.

Also yesterday, apparently heeding Trivium’s call, the CCDC and the Shanghai Clearing...

sources

East Money: 外资4月购债数据出炉！专家：人民币资产仍具有非常强的吸引力

Caixin: 中美利差倒挂影响继续 4月境外机构减持债券千亿元

May 19, 2022

Working man blues

Premier Li Keqiang further underscored official concern about the bleak employment picture during his Wednesday symposium with 12 provincial governors. ICYMI: China’s deteriorating jobs market has policymakers in a tizzy. The official unemployment rate hit 6.1% in April, up from 5.8% in March. That…

Premier Li Keqiang further underscored official concern about the bleak employment picture during his Wednesday symposium with 12 provincial governors.
ICYMI: China’s deteriorating jobs market has policymakers in a tizzy.

The official unemployment rate hit 6.1% in April, up from 5.8% in March.
That...

sources

Gov.cn: 李克强主持召开稳增长稳市场主体保就业座谈会

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