string(13) "markets-macro"

Macro

May 17, 2022

Summertime sadness for the CNY

Downward pressure only looks set to further accumulate for China’s currency. On Friday, Reuters scooped that Chinese multinational companies (MNCs) are pushing back their usual summer USD-buying sprees, as COVID lockdowns preclude firms from processing forex transactions. Some context: Offshore-list… Username Password Remember Me Forgot Password

Downward pressure only looks set to further accumulate for China's currency.
On Friday, Reuters scooped that Chinese multinational companies (MNCs) are pushing back their usual summer USD-buying sprees, as COVID lockdowns preclude firms from processing forex transactions.
Some context: Offshore-list...

sources

Reuters: Exclusive: Shanghai's lockdown delays dollar buying, gives falling yuan reprieve

May 16, 2022

Guangzhou releases Digital Economy Promotion Regulations

Last Wednesday, we told you about Beijing’s new draft regulations for promoting the digital economy. The regs are a long to-do list for municipal regulators, requiring them to do their part to make the city a powerhouse of digital industry. On Friday, officials in Guangzhou held a press conferenc…

Last Wednesday, we told you about Beijing’s new draft regulations for promoting the digital economy.

The regs are a long to-do list for municipal regulators, requiring them to do their part to make the city a powerhouse of digital industry.

On Friday, officials in Guangzhou held a press conferenc...

sources

21st Century Biz: 国内首个城市数字经济地方性法规：探索公共数据授权运营，打造广州特色数据交易新生态

Guangzhou Gov: 广州市数字经济促进条例

Gov.cn: 《浙江省数字经济促进条例》解读

May 16, 2022

Adapting the digital economy to local conditions

On Friday, officials in Guangzhou held a press conference about their own local regulations for promoting the digital economy, which come into force June 1. Policy remix: The base content in the Guangzhou and Beijing regulations – including key definitions and core sections on data resources and dig…

On Friday, officials in Guangzhou held a press conference about their own local regulations for promoting the digital economy, which come into force June 1.
Policy remix: The base content in the Guangzhou and Beijing regulations – including key definitions and core sections on data resources and dig...

sources

21jingji.com: 国内首个城市数字经济地方性法规：探索公共数据授权运营，打造广州特色数据交易新生态

Guangzhou Gov: 广州市数字经济促进条例

Zhejiang Gov: http://drc.hangzhou.gov.cn/art/2021/9/14/art_1568736_58901466.html

May 16, 2022

April econ data even worse than expected

China’s stats bureau published the monthly econ data for April on Monday. The headlines: Retail sales dropped 11.1% y/y in April, down from a 3.5% y/y fall in March. Fixed asset investment rose 1.8% y/y in April, compared with 6.7% y/y growth in March. Value-added output at industrial firms fell 2….

China’s stats bureau published the monthly econ data for April on Monday.
The headlines:

Retail sales dropped 11.1% y/y in April, down from a 3.5% y/y fall in March.
Fixed asset investment rose 1.8% y/y in April, compared with 6.7% y/y growth in March.
Value-added output at industrial firms fell 2....

sources

NBS: 经济下行压力加大高质量发展大势未变

SCMP: China economy: coronavirus slowdown accelerates as retail sales, industrial production slump

May 16, 2022

Complex, severe, and uncertain

Even the central bank (PBoC) found the April credit data disconcerting (see previous entry). On Friday, the agency published a Q&A explaining why lending growth was so weak. It said: “Due to the increased impact of the pandemic on the economy, as well as rising costs and shortages, difficulties…

Even the central bank (PBoC) found the April credit data disconcerting (see previous entry).
On Friday, the agency published a Q&A explaining why lending growth was so weak. It said:

“Due to the increased impact of the pandemic on the economy, as well as rising costs and shortages, difficulties...

sources

PBoC: 中国人民银行有关负责人答记者问

May 16, 2022

Is that all you got?

Beijing just reached for the property market’s defibrillator – but didn’t charge it enough. On Sunday, the banking authorities (PBoC and CBIRC) reduced the minimum mortgage rate that banks can charge first-home buyers to 20 basis points (bps) below the corresponding tenor on the benchmark Loan Prime…

Beijing just reached for the property market's defibrillator – but didn’t charge it enough.
On Sunday, the banking authorities (PBoC and CBIRC) reduced the minimum mortgage rate that banks can charge first-home buyers to 20 basis points (bps) below the corresponding tenor on the benchmark Loan Prime...

sources

PBoC: 中国人民银行中国银行保险监督管理委员会关于调整差别化住房信贷政策有关问题的通知

Caixin: 监管下调首套房贷利率下限20基点当前最低可至4.4%

Bloomberg: China Cuts Mortgage Rate Floor for First-Time Homebuyers

May 16, 2022

Credit growth retrenched in April

China’s central bank released monthly credit data for April late on Friday. The headlines: Net new total social financing (TSF) hit RMB 910 billion last month, versus the consensus forecast of RMB 2.2 trillion. Net new bank loans were RMB 645 billion in April, lower than the forecasted RMB 1.5 tril…

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

Net new total social financing (TSF) hit RMB 910 billion last month, versus the consensus forecast of RMB 2.2 trillion.
Net new bank loans were RMB 645 billion in April, lower than the forecasted RMB 1.5 tril...

sources

PBoC: 2022年4月金融统计数据报告

Bloomberg: China’s Credit Demand Slumps as Covid Lockdowns Curb Borrowing

May 16, 2022

City living in the New Era

On Friday, the banking and insurance regulator (CBIRC) dropped high-level opinions on supporting high-quality urban development. A bunch of the guidelines are rehashes of other Beijing priorities, including: Promoting green development Supporting sci-tech innovation Supporting small and medium-size…

Promoting green development
Supporting sci-tech innovation
Supporting small and medium-size...

sources

Gov.cn: 中国银保监会关于银行业保险业支持城市建设和治理的指导意见

May 16, 2022

Tax reforms at heart of Common Prosperity

We just got some more insight into Xi Jinping’s plan for Common Prosperity. That’s because on Sunday the Party’s top journal Qiushi published excerpts from Xi’s speech on the topic at December’s Central Economic Work Conference. First, Xi wanted to clarify that he’s not going all communist: “To ach…

We just got some more insight into Xi Jinping’s plan for Common Prosperity.
That’s because on Sunday the Party’s top journal Qiushi published excerpts from Xi’s speech on the topic at December's Central Economic Work Conference.
First, Xi wanted to clarify that he’s not going all communist:

“To ach...

sources

Qiushi: 正确认识和把握我国发展重大理论和实践问题

May 16, 2022

Stay red in your golden years

Being a retired official in China just got a whole lot less fun. That’s because on Sunday, the Party announced it has finalized new guidelines for Party-building among retired officials. Every retired official’s heart will sink when they read them. That’s because the new measures step up supervision…

Being a retired official in China just got a whole lot less fun.
That’s because on Sunday, the Party announced it has finalized new guidelines for Party-building among retired officials.
Every retired official’s heart will sink when they read them. That’s because the new measures step up supervision...

sources

Xinhua: 中央组织部负责人就《关于加强新时代离退休干部党的建设工作的意见》答记者问

Xinhua: 中共中央办公厅印发《关于加强新时代离退休干部党的建设工作的意见》

May 16, 2022

Xi takes issue with high profits

Xi Jinping thinks some people are making too much money at the expense of others. On Sunday, the Party’s top journal, Qiushi, published excerpts of Xi’s speech at the Central Economic Work Conference last December. ICYMI: The Party wrestled with what Beijing views as the negative aspects of private …

Xi Jinping thinks some people are making too much money at the expense of others.
On Sunday, the Party’s top journal, Qiushi, published excerpts of Xi’s speech at the Central Economic Work Conference last December.
ICYMI: The Party wrestled with what Beijing views as the negative aspects of private ...

sources

Qiushi: 正确认识和把握我国发展重大理论和实践问题

May 16, 2022

Wait and see

On Sunday, Shanghai Vice Mayor Chen Tong announced that Shanghai is about to reopen. The overwhelming response online? We’ll believe it when we see it. On Monday, another vice mayor, Zong Ming, and top health officials laid out a detailed plan for reopening. The good news: 15 of Shanghai’s 16 dis…

On Sunday, Shanghai Vice Mayor Chen Tong announced that Shanghai is about to reopen.
The overwhelming response online?

We'll believe it when we see it.

On Monday, another vice mayor, Zong Ming, and top health officials laid out a detailed plan for reopening.
The good news: 15 of Shanghai's 16 dis...

sources

The Paper: 上海下一步防控分为三个阶段，6月1日至中下旬全面恢复正常生产生活秩序

The Paper: 部分航空公司开始恢复少量上海始发航班

Reuters: Shanghai aims to reopen more businesses shut by COVID, Beijing battles on

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