string(13) "markets-macro"

Macro

April 28, 2022

Fintethics

On Monday, Caixin reported that China’s central bank (PBoC) is drafting guidelines on fintech ethics. …Fintethics? The guidelines aren’t out yet, but: We can make a solid guess about what they’ll cover, based on an article written in February by Li Wei, Director of the PBoC’s Sc… Username Password Remember Me Forgot Password

On Monday, Caixin reported that China’s central bank (PBoC) is drafting guidelines on fintech ethics.

...Fintethics?

The guidelines aren't out yet, but: We can make a solid guess about what they'll cover, based on an article written in February by Li Wei, Director of the PBoC’s Sc...

sources

Caixin: 治理金融科技伦理

April 28, 2022

Keeping a fiasco at bay

Regulators in Beijing are trying to avoid another Shanghai-style lockdown fiasco. Recap: Beijing isn’t currently under city-wide lockdown, but mass testing is underway and district-by-district quarantines have been employed to contain rising case counts. If cases spiral out of cont…

Regulators in Beijing are trying to avoid another Shanghai-style lockdown fiasco.
Recap: Beijing isn’t currently under city-wide lockdown, but mass testing is underway and district-by-district quarantines have been employed to contain rising case counts.

If cases spiral out of cont...

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SAMR: 北京市市场监管局召开全系统疫情防控和保供稳价工作会

April 28, 2022

You’re playing my song

Yesterday, NetEase Cloud Music announced that it filed suit against Tencent Music for unfair competition. The complaint: NetEase accused Tencent of maliciously stealing music, and of plagiarizing product design and functions. Our take: NetEase couldn’t have timed this lawsuit better. The…

Yesterday, NetEase Cloud Music announced that it filed suit against Tencent Music for unfair competition.
The complaint: NetEase accused Tencent of maliciously stealing music, and of plagiarizing product design and functions.
Our take: NetEase couldn’t have timed this lawsuit better.

The...

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Caixin: 网易云音乐起诉腾讯音乐不正当竞争双方已缠诉多年

April 28, 2022

Twitter deal China fallout

On Tuesday, Reuters asked Ministry of Foreign Affairs spokesperson Wang Wenbin if China would seek to influence content on Twitter by applying pressure to Tesla’s China operations. Recap: In the wake of Elon Musk’s bid to buy Twitter and take it private, speculation abounds that Tesla’s footprint in…

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MoFA: 2022年4月26日外交部发言人汪文斌主持例行记者会

Reuters: China dismisses speculation it may try to influence Twitter via Tesla

April 28, 2022

An AML timeline

On Tuesday, the head of SAMR’s antitrust bureau said that a revised Anti-Monopoly Law (AML) may be passed by year’s end. That would certainly make the big man happy. Xi Jinping has been pressuring policymakers to hurry the heck up and finalize the revision. Our take: SAMR is al…

On Tuesday, the head of SAMR’s antitrust bureau said that a revised Anti-Monopoly Law (AML) may be passed by year’s end.
That would certainly make the big man happy. Xi Jinping has been pressuring policymakers to hurry the heck up and finalize the revision.
Our take: SAMR is al...

sources

SAMR: 《中国知识产权保护与营商环境新进展报告（2021）》新闻发布会

April 28, 2022

Nihilism, historically

It’s all hands on deck getting China shipshape for the Party congress this fall. That means revving up the online censorship machine. On Monday and Tuesday, major social media platforms including Douyin, Toutiao, and Douban announced special campaigns to crack down on comments containing “historic…

It’s all hands on deck getting China shipshape for the Party congress this fall.

That means revving up the online censorship machine.

On Monday and Tuesday, major social media platforms including Douyin, Toutiao, and Douban announced special campaigns to crack down on comments containing “historic...

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Zaker: 豆瓣关闭“生活组”回复功能，开启对历史虚无主义内容的举报受理工作

NetEase: 头条号关于开展涉历史虚无主义违法和有害信息专项举报工作的公告

ebrun: 抖音将开展涉历史虚无主义违法和有害信息专项举报工作

April 28, 2022

Deep dive | Method in the madness: The logic behind the PBoC’s underwhelming monetary policy

Exec sum: Over the last few weeks, with economic headwinds mounting, the relatively restrained monetary policy approach of China’s central bank (PBoC) has left some scratching their heads. Clearly, the PBoC’s overarching priority is to lower the cost of financing for end-borrowers – parti…

Exec sum:

Over the last few weeks, with economic headwinds mounting, the relatively restrained monetary policy approach of China’s central bank (PBoC) has left some scratching their heads.
Clearly, the PBoC’s overarching priority is to lower the cost of financing for end-borrowers – parti...

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April 27, 2022

Shanghai outbreak far from over

The Shanghai outbreak that has plagued China’s most international city since the beginning of March is far from over. On Tuesday, Shanghai reported (Shanghai NHC): 12,309 new infections – down from 16,012 on Monday, 18,609 on Sunday, 20,517 on Saturday, and 22,250 on Friday. Shanghai authorities h…

The Shanghai outbreak that has plagued China's most international city since the beginning of March is far from over.
On Tuesday, Shanghai reported (Shanghai NHC):

12,309 new infections – down from 16,012 on Monday, 18,609 on Sunday, 20,517 on Saturday, and 22,250 on Friday.

Shanghai authorities h...

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Shanghai NHC: 上海2022年4月26日，新增本土新冠肺炎确诊病例1606例新增本土无症状感染者11956例无新增境外输入性新冠肺炎确诊病例无新增境外输入性无症状感染者

The Paper: 本轮疫情病毒传播有三大特点，上海感染者累计数量已超50万

The Paper: 上海优化随申码赋码规则：五类人员赋红码，四类人员赋黄码

The Paper: 上海：达到社会面基本清零的区实施“有限人员、有限区域、有限活动”

April 27, 2022

Xi tells officials to go for growth

Xi Jinping wants officials to do more to boost economic growth. According to the WSJ: “Chinese President Xi Jinping has told officials to ensure that the country’s economic growth outpaces the U.S.’s this year, according to people familiar with the discussions.” For Xi, ensuring strong g…

Xi Jinping wants officials to do more to boost economic growth.
According to the WSJ:

“Chinese President Xi Jinping has told officials to ensure that the country’s economic growth outpaces the U.S.’s this year, according to people familiar with the discussions.”

For Xi, ensuring strong g...

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WSJ: China’s Xi Pushing to Beat the U.S. in GDP Growth Despite Covid Lockdowns

April 27, 2022

GoFundMe

More infrastructure investment is on the way (see above). The question is, how will it be funded? Beijing could re-up special-purpose bond (SPB) issuance, but that doesn’t look great so soon after issuing the original quota. Instead, we at Trivium suspect that policymakers will mobilize the policy …

More infrastructure investment is on the way (see above).
The question is, how will it be funded?
Beijing could re-up special-purpose bond (SPB) issuance, but that doesn’t look great so soon after issuing the original quota.
Instead, we at Trivium suspect that policymakers will mobilize the policy ...

April 27, 2022

Build me up, buttercup

China’s top policymakers are zeroed in on boosting infrastructure investment – both in the short and long terms. That was the message from the Central Commission for Financial and Economic Affairs (CCFEA) meeting on Tuesday, chaired by Xi Jinping. Some context: The CCFEA is the Party’s top body fo…

China’s top policymakers are zeroed in on boosting infrastructure investment – both in the short and long terms.

That was the message from the Central Commission for Financial and Economic Affairs (CCFEA) meeting on Tuesday, chaired by Xi Jinping.

Some context: The CCFEA is the Party’s top body fo...

sources

Gov.cn: 习近平主持召开中央财经委员会第十一次会议

April 27, 2022

Here comes the sun

Despite ongoing macroeconomic woes, China’s solar industry is raking in historic profits – and paving the way for expansion. On Monday, Bloomberg reported that China’s top solar polysilicon producers – #1 and #2 in the world – are reaping the rewards of high materials prices amid strong demand for t…

Despite ongoing macroeconomic woes, China's solar industry is raking in historic profits – and paving the way for expansion.
On Monday, Bloomberg reported that China's top solar polysilicon producers – #1 and #2 in the world – are reaping the rewards of high materials prices amid strong demand for t...

sources

Bloomberg: China’s Solar Polysilicon Giants Are Expanding as Profits Surge

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