string(13) "markets-macro"

Macro

April 19, 2022

A SAFEty net

The State Administration of Foreign Exchange (SAFE) isn’t typically at the vanguard of efforts to support economic growth in China. But it, too, is chipping in to do its bit. As noted above, on Monday, SAFE and the central bank (PBoC) jointly rolled out measures to buoy the economy, among which wa… Username Password Remember… Read More »

The State Administration of Foreign Exchange (SAFE) isn’t typically at the vanguard of efforts to support economic growth in China.

But it, too, is chipping in to do its bit.

As noted above, on Monday, SAFE and the central bank (PBoC) jointly rolled out measures to buoy the economy, among which wa...

sources

SAFE: 人民银行外汇局出台23条举措全力做好疫情防控和经济社会发展金融服务

April 19, 2022

Everything is a priority

China’s central bankers are starting to look a little twitchy. On Monday, the central bank (PBoC) and forex regulator (SAFE) released a wide-ranging notice highlighting financial support objectives for priority sectors. As per the notice, the PBoC will (Gov.cn): “[G]ive full play to the…function of…

China's central bankers are starting to look a little twitchy.
On Monday, the central bank (PBoC) and forex regulator (SAFE) released a wide-ranging notice highlighting financial support objectives for priority sectors.
As per the notice, the PBoC will (Gov.cn):

“[G]ive full play to the…function of...

sources

Gov.cn: 人民银行外汇局出台23条举措全力做好疫情防控和经济社会发展金融服务

April 19, 2022

Platforms to the rescue

On Saturday, the Shanghai municipal government held a press conference to outline how they’re helping e-commerce and logistics platforms break delivery bottlenecks. Recap: The ongoing COVID lockdown in Shanghai has resulted in e-commerce delivery drivers quarantined, and distribution ware…

On Saturday, the Shanghai municipal government held a press conference to outline how they’re helping e-commerce and logistics platforms break delivery bottlenecks.
Recap: The ongoing COVID lockdown in Shanghai has resulted in e-commerce delivery drivers quarantined, and distribution ware...

sources

Shanghai.gov: 帮助电商平台提高产能和运力，帮助保供人员返岗……一起来看这场新闻发布会

April 19, 2022

Can’t sugarcoat it

China’s job market is so bleak that even the Party’s official mouthpieces can’t find the words to soften the blow. On Tuesday, Xinhua and almost all major state media ran the same article on their front pages – “10 Questions about China’s Economy,” which was purportedly an interview with “authoritat…

China’s job market is so bleak that even the Party's official mouthpieces can’t find the words to soften the blow.
On Tuesday, Xinhua and almost all major state media ran the same article on their front pages – "10 Questions about China’s Economy," which was purportedly an interview with "authoritat...

sources

Xinhua: 当前中国经济十问

April 19, 2022

Differential deposits

There’s something odd going on with Chinese bank deposits. On Monday, Caixin reported that the banking industry body responsible for managing deposit rates has asked small banks to reduce the interest they pay on deposits by 10 basis points (bps). Citing unnamed sources, Caixin said the reduction i…

There’s something odd going on with Chinese bank deposits.
On Monday, Caixin reported that the banking industry body responsible for managing deposit rates has asked small banks to reduce the interest they pay on deposits by 10 basis points (bps).

Citing unnamed sources, Caixin said the reduction i...

sources

Caixin: 独家｜利率自律机制鼓励部分中小银行降低存款利率上限

April 19, 2022

Big ships require deep water

We need to be realistic about social security reforms. That was Xi Jinping’s message in a speech to the Politburo published by Party journal Qiushi on Friday. Xi reiterated plans to build a social security system that provides robust medical insurance and retirement pensions to everyone – particula…

We need to be realistic about social security reforms.
That was Xi Jinping's message in a speech to the Politburo published by Party journal Qiushi on Friday.
Xi reiterated plans to build a social security system that provides robust medical insurance and retirement pensions to everyone – particula...

sources

Qiushi: 促进我国社会保障事业高质量发展、可持续发展

April 19, 2022

Let’s get Shanghai moving again

After locking down much of the city for a month, Shanghai authorities are finally taking action to let businesses reopen amid concerns the economic costs of the restrictions have been too high. On Saturday, the Shanghai Commission of Economy and Information Technology issued guidelines outlining COV…

After locking down much of the city for a month, Shanghai authorities are finally taking action to let businesses reopen amid concerns the economic costs of the restrictions have been too high.
On Saturday, the Shanghai Commission of Economy and Information Technology issued guidelines outlining COV...

sources

Shanghai.gov: 《上海市工业企业复工复产疫情防控指引（第一版）》图解

Caixin: 上海首批666家“白名单”企业准备复产近四成为汽车产业链公司

Shanghai NHC: 4月18日上海新增本土新冠肺炎确诊病例3084例（含既往无症状感染者转为确诊病例974例），本土无症状感染者17332例，实际新增本土阳性感染者19442例无新增境外输入性新冠肺炎确诊病例新增境外输入性无症状感染者2例

Shanghai NHC: 上海2022年4月17日，新增本土新冠肺炎确诊病例2417例新增本土无症状感染者19831例新增境外输入性新冠肺炎确诊病例3例无新增境外输入性无症状感染者

The Paper: 上海市卫健委：封控区今起到21日，每天1次核酸检测

April 19, 2022

Some key exceptions

Shanghai is desperate to get big businesses back to work. Some context: Shanghai is the epicenter of China’s worst COVID outbreak since early 2020. Most of the city’s 25 million residents have been in lockdown for two weeks, and business has largely ground to a halt. On Friday, the …

Shanghai is desperate to get big businesses back to work.
Some context: Shanghai is the epicenter of China’s worst COVID outbreak since early 2020. Most of the city’s 25 million residents have been in lockdown for two weeks, and business has largely ground to a halt.
On Friday, the ...

sources

Gov.cn: 工业和信息化部多措并举支持在沪重点企业稳定生产全力保障产业链供应链运转顺畅

April 19, 2022

Quick take | Shanghai’s tech sector battles the lockdown

The situation for tech firms in Shanghai is changing rapidly. The short version: Work resumption is beginning on a very limited basis, as policymakers push to get factories re-opened, supply chains smoothed out, and food to people in quarantine. The good news: Daily reported infections are dropping….

The situation for tech firms in Shanghai is changing rapidly.
The short version: Work resumption is beginning on a very limited basis, as policymakers push to get factories re-opened, supply chains smoothed out, and food to people in quarantine.
The good news: Daily reported infections are dropping....

sources

Xinhua: China Focus: Heavyweight enterprises in Shanghai resume operations amid COVID-19 resurgence

The Paper: 上海市监局约谈12家大型电商平台，要求进一步规范经营行为

The Paper: 上海外卖小哥在桥洞下打地铺？饿了么、美团回应

MoT: 交通运输部传达贯彻全国保障物流畅通促进产业链供应链稳定电视电话会议精神

Yicai: 独家|14批京东小哥用“自杀式物流”支援上海？真实情况是这样

Yicai: 京东小哥支援上海后续：完成订单量已恢复到疫情前43%，住宿问题正在解决

Caixin: 何小鹏、余承东等预警车企5月或全面停工上海疫情下如何稳生产？

Caixin: 上海发布工业企业防疫指引推动有力有序复工复产

Caixin: 刘鹤：努力实现“民生要托底、货运要畅通、产业要循环”

Xinhua: 刘鹤出席全国保障物流畅通促进产业链供应链稳定电视电话会议并讲话部署十项重要举措要求努力实现“民生要托底、货运要畅通、产业要循环”

April 19, 2022

Planes, trains, and automobiles

The sinews that keep China’s economy connected are starting to fray. On Friday, the central bank (PBoC), banking regulator (CBIRC), and Ministry of Industry and Information Technology (MIIT) said they intend to do something about it, each pledging support for logistics and freight service providers …

The sinews that keep China’s economy connected are starting to fray.
On Friday, the central bank (PBoC), banking regulator (CBIRC), and Ministry of Industry and Information Technology (MIIT) said they intend to do something about it, each pledging support for logistics and freight service providers ...

sources

PBoC: 人民银行传达国务院专题会议精神落实保障物流畅通和产业链供应链稳定工作

CBIRC: 中国银保监会发布《关于金融支持货运物流保通保畅工作的通知》

MIIT: 工业和信息化部传达国务院专题会议精神落实保障物流畅通和产业链供应链稳定工作

April 19, 2022

Logistics logjams: Liu He to the rescue

The COVID-induced logistics logjam has become China’s No.1 challenge and top policymakers have been drafted in to sort it out. On Monday morning, Vice Premier Liu He took part in a national teleconference to discuss how to clear the roadblocks that are clogging supply chains and disrupting economic …

The COVID-induced logistics logjam has become China's No.1 challenge and top policymakers have been drafted in to sort it out.
On Monday morning, Vice Premier Liu He took part in a national teleconference to discuss how to clear the roadblocks that are clogging supply chains and disrupting economic ...

sources

Xinhua: 刘鹤出席全国保障物流畅通促进产业链供应链稳定电视电话会议并讲话部署十项重要举措要求努力实现“民生要托底、货运要畅通、产业要循环”

April 19, 2022

Easy on the easing

As far are monetary easing goes, that was pretty underwhelming. On Friday, the central bank (PBoC) cut the reserve requirement ratio (RRR) for most banks by 25 basis points (bps). The cut doesn’t apply to banking institutions for which the RRR is already 5% or lower. It takes effect April 25. City…

As far are monetary easing goes, that was pretty underwhelming.
On Friday, the central bank (PBoC) cut the reserve requirement ratio (RRR) for most banks by 25 basis points (bps).

The cut doesn’t apply to banking institutions for which the RRR is already 5% or lower.
It takes effect April 25.

City...

sources

PBoC: 中国人民银行决定于2022年4月25日下调金融机构存款准备金率

PBoC: 中国人民银行有关负责人就下调金融机构存款准备金率答记者问

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