string(13) "markets-macro"

Macro

December 10, 2021

App personal information violation trends

On Thursday, China’s National Computer Network Emergency Technology Processing Coordination Center (CNCERT) and Cybersecurity Association of China released a report summarizing app personal information violations and trends based on their research. The gist of the findings is that regulatory enforce… Username Password Remember Me Forgot Password

On Thursday, China’s National Computer Network Emergency Technology Processing Coordination Center (CNCERT) and Cybersecurity Association of China released a report summarizing app personal information violations and trends based on their research.
The gist of the findings is that regulatory enforce...

sources

CAC: 国家计算机网络应急技术处理协调中心、中国网络空间安全协会发布《App违法违规收集使用个人信息监测分析报告》

December 10, 2021

SenseTime to be twice blacklisted

Are you excited for Human Rights Day? The US Treasury certainly is. So excited, according to FT, that they’re celebrating by sanctioning a group of firms believed to contribute to human rights abuse. Among the companies targeted: Chinese AI giant SenseTime. SenseTime will be placed on the Chi…

Are you excited for Human Rights Day? The US Treasury certainly is.
So excited, according to FT, that they're celebrating by sanctioning a group of firms believed to contribute to human rights abuse.
Among the companies targeted: Chinese AI giant SenseTime.

SenseTime will be placed on the Chi...

sources

Bloomberg: U.S. to Add SenseTime to Investment Blacklist Ahead of IPO

FT: SenseTime seeks up to $17bn valuation in Hong Kong IPO

December 10, 2021

CEC replaces Tencent as largest shareholder of Digital GD

Heads up: We’ve recently been tracking some interesting moves by China Electronic Corp (CEC), a big central SOE involved in data security and IT services. What we’re seeing: It looks like CEC might be moving into position as a key provider of digital services to China’s state entities. If so…

Heads up: We've recently been tracking some interesting moves by China Electronic Corp (CEC), a big central SOE involved in data security and IT services.
What we're seeing: It looks like CEC might be moving into position as a key provider of digital services to China's state entities.

If so...

sources

WSJ: China’s State-Run Companies Limit Use of Tencent’s Messaging App

Jiemian: “国资云”概念股发酵，阿里云、华为云会受影响吗？

Caixin: 中国电子进军云计算国产化主攻政企市场

Caijing: 中国电子成「数字广东」最大股东，腾讯降位第三

December 10, 2021

All over but the shouting

Well, that was an anticlimax. On Thursday, Fitch Ratings declared that China Evergrande Group had defaulted on an offshore bond (Reuters). It downgraded the developer to “restricted default” status. Some context: “Restricted default” refers to when an issuer has defaulted but is still a going conc…

Well, that was an anticlimax.
On Thursday, Fitch Ratings declared that China Evergrande Group had defaulted on an offshore bond (Reuters).

It downgraded the developer to “restricted default” status.

Some context: “Restricted default” refers to when an issuer has defaulted but is still a going conc...

sources

Reuters: Evergrande, Kaisa cut by Fitch to default after missed payment deadlines

December 10, 2021

The PBoC would appreciate some depreciation

On Thursday, the People’s Bank of China (PBoC) announced that it will raise banks’ forex deposit ratio requirements from 7% to 9%, effective December 15. The impact: The change compels banks to hold more foreign currency reserves, sucking (mostly) dollars out of the financial system. According to th…

On Thursday, the People’s Bank of China (PBoC) announced that it will raise banks’ forex deposit ratio requirements from 7% to 9%, effective December 15.
The impact: The change compels banks to hold more foreign currency reserves, sucking (mostly) dollars out of the financial system.
According to th...

sources

Gov.cn: 中国人民银行决定上调金融机构外汇存款准备金率

Bloomberg: China Moves to Curb Yuan’s Gain by Lifting FX Reserve Ratio

December 10, 2021

Lead zeppelin

Iron ore prices have ballooned in recent weeks. On Thursday, Reuters reported that the spot price of iron ore deliverable to northern China had jumped 25% in three weeks. But it remains unclear whether the increases are justified by market realities. Steel mill demand has not rebounded. Many mill…

Iron ore prices have ballooned in recent weeks.
On Thursday, Reuters reported that the spot price of iron ore deliverable to northern China had jumped 25% in three weeks.
But it remains unclear whether the increases are justified by market realities.

Steel mill demand has not rebounded.
Many mill...

sources

Reuters: Iron ore rally built on China hope, not fundamentals: Russell

December 10, 2021

Developer nabs approval for restructuring plan

On Thursday, China Fortune Land Development (CFLD) announced that its restructuring plan got approved by an overwhelming majority of creditors. Together, those who voted to approve the restructuring plan hold: RMB 103 billion, or 80.75%, of debt exposure – i.e. the debt balance after deducing pledg…

RMB 103 billion, or 80.75%, of debt exposure – i.e. the debt balance after deducing pledg...

sources

The Paper: 华夏幸福：债务重组计划获表决通过，将加快资产处置回款工作

December 10, 2021

Everything will be fine

On Thursday, People’s Bank of China (PBoC) Governor Yi Gang gave a speech at a forum on Hong Kong’s prospects as a global financial center. He concluded with comments on China Evergrande Group’s statement last week that it may be unable to repay its debts. Yi said that Evergrande (PBoC): “Will be h…

On Thursday, People’s Bank of China (PBoC) Governor Yi Gang gave a speech at a forum on Hong Kong’s prospects as a global financial center.
He concluded with comments on China Evergrande Group’s statement last week that it may be unable to repay its debts. Yi said that Evergrande (PBoC):

“Will be h...

sources

PBoC: 易纲行长在“香港国际金融中心定位与展望”线上研讨会的开幕致辞

December 10, 2021

Douban’s Double Trouble

Yesterday, MIIT removed social content platform Douban’s mobile app from app stores. Why: On November 3, MIIT named and shamed Douban for over-collecting the personal information of users, and gave the platform until November 9 to fix the problem. Douban didn’t meet the deadline. That’s not all …

Yesterday, MIIT removed social content platform Douban's mobile app from app stores.
Why: On November 3, MIIT named and shamed Douban for over-collecting the personal information of users, and gave the platform until November 9 to fix the problem.

Douban didn't meet the deadline.

That's not all ...

sources

Caixin: 工信部下架106款侵害用户权益App 豆瓣、唱吧在列

Gov.cn: 国家网信办依法约谈处罚豆瓣网

December 10, 2021

eCNY enters round-two phase in Hong Kong

Yesterday, Mu Changchun, director of the PBOC’s Digital Currency Research Institute, said that trials for the use of the eCNY in Hong Kong are entering their second phase. Background: While the eCNY has been tested on millions of small retail transactions domestically, testing for cross border appli…

Yesterday, Mu Changchun, director of the PBOC’s Digital Currency Research Institute, said that trials for the use of the eCNY in Hong Kong are entering their second phase.
Background: While the eCNY has been tested on millions of small retail transactions domestically, testing for cross border appli...

sources

CNstock: 央行数字货币研究所所长穆长春：多边央行数字货币桥项目将拓展更加广泛的应用场景

December 9, 2021

China approves its first homegrown COVID drug

On Wednesday, a piece of good news emerged on the COVID-fighting front: China’s drug regulator (NMPA) granted emergency approval of a COVID-19 treatment drug co-developed by Brii Biosciences, Tsinghua University, and the Third People’s Hospital of Shenzhen. We’ll spare you the technical details. …

On Wednesday, a piece of good news emerged on the COVID-fighting front:

China’s drug regulator (NMPA) granted emergency approval of a COVID-19 treatment drug co-developed by Brii Biosciences, Tsinghua University, and the Third People’s Hospital of Shenzhen.

We’ll spare you the technical details.

...

sources

NMPA: 国家药监局应急批准腾盛华创医药技术（北京）有限公司新冠病毒中和抗体联合治疗药物安巴韦单抗注射液（BRII-196）及罗米司韦单抗注射液（BRII-198）注册申请

December 9, 2021

Data dump – inflation

China’s stats bureau released the inflation data for November on Thursday. The headlines (NBS): The consumer price index (CPI) rose 2.3% y/y in November, up from a 1.5% y/y increase in October. The producer price index (PPI) increased 12.9% y/y in November, down from 13.5% y/y growth in Octobe…

China’s stats bureau released the inflation data for November on Thursday.
The headlines (NBS):

The consumer price index (CPI) rose 2.3% y/y in November, up from a 1.5% y/y increase in October.
The producer price index (PPI) increased 12.9% y/y in November, down from 13.5% y/y growth in Octobe...

sources

NBS: 国家统计局城市司高级统计师董莉娟解读2021年11月份CPI和PPI数据

Bloomberg: China Factory Inflation Slows in November From 26-Year High

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