string(13) "markets-macro"

Macro

December 7, 2021

Wait… blockchain plus e-CNY?

Speaking at a financial forum on Sunday, Di Gang, deputy director of the Digital Currency Research Institute (DCRI), hinted that his team is actively exploring blockchain applications for China’s emerging digital yuan (e-CNY). ICYDK: DCRI’s job is to develop the e-CNY under the oversight of the… Username Password Remember Me Forgot Password

Speaking at a financial forum on Sunday, Di Gang, deputy director of the Digital Currency Research Institute (DCRI), hinted that his team is actively exploring blockchain applications for China's emerging digital yuan (e-CNY).
ICYDK: DCRI’s job is to develop the e-CNY under the oversight of the...

sources

mPayPass: 狄刚：数研所已实现在数字人民币中积极探索区块链应用

December 7, 2021

Data dump – trade

China’s General Administration of Customs released trade data for November on Tuesday. The headlines: Exports rose 22.0% y/y in dollar terms in November, down from 27.1% y/y growth in October. Imports increased by 31.7% y/y last month, up from 19.8% y/y growth in October. The trade surplus was USD …

China’s General Administration of Customs released trade data for November on Tuesday.
The headlines:

Exports rose 22.0% y/y in dollar terms in November, down from 27.1% y/y growth in October.
Imports increased by 31.7% y/y last month, up from 19.8% y/y growth in October.
The trade surplus was USD ...

sources

Bloomberg: China’s Exports and Imports Hit New Records on Strong Demand

SCMP: China trade: coal imports surged 200 per cent in November, export growth slowed

December 7, 2021

Watching grain grow

Once again, China’s domestic grain production has broken records. On Monday, the National Bureau of Statistics announced that China’s 2021 grain production hit 682.9 million tons – up 2% y/y. Behind the bountiful harvest (21st Century Biz): Total farmed area went up .7% over 2020, an increase of ov…

Once again, China's domestic grain production has broken records.
On Monday, the National Bureau of Statistics announced that China's 2021 grain production hit 682.9 million tons – up 2% y/y.
Behind the bountiful harvest (21st Century Biz):

Total farmed area went up .7% over 2020, an increase of ov...

sources

21st Century Biz: 国家统计局：2021年全国粮食产量再创新高，连续7年保持在1.3万亿斤以上

Source:

December 7, 2021

PBoC cuts re-lending rate for SMEs and ag sector

On Tuesday morning, domestic media scooped that the central bank had moved to cut re-lending rates, targeting small businesses and the agriculture sector. According to sources at banks (STCN): PBoC told banks it would cut re-lending rates for SMEs and the agricultural sector by 25 basis p…

On Tuesday morning, domestic media scooped that the central bank had moved to cut re-lending rates, targeting small businesses and the agriculture sector.
According to sources at banks (STCN):

PBoC told banks it would cut re-lending rates for SMEs and the agricultural sector by 25 basis p...

sources

STCN: 独家 | 央行下调支农、支小再贷款利率0.25个百分点

December 7, 2021

Losing trust

On Monday, a group of investors holding bonds issued by indebted developer Kaisa Group have approached the developer with a forbearance proposal. The proposal is designed to buy time for Kaisa and hopefully avoid default. The deets (Bloomberg): Kaisa has USD 400 million in bonds due Tuesday which …

On Monday, a group of investors holding bonds issued by indebted developer Kaisa Group have approached the developer with a forbearance proposal.

The proposal is designed to buy time for Kaisa and hopefully avoid default.
The deets (Bloomberg):

Kaisa has USD 400 million in bonds due Tuesday which ...

sources

Bloomberg: Kaisa Creditors Offer Forbearance to Avoid $400 Million Default

Bloomberg: Trust Firms With Billions at Risk Brace for Evergrande Defaults

December 7, 2021

Banks need funds

In Monday’s China Markets Dispatch, we noted that the central bank (PBoC) will reduce banks’ reserve requirement ratio (RRR) by 50 basis point on December 15. As always, we can’t help wondering: Why? The PBoC had a simple explanation: The bank said it will use the cut to reduce the total outstandin…

In Monday’s China Markets Dispatch, we noted that the central bank (PBoC) will reduce banks’ reserve requirement ratio (RRR) by 50 basis point on December 15.
As always, we can't help wondering: Why?
The PBoC had a simple explanation:

The bank said it will use the cut to reduce the total outstandin...

sources

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

December 7, 2021

Desalination salvo

On Monday, the Ministry of Natural Resources (MNR) released its “2020 National Seawater Utilization Report” which offered an unfiltered glimpse into coastal industrial infrastructure development needs. According to the report, China developed 14 new desalination projects that process a collective 6…

On Monday, the Ministry of Natural Resources (MNR) released its "2020 National Seawater Utilization Report" which offered an unfiltered glimpse into coastal industrial infrastructure development needs.
According to the report, China developed 14 new desalination projects that process a collective 6...

sources

NBD: 自然资源部：2020年全国新建成海水淡化工程14个，沿海核电、钢铁、石化等行业海水冷却用水量稳步增长

December 7, 2021

China tightens down data access

Yesterday, the Wall Street Journal ran a story on China’s tightening information controls. What it says: The story details multiple reported instances of data that was previously easy to obtain outside of China, but which has become unavailable to foreign parties since the release of the Data …

Yesterday, the Wall Street Journal ran a story on China’s tightening information controls.
What it says: The story details multiple reported instances of data that was previously easy to obtain outside of China, but which has become unavailable to foreign parties since the release of the Data ...

sources

WSJ: China Increasingly Obscures True State of Its Economy to Outsiders

December 6, 2021

Time for an upgrade

On Sunday, the Party Central Committee and the State Council published a Five-Year Plan (FYP) for upgrading villages. The agenda includes practical efforts to get villages’ *ahem* poop together (literally), like: Building new, modern public toilets Better managing sewage and garbage Some context: …

On Sunday, the Party Central Committee and the State Council published a Five-Year Plan (FYP) for upgrading villages.
The agenda includes practical efforts to get villages' *ahem* poop together (literally), like:

Building new, modern public toilets
Better managing sewage and garbage

Some context: ...

sources

Gov.cn: 中共中央办公厅国务院办公厅印发《农村人居环境整治提升五年行动方案（2021－2025年）》

NBS: Main Data of the Seventh National Population Census

December 6, 2021

Multilateralism 2: Imperial Springs Boogaloo

On Sunday, Xi Jinping opened the 2021 Imperial Springs International Forum. But there was no restorative soaking for him at Guangdong’s Imperial Springs resort – he spoke by videolink from Beijing. The forum – co-hosted by the Chinese People’s Association for Friendship with Foreign Countries – took…

On Sunday, Xi Jinping opened the 2021 Imperial Springs International Forum.
But there was no restorative soaking for him at Guangdong's Imperial Springs resort – he spoke by videolink from Beijing.
The forum – co-hosted by the Chinese People’s Association for Friendship with Foreign Countries – took...

sources

Xinhua: Xi Focus: Xi pledges unswerving determination to support multilateralism

December 6, 2021

A democracy by any other name

China: Democracy That Works That’s the grabby title of a white paper released on Saturday by the State Council Information Office arguing that China’s governance style is certified of the people, by the people, and for the people. ICYMI: Beijing has been grumbling about US President Joe Biden’s Su…

China: Democracy That Works

That’s the grabby title of a white paper released on Saturday by the State Council Information Office arguing that China’s governance style is certified of the people, by the people, and for the people.

ICYMI: Beijing has been grumbling about US President Joe Biden’s Su...

sources

CGTN: Full text of China's white paper on its democracy

MoFA: China's FM releases report on state of democracy in U.S.

December 6, 2021

Praise the Lord…and the Party

On Saturday, the National Religious Work Conference wrapped in Beijing. The conference was a big deal: All seven members of the Politburo Standing Committee attended. Xi Jinping said he was happy with the religious work done under his purview so far. And he called for more of the same: religious fre…

On Saturday, the National Religious Work Conference wrapped in Beijing.
The conference was a big deal: All seven members of the Politburo Standing Committee attended.
Xi Jinping said he was happy with the religious work done under his purview so far.
And he called for more of the same: religious fre...

sources

Xinhua: 习近平在全国宗教工作会议上强调坚持我国宗教中国化方向积极引导宗教与社会主义社会相适应李克强主持栗战书王沪宁赵乐际韩正出席汪洋讲话

Xinhua: Xi stresses developing religions in Chinese context

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