string(13) "markets-macro"

Macro

December 2, 2021

The dude presides

Premier Li Keqiang, the dude himself, presided over a State Council executive meeting on Wednesday. Li kicked things off by addressing two top-of-mind concerns (Gov.cn): Settling outstanding arrears owed to small- and medium-sized enterprises (SMEs) Guaranteeing full and timely payment to mig… Username Password Remember Me Forgot Password

Premier Li Keqiang, the dude himself, presided over a State Council executive meeting on Wednesday.
Li kicked things off by addressing two top-of-mind concerns (Gov.cn):

Settling outstanding arrears owed to small- and medium-sized enterprises (SMEs)
Guaranteeing full and timely payment to mig...

sources

Gov.cn: 李克强主持召开国务院常务会议

December 2, 2021

More bond issuances on the interbank market

On Wednesday, the National Association of Financial Market Institutional Investors (NAFMII) filing system showed that several developers intend to issue medium-term notes on the interbank market. Some context: In mid-November, developers met with NAFMII, signaling that developers could expect greate…

On Wednesday, the National Association of Financial Market Institutional Investors (NAFMII) filing system showed that several developers intend to issue medium-term notes on the interbank market.
Some context: In mid-November, developers met with NAFMII, signaling that developers could expect greate...

sources

Cailianshe: 碧桂园等三家房企拟在银行间市场发行中期票据房企融资持续稳定畅通

Yicai: 房企11月信用债发行大增186%，销售持续下降，按揭放松预期升温

STCN: 信号！民营房企境内发债将回暖碧桂园、龙湖各注册50亿中票发行计划

December 2, 2021

Variable disinterest

On Wednesday, Bloomberg scooped that Chinese regulators are planning to bar domestic companies from using the variable interest entity (VIE) structure to list shares outside of Chinese territory. Some context: VIEs are the convoluted holding structure that has allowed hundreds of Chines…

On Wednesday, Bloomberg scooped that Chinese regulators are planning to bar domestic companies from using the variable interest entity (VIE) structure to list shares outside of Chinese territory.
Some context: VIEs are the convoluted holding structure that has allowed hundreds of Chines...

sources

Bloomberg: China to Close Loophole Used by Tech Firms for Foreign IPOs

Gov.cn: 证监会有关部门负责人就相关媒体报道答记者问

December 2, 2021

BlackRock’s first A-shares fund faring well

On Wednesday BlackRock Inc’s publicly offered, mainland-China based investment fund ended its first lock-up period. Investors can now redeem outstanding positions and subscribe anew. Some context: On August 30, BlackRock launched the China New Horizon Mixed Securities Investment Fund, the first-ever…

On Wednesday BlackRock Inc’s publicly offered, mainland-China based investment fund ended its first lock-up period. Investors can now redeem outstanding positions and subscribe anew.
Some context: On August 30, BlackRock launched the China New Horizon Mixed Securities Investment Fund, the first-ever...

sources

Caixin: 贝莱德首只公募开放申赎中期看好芯片

December 2, 2021

Missing stimulus

On Wednesday, Yicai reported that at the end of November local governments had issued about 90% of their annual special purpose bond (SPB) quota. Citing data from Wind, Yicai said that over the first 11 months of 2021, local governments had issued RMB 3.319 trillion worth of SPBs. Beijing set…

On Wednesday, Yicai reported that at the end of November local governments had issued about 90% of their annual special purpose bond (SPB) quota.

Citing data from Wind, Yicai said that over the first 11 months of 2021, local governments had issued RMB 3.319 trillion worth of SPBs.

Beijing set...

sources

Yicai: 3.65万亿元发行收尾，明年专项债有何看点︱财税益侃

December 2, 2021

Winter of discontent

On Wednesday, Caixin reported the most recent data from China Real Estate Investment Corp (CRIC) on developers’ real estate sales. TL;DR: Things are pretty bleak. In November, China’s top 100 developers posted sales 37.6% lower than a year earlier. Monthly sales have declined for five consecutive m…

On Wednesday, Caixin reported the most recent data from China Real Estate Investment Corp (CRIC) on developers’ real estate sales.
TL;DR: Things are pretty bleak.
In November, China’s top 100 developers posted sales 37.6% lower than a year earlier.

Monthly sales have declined for five consecutive m...

sources

Caixin: 百强房企11月销售额同环比双降困境房企陷恶性循环

December 2, 2021

The squall after the storm

The past month has been a bit of a roller coaster for China’s coal supply. The good news: The country’s coal shortage largely resolved over the course of November. The bad news: On Wednesday, new COVID-19 disruptions driven by the Omicron variant cut off key coal and other mineral import channels in…

The past month has been a bit of a roller coaster for China's coal supply.
The good news: The country's coal shortage largely resolved over the course of November.
The bad news: On Wednesday, new COVID-19 disruptions driven by the Omicron variant cut off key coal and other mineral import channels in...

sources

The Paper: 北方部分口岸城市强化管控：煤炭等需人工装卸的货物暂停进口

Reuters: China met coal, coke futures jump as Omicron woes disrupt imports

December 2, 2021

Variable disinterest

On Wednesday, Bloomberg scooped that Chinese regulators may be planning to bar domestic companies from using the variable interest entity (VIE) structure to list shares outside of Chinese territory. Some context: VIEs are the convoluted holding structure that has allowed hundreds o…

On Wednesday, Bloomberg scooped that Chinese regulators may be planning to bar domestic companies from using the variable interest entity (VIE) structure to list shares outside of Chinese territory.
Some context: VIEs are the convoluted holding structure that has allowed hundreds o...

sources

Bloomberg: China to Close Loophole Used by Tech Firms for Foreign IPOs

Caixin: 证监会：禁止VIE企业境外上市消息不属实

December 1, 2021

Data dump – November PMI

On Tuesday, the National Bureau of Statistics (NBS) dropped its November Purchasing Managers’ Index (PMI) data. The headlines (Caixin): Manufacturing PMI checked in at 50.1, up 0.9 percentage points from October – and sneaking back into expansionary territory. Aggregate PMI – manufacturing plu…

On Tuesday, the National Bureau of Statistics (NBS) dropped its November Purchasing Managers’ Index (PMI) data.
The headlines (Caixin):

Manufacturing PMI checked in at 50.1, up 0.9 percentage points from October – and sneaking back into expansionary territory.
Aggregate PMI – manufacturing plu...

sources

Caixin: 11月统计局制造业PMI回升至50.1 重回扩张区间

December 1, 2021

China pops the question

Things are finally getting serious between China and Cyprus. On Tuesday, Xi Jinping had a call with Cypriot President Nicos Anastasiades to mark 50 years of diplomatic relations, and start their new life together as “strategic partners.” Xi praised the exemplary relationship (FMPRC): “China an…

Things are finally getting serious between China and Cyprus.
On Tuesday, Xi Jinping had a call with Cypriot President Nicos Anastasiades to mark 50 years of diplomatic relations, and start their new life together as “strategic partners.”
Xi praised the exemplary relationship (FMPRC):

“China an...

sources

FMPRC: 习近平同塞浦路斯总统阿纳斯塔夏季斯通电话

Cyprus Press and Information Office: Joint Statement between the People's Republic of China and the Republic of Cyprus on the establishment of a strategic partnership

December 1, 2021

Fine, fine, everything’s fine

Growth, employment, prices, and international payments. They’re all fine. That’s what Vice Premier Liu He told attendees of the 9th China-Europe Forum Hamburg Summit, via videolink. Liu said China’s growth should top the government’s target this year (The Paper): “It is expected that annual ec…

Growth, employment, prices, and international payments. They’re all fine.
That’s what Vice Premier Liu He told attendees of the 9th China-Europe Forum Hamburg Summit, via videolink.
Liu said China’s growth should top the government's target this year (The Paper):

“It is expected that annual ec...

sources

The Paper: 刘鹤：预计中国全年经济增长将超预期目标

December 1, 2021

Common prosperity. But Zhejiang first

Welcome to the Land of Fish and Rice. And fiscal innovation, hopefully. On Tuesday, the Ministry of Finance (MoF) released a plan detailing how innovative fiscal policy will support Zhejiang’s spearheading of common prosperity. Why it matters: Zhejiang province is the first – and only – common prosp…

Welcome to the Land of Fish and Rice. And fiscal innovation, hopefully.
On Tuesday, the Ministry of Finance (MoF) released a plan detailing how innovative fiscal policy will support Zhejiang’s spearheading of common prosperity.
Why it matters: Zhejiang province is the first – and only – common prosp...

sources

MoF: 关于印发《支持浙江省探索创新打造财政推动共同富裕省域范例的实施方案》的通知

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