string(13) "markets-macro"

Macro

November 2, 2021

Yango in pain

On Monday, Chinese developer Yango Group – one of China’s 20 biggest developers – asked investors in three of its offshore dollar-denominated bonds to accept a bond swap in lieu of cash repayment. Under the proposed arrangement investors will get: An upfront payment of USD 25 for every USD 1000 wor… Username Password Remember Me… Read More »

On Monday, Chinese developer Yango Group – one of China’s 20 biggest developers – asked investors in three of its offshore dollar-denominated bonds to accept a bond swap in lieu of cash repayment.
Under the proposed arrangement investors will get:

An upfront payment of USD 25 for every USD 1000 wor...

sources

Reuters: UPDATE 2-China developer Yango aims to avoid defaults with bond swap backed by its chief

The Paper: 阳光城寻求美元债债务延期，延期方案加入实控人担保措施

November 2, 2021

Longread: the metaverse and national security

On Saturday, state-affiliated think tank China Institutes of Contemporary International Relations (CICIR) released a white paper outlining the many risks that the metaverse poses for China’s national security. We’ve stayed away from discussing the metaverse for a few obvious reasons: It doesn…

On Saturday, state-affiliated think tank China Institutes of Contemporary International Relations (CICIR) released a white paper outlining the many risks that the metaverse poses for China’s national security.
We’ve stayed away from discussing the metaverse for a few obvious reasons:

It doesn...

sources

CICIR: 元宇宙与国家安全

November 1, 2021

Every grain counts

In Beijing, food security is becoming an increasingly important priority. Hungry for evidence? Check this: The 14th Five-Year Plan (2021-2025), released in March, includes a food security target for the first time. The legislature is drafting a law on food security. In June, Executive Vice Premier …

In Beijing, food security is becoming an increasingly important priority.
Hungry for evidence? Check this:

The 14th Five-Year Plan (2021-2025), released in March, includes a food security target for the first time.
The legislature is drafting a law on food security.
In June, Executive Vice Premier ...

sources

Gov.cn: 中共中央办公厅国务院办公厅印发粮食节约行动方案

Gov.cn: 为进一步保障粮食安全开辟重要途径——中央农办负责人就《粮食节约行动方案》答记者问

November 1, 2021

Crucial decisions in the new era

Get excited! Another reason to pore over your People’s Daily. The Party’s paper launched a new editorial column on Monday. Its name? “Crucial decisions in the New Era” The first editorial laid out three main purposes (People’s Daily): Burnish Xi’s credentials as a courageous, responsible leader Exp…

Get excited! Another reason to pore over your People's Daily.
The Party's paper launched a new editorial column on Monday.
Its name? "Crucial decisions in the New Era"
The first editorial laid out three main purposes (People’s Daily):

Burnish Xi’s credentials as a courageous, responsible leader
Exp...

sources

People's Daily: 确保党始终总揽全局、协调各方（新时代的关键抉择） ——以习近平同志为核心的党中央坚持和加强党的全面领导述评

November 1, 2021

Roman Brawl-iday

In US-China relations, all roads lead to Taiwan. On Sunday, Chinese Foreign Minister Wang Yi and US Secretary of State Antony Blinken met on the sidelines of the G20 summit in Rome. Some context: The last time Wang and Blinken met face-to-face was at the famously acrimonious Alaska meeting back in M…

In US-China relations, all roads lead to Taiwan.
On Sunday, Chinese Foreign Minister Wang Yi and US Secretary of State Antony Blinken met on the sidelines of the G20 summit in Rome.
Some context: The last time Wang and Blinken met face-to-face was at the famously acrimonious Alaska meeting back in M...

sources

US State Department: Secretary Blinken’s Meeting with PRC State Councilor and Foreign Minister Wang

SCMP: No change to US’ one-China stand on Taiwan, Blinken tells Wang Yi

November 1, 2021

Xi touts solidarity at G20 summit

On Saturday, Xi Jinping addressed the G20 Rome Summit, via video link. The summit topic – People, Planet, Prosperity – was right up Xi’s alley. He suggested G20 members cooperate on: Working in solidarity to combat COVID-19 Strengthening coordination to promote recovery Embracing inclusiveness to a…

On Saturday, Xi Jinping addressed the G20 Rome Summit, via video link.
The summit topic – People, Planet, Prosperity – was right up Xi’s alley.
He suggested G20 members cooperate on:

Working in solidarity to combat COVID-19
Strengthening coordination to promote recovery
Embracing inclusiveness to a...

sources

China Daily: Full text: Remarks by Xi Jinping at Session I of the 16th G20 Leaders' Summit

November 1, 2021

Super platforms get different treatment

Super news! On Friday, the market regulator (SAMR) issued draft guidelines for categorizing Internet platforms. Platforms will be put into three buckets: Super platforms Large platforms Small and medium-sized platforms SAMR’s definition: A “super platform” must have more t…

Super news!
On Friday, the market regulator (SAMR) issued draft guidelines for categorizing Internet platforms.
Platforms will be put into three buckets:

Super platforms
Large platforms
Small and medium-sized platforms

SAMR’s definition:

A “super platform” must have more t...

sources

SAMR: 关于对《互联网平台分类分级指南（征求意见稿）》《互联网平台落实主体责任指南（征求意见稿）》公开征求意见的公告

November 1, 2021

Nature and its bounty

The State Council Information Office held a press conference on Friday. The star of the show? Officials from the Ministry of Natural Resources (MNR) who discussed how the natural resources sector contributes to “the building of a well-off society in an all-around way.” That sound pretty Common Pros…

The State Council Information Office held a press conference on Friday.
The star of the show?
Officials from the Ministry of Natural Resources (MNR) who discussed how the natural resources sector contributes to "the building of a well-off society in an all-around way."

That sound pretty Common Pros...

sources

Gov.cn: 国务院新闻办发布会：自然资源领域助力全面建成小康社会

November 1, 2021

New rules for the new exchange

On Saturday, the China Securities and Regulatory Commission (CSRC) issued new rules for the Beijing Stock Exchange (BSE). The regulations outline how the new BSE will manage issuance, listings, refinancing, and supervision. That’s not all. The regulator also: Revised rules for oversight and upda…

On Saturday, the China Securities and Regulatory Commission (CSRC) issued new rules for the Beijing Stock Exchange (BSE).

The regulations outline how the new BSE will manage issuance, listings, refinancing, and supervision.

That's not all. The regulator also:

Revised rules for oversight and upda...

sources

CSRC: 深化新三板改革设立北京证券交易所主要制度规则正式发布

People.cn: 证监会发布设立北京证券交易所主要制度规则

Xinhua: 北京证券交易所主要制度规则正式发布

Global Times: Securities regulator issues basic system for Beijing Stock Exchange, one step closer to official launch

November 1, 2021

There’s a storm brewin’

More and more developers are felling the pinch. On Thursday, Bloomberg reported that creditors have taken control of a skyscraper that China Oceanwide Holdings was building in San Francisco. The move came after Oceanwide failed to redeem two offshore notes worth USD 334 million. Oceanwide invested …

More and more developers are felling the pinch.
On Thursday, Bloomberg reported that creditors have taken control of a skyscraper that China Oceanwide Holdings was building in San Francisco.

The move came after Oceanwide failed to redeem two offshore notes worth USD 334 million.
Oceanwide invested ...

sources

Bloomberg: U.S. Real Estate Struggles Mount for Chinese Developer Oceanwide

Reuters: China's Yango Group seeks debt forbearance over repayment concerns -Redd

Reuters: EXCLUSIVE China's Kaisa plans to sell property management unit, Hong Kong sites - sources

November 1, 2021

Bullet dodged

This is becoming a habit. For the second time in a week, China Evergrande Group has paid the coupon on an offshore dollar-denominated bond just as the 30-day grace period was expiring (SCMP). ICYMI: Evergrande was originally supposed to make the USD 42.5 million payment on September 29. Instead, it …

This is becoming a habit.
For the second time in a week, China Evergrande Group has paid the coupon on an offshore dollar-denominated bond just as the 30-day grace period was expiring (SCMP).
ICYMI: Evergrande was originally supposed to make the USD 42.5 million payment on September 29. Instead, it ...

sources

SCMP: Evergrande staves off second default in a week by paying US$45.2 million in overdue coupon before grace period runs out

November 1, 2021

Not so risky business

On October 29, The People’s Bank of China, China Banking and Insurance Regulatory Commission, and the Ministry of Finance jointly published the Measures on the Capacity to Absorb and Manage Losses of Globally Systemically Important Banks (G-SIBs). Some context: The measures are part of global total …

On October 29, The People’s Bank of China, China Banking and Insurance Regulatory Commission, and the Ministry of Finance jointly published the Measures on the Capacity to Absorb and Manage Losses of Globally Systemically Important Banks (G-SIBs).
Some context: The measures are part of global total ...

sources

PBoC: 中国人民银行中国银行保险监督管理委员会财政部令〔2021〕第6号（全球系统重要性银行总损失吸收能力管理办法）

Sina: 中国发布《全球系统重要性银行总损失吸收能力管理办法》

Reuters: China toughens rules for its globally systemically important banks

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