string(13) "markets-macro"

Macro

October 15, 2021

Inflation? What inflation?

On Wednesday, People’s Bank of China (PBoC) Governor Yi Gang dialed into a meeting of G20 finance ministers and central bankers to deliver a speech. On Thursday, the PBoC published a heavily abridged summary of his comments. Yi told the gathered that: China’s inflation is “moderate overall.” Mon… Username Password Remember Me Forgot… Read More »

On Wednesday, People’s Bank of China (PBoC) Governor Yi Gang dialed into a meeting of G20 finance ministers and central bankers to deliver a speech.

On Thursday, the PBoC published a heavily abridged summary of his comments.

Yi told the gathered that:

China's inflation is "moderate overall."
Mon...

sources

PBoC: 人民银行行长易纲线上出席二十国集团财长和央行行长会议

October 15, 2021

Sealing up the cookie jar

Just because you’re a big spender, doesn’t mean you can be a big spendthrift. On Thursday, the China Banking and Insurance Regulatory Commission (CBIRC) issued new draft measures to better regulate the behavior of banks’ and insurers’ major shareholders. Some context: In recent years, the shady deal…

Just because you’re a big spender, doesn’t mean you can be a big spendthrift.
On Thursday, the China Banking and Insurance Regulatory Commission (CBIRC) issued new draft measures to better regulate the behavior of banks’ and insurers’ major shareholders.
Some context: In recent years, the shady deal...

sources

CBIRC: 中国银保监会发布《银行保险机构大股东行为监管办法（试行）》

The Paper: 银保监会出台办法：杜绝银行保险机构大股东违规谋取控制权

China Daily: Trial measures issued to regulate major shareholders

October 14, 2021

Data dump – credit

China’s central bank released the credit data for September late on Wednesday. The headlines: Net new total social financing (TSF) hit RMB 2.9 trillion last month, versus the consensus forecast of RMB 3.05 trillion. Net new bank loans were RMB 1.66 trillion in September, lower than the forecasted R…

China’s central bank released the credit data for September late on Wednesday.
The headlines:

Net new total social financing (TSF) hit RMB 2.9 trillion last month, versus the consensus forecast of RMB 3.05 trillion.
Net new bank loans were RMB 1.66 trillion in September, lower than the forecasted R...

sources

Bloomberg: China Credit Growth Slows Amid Property, Evergrande Troubles

PBoC: 2021年9月社会融资规模存量统计数据报告

October 14, 2021

Data dump – inflation

China’s stats bureau released the inflation data for September on Thursday. The headlines: The consumer price index (CPI) rose 0.7% y/y in September, down from a 0.8% y/y increase in August. The producer price index (PPI) jumped to 10.7% y/y in September, versus a 9.5% y/y expansion in August. PPI…

China’s stats bureau released the inflation data for September on Thursday.
The headlines:

The consumer price index (CPI) rose 0.7% y/y in September, down from a 0.8% y/y increase in August.
The producer price index (PPI) jumped to 10.7% y/y in September, versus a 9.5% y/y expansion in August.

PPI...

sources

Bloomberg: China’s Producer Inflation at 26-Year High Adds to Global Risks

NBS: 国家统计局城市司高级统计师董莉娟解读2021年9月份CPI和PPI数据

October 14, 2021

Do not pass go

China’s anti-trust watchdog is about to get turbocharged. On Wednesday, media reported that Chinese regulators are considering beefing up the anti-trust bureau of the State Administration for Market Regulation (SAMR). Reuters had the details: “Under a new structure…the antitrust bureau would become…

China’s anti-trust watchdog is about to get turbocharged.
On Wednesday, media reported that Chinese regulators are considering beefing up the anti-trust bureau of the State Administration for Market Regulation (SAMR).
Reuters had the details:

“Under a new structure…the antitrust bureau would become...

sources

Reuters: EXCLUSIVE China readies plan to elevate status of antitrust unit – sources

October 14, 2021

On the road again

“That’s a big 10-4, good buddy.” On Wednesday, the State Council announced it had set up a new coordination body to oversee road freight transportation. The deets: Formally an inter-ministerial meeting mechanism, the body will be led by the Ministry of Transport, and include representatives from: …

"That's a big 10-4, good buddy."
On Wednesday, the State Council announced it had set up a new coordination body to oversee road freight transportation.
The deets: Formally an inter-ministerial meeting mechanism, the body will be led by the Ministry of Transport, and include representatives from:

...

sources

Gov.cn: 国务院办公厅关于同意建立推动道路货运行业高质量发展部际联席会议制度的函

Xinhua: China's road freight volume up 22.6 pct in Jan.-Aug.

October 14, 2021

Guangdong raises cash in Macau

On Tuesday, the Guangdong provincial government issued its first-ever RMB-denominated local government bond in Macau. Some context: Also on Tuesday, Shenzhen debuted its the first-ever RMB-denominated local government bond issuance in Hong Kong. A few vitals on Guangdong’s Macau offering: Total val…

On Tuesday, the Guangdong provincial government issued its first-ever RMB-denominated local government bond in Macau.
Some context: Also on Tuesday, Shenzhen debuted its the first-ever RMB-denominated local government bond issuance in Hong Kong.
A few vitals on Guangdong’s Macau offering:

Total val...

sources

Macau Business: Guangdong lists RMB2.2 bln in government bonds in Macau

The Paper: 广东在澳门首次发行离岸人民币地方政府债券

October 14, 2021

Not enough (An)bang for your buck

On Wednesday, Caixin reported that the most recent attempt by Beijing to auction off its stake in Daijia Insurance Group – the company created to take over Anbang Insurance – didn’t attract a single bid. Some context: China’s central government took over Anbang in 2018. 98.23% of the company is own…

On Wednesday, Caixin reported that the most recent attempt by Beijing to auction off its stake in Daijia Insurance Group – the company created to take over Anbang Insurance – didn’t attract a single bid.
Some context: China’s central government took over Anbang in 2018.

98.23% of the company is own...

sources

Caixin: Talk of Incentives Doesn’t Entice Investors to Bid on Anbang Assets

October 14, 2021

Staggering steel

To reduce steel production and improve air quality in the Beijing-Tianjin-Hebei triangle, steel mills surrounding the region will be expected to stagger production through winter. On Wednesday, the Ministry of Industry and Information Technology and the Ministry of Ecology and Environment jointly an…

To reduce steel production and improve air quality in the Beijing-Tianjin-Hebei triangle, steel mills surrounding the region will be expected to stagger production through winter.
On Wednesday, the Ministry of Industry and Information Technology and the Ministry of Ecology and Environment jointly an...

sources

MIIT: 两部门关于开展京津冀及周边地区2021－2022年采暖季钢铁行业错峰生产的通知

October 14, 2021

Elders go online

COVID-19 has driven a significant increase in mobile payment usage among China’s elderly population. Today, a report released last month by the Chinese Academy of Social Sciences is making the rounds on state media. The key stat: Over the last two years, the number of seniors using WeChat Pay has …

COVID-19 has driven a significant increase in mobile payment usage among China’s elderly population.
Today, a report released last month by the Chinese Academy of Social Sciences is making the rounds on state media.
The key stat: Over the last two years, the number of seniors using WeChat Pay has ...

sources

People.cn: 从“数字遗民”到“数字移民”，“银发族”这样跨越鸿沟

October 14, 2021

Internet related criminal cases

Today, the Ministry of Public Security released stats on internet-related criminal cases since the beginning of 2021. The report included numbers of closed cases and arrests in areas such as telecom network fraud, online gambling and pornography, and hacking. What jumped out: It also included stats…

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MPS: 公安机关深入推进“净网2021”专项行动取得阶段性显著成效侦破案件3.7万余起抓获犯罪嫌疑人8万余名

October 14, 2021

Government employees mining crypto

Today, the Zhejiang branch of the CAC outlined a months-long investigation into crypto mining by “Party and government agencies, state-owned enterprises, and scientific research institutions.” What they did: CAC investigators teamed up with China’s internal affairs bureau, the police, and other reg…

Today, the Zhejiang branch of the CAC outlined a months-long investigation into crypto mining by “Party and government agencies, state-owned enterprises, and scientific research institutions.”
What they did: CAC investigators teamed up with China’s internal affairs bureau, the police, and other reg...

sources

CAC: 浙江省全面整治利用公共资源参与虚拟货币挖矿和交易行为

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