string(13) "markets-macro"

Macro

October 12, 2021

Local government SPB issuance in September hits 2021 high

On Monday, 21st Century Biz reported that local governments issued RMB 523.1 billion worth of special purpose bonds (SPBs) in September, the largest monthly total for 2021. It was also a marked acceleration over the RMB 488.4 billion SPBs issued in August and the RMB 340.3 billion in July. Quick m… Username Password Remember Me… Read More »

On Monday, 21st Century Biz reported that local governments issued RMB 523.1 billion worth of special purpose bonds (SPBs) in September, the largest monthly total for 2021.

It was also a marked acceleration over the RMB 488.4 billion SPBs issued in August and the RMB 340.3 billion in July.

Quick m...

sources

21st Century Biz: 四季度或降准：专项债发行持续提速，流动性缺口隐现

October 12, 2021

More developers on the brink of default

Is this contagion? On Monday, three Chinese property developers disclosed that they are unable to repay their offshore dollar-denominated bonds on time. Hong Kong-listed Modern Land has asked to pay 35% of a maturing bond as scheduled on October 25 and postpone the rest by three months (Yicai). Hon…

Is this contagion?
On Monday, three Chinese property developers disclosed that they are unable to repay their offshore dollar-denominated bonds on time.

Hong Kong-listed Modern Land has asked to pay 35% of a maturing bond as scheduled on October 25 and postpone the rest by three months (Yicai).
Hon...

sources

Reuters: China's bond markets slump again as new Evergrande deadline passes

SCMP: Xinyuan adds to signs of China property distress as debt exchange garners insufficient support before Friday’s repayment deadline

Yicai: 当代置业申请债务展期，又一百强房企滑向违约漩涡

October 12, 2021

Let’s hit the beach!

With smoke grenades, sand trenches and shock troops. On Monday, China’s military said it had recently carried out landing drills on the shore across from Taiwan. The deets (PLA Daily): The People’s Liberation Army Daily newspaper posted the video announcement on its Weibo social media feed. The v…

With smoke grenades, sand trenches and shock troops.
On Monday, China’s military said it had recently carried out landing drills on the shore across from Taiwan.
The deets (PLA Daily):

The People’s Liberation Army Daily newspaper posted the video announcement on its Weibo social media feed.
The v...

sources

Reuters: China says it carried out beach landing drills in province opposite Taiwan

Beijing.gov: 纪念辛亥革命110周年大会在京隆重举行

VOA Chinese: 蔡英文：台湾不会屈服，走中国设定的路径

Weibo: 解放军报新浪微博

October 11, 2021

New market access negative list to limit private media activities

Hooray! Last Friday, the macro planner (NDRC) released the draft version of the 2021 Negative List for Market Access for public comment. It’s probably not what you think: This is NOT the negative list that tells foreign investors what areas are off limits. This negative list applies to both forei…

Hooray! Last Friday, the macro planner (NDRC) released the draft version of the 2021 Negative List for Market Access for public comment.
It's probably not what you think: This is NOT the negative list that tells foreign investors what areas are off limits.

This negative list applies to both forei...

sources

NDRC: 国家发展改革委关于向社会公开征求对《市场准入负面清单（2021年版）》意见的公告

October 11, 2021

Talking trade again

On October 8, US Trade Representative Katherine Tai and Chinese Vice Premier Liu He held a second virtual meeting, after their first in May. Top of the agenda: China’s economic model and industrial policy, and US tariffs on Chinese goods. According to the official Xinhua readout (Gov.cn): “The Chin…

On October 8, US Trade Representative Katherine Tai and Chinese Vice Premier Liu He held a second virtual meeting, after their first in May.
Top of the agenda: China’s economic model and industrial policy, and US tariffs on Chinese goods.
According to the official Xinhua readout (Gov.cn):

“The Chin...

sources

Gov.cn: 刘鹤与美贸易代表戴琪通话

USTR: Readout of Ambassador Tai’s Virtual Meeting With Vice Premier Of China Liu He

October 11, 2021

Talking with Tokyo

On Friday, Xi Jinping picked up the phone to call his newly installed Japanese counterpart, Fumio Kishida. That was quick: With just five days on the job, that’s half the time Xi took before calling Kishida’s predecessor, Yoshihide Suga. Their chat sounded downright pleasant. The pair agreed that m…

On Friday, Xi Jinping picked up the phone to call his newly installed Japanese counterpart, Fumio Kishida.
That was quick: With just five days on the job, that’s half the time Xi took before calling Kishida’s predecessor, Yoshihide Suga.
Their chat sounded downright pleasant.

The pair agreed that m...

sources

Xinhua: Xi talks with Japanese PM over phone

SCMP: China and Japan should ‘properly handle sensitive issues’, Xi tells Kishida in first phone call

October 11, 2021

Just making sure we’re all on the same page

Save the Mother River, and rejuvenate China. On Friday, the Central Committee (CC) and State Council (SC) released their environmental protection and high-quality development plan for the Yellow River basin. Priorities include: Improving upstream water conservation capacity Improving midstream wate…

Save the Mother River, and rejuvenate China.
On Friday, the Central Committee (CC) and State Council (SC) released their environmental protection and high-quality development plan for the Yellow River basin.
Priorities include:

Improving upstream water conservation capacity
Improving midstream wate...

sources

Gov.cn: 中共中央国务院印发《黄河流域生态保护和高质量发展规划纲要》

October 11, 2021

Some news is bad news

Seems like some regulators didn’t get much rest during the National Day holiday last week. Last Tuesday, the China Banking and Insurance Regulatory Commission (CBIRC) issued a notice admonishing financial institutions to help stabilize power and commodities markets. The timing is weird: Normal…

Seems like some regulators didn’t get much rest during the National Day holiday last week.
Last Tuesday, the China Banking and Insurance Regulatory Commission (CBIRC) issued a notice admonishing financial institutions to help stabilize power and commodities markets.
The timing is weird: Normal...

sources

CBIRC: 中国银保监会印发《关于服务煤电行业正常生产和商品市场有序流通保障经济平稳运行有关事项的通知》

People's Daily: 银保监会发文要求：煤电企业信贷不能“一刀切”

October 11, 2021

Back to work

Premier Li Keqiang got back to work on Friday, chairing the routine State Council executive meeting. At the top of his agenda: Making sure the lights (and heating) stay on this winter. ICYMI: Since mid-September, periodic power cuts have darkened homes and shut down factories across much of China. S…

Premier Li Keqiang got back to work on Friday, chairing the routine State Council executive meeting.
At the top of his agenda: Making sure the lights (and heating) stay on this winter.
ICYMI: Since mid-September, periodic power cuts have darkened homes and shut down factories across much of China.
S...

sources

Gov.cn: 李克强主持召开国务院常务会议

Caixin: Inner Mongolia Coal Mines Ordered to Boost Production by 55%

October 11, 2021

Revolutionary reminiscing

On Saturday, Xi did some reminiscing in a speech celebrating the 110th anniversary of the Xinhai Revolution. History time: The Xinhai Revolution kicked off on October 10, 1911, ended China’s last imperial dynasty, and led to the establishment of the Republic of China on January 1, 1912. Xi shared hi…

On Saturday, Xi did some reminiscing in a speech celebrating the 110th anniversary of the Xinhai Revolution.
History time: The Xinhai Revolution kicked off on October 10, 1911, ended China's last imperial dynasty, and led to the establishment of the Republic of China on January 1, 1912.
Xi shared hi...

sources

Xinhua: （受权发布）习近平：在纪念辛亥革命110周年大会上的讲话

Xinhua: Xi Focus: China marks 1911 Revolution anniversary, pooling strength for national rejuvenation

October 11, 2021

Yi Gang says fintech reforms to continue

China’s crackdown on fintech is far from over. That was the message from People’s Bank of China (PBoC) Governor Yi Gang in a speech on regulating Big Tech delivered Thursday to the Bank of International Settlements (BIS). According to a readout of the speech posted on the PBoC’s website Saturday, th…

China’s crackdown on fintech is far from over.
That was the message from People’s Bank of China (PBoC) Governor Yi Gang in a speech on regulating Big Tech delivered Thursday to the Bank of International Settlements (BIS).
According to a readout of the speech posted on the PBoC’s website Saturday, th...

sources

PBoC: 易纲：中国大型科技公司监管实践——在国际清算银行（BIS）监管大型科技公司国际会议上的讲话

October 11, 2021

PBoC promises greater role for market-based interest rates

On Friday, Liu Guoqiang, deputy governor of the People’s Bank of China (PBoC), published an essay outlining the areas where the central bank intends to improve the marketization of interest rates. In an essay in “China Finance,” a magazine published by the PBoC, Liu said that developing market-based…

On Friday, Liu Guoqiang, deputy governor of the People’s Bank of China (PBoC), published an essay outlining the areas where the central bank intends to improve the marketization of interest rates.
In an essay in “China Finance,” a magazine published by the PBoC, Liu said that developing market-based...

sources

PBoC: 刘国强：深化LPR改革取得重要成效

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