string(13) "markets-macro"

Macro

September 14, 2021

Gashuunsaywhat?

The Gashuunsukhait-Ganqimaodu border has reopened. ICYMI: Late last month, Inner Mongolia’s provincial government closed the Ganqimaodu Port, a major route for Mongolian coal imports. The fact that the port authority officially denied the crossing had been closed hasn’t stopped it from reopening. … Username Password Remember Me Forgot Password

The Gashuunsukhait-Ganqimaodu border has reopened.
ICYMI: Late last month, Inner Mongolia's provincial government closed the Ganqimaodu Port, a major route for Mongolian coal imports.

The fact that the port authority officially denied the crossing had been closed hasn't stopped it from reopening.
...

sources

Bloomberg: China Opens Border to Mongolian Coal But Market Remains Tight

September 14, 2021

Data dump – inflation

On Tuesday Caixin/Markit dropped its August Manufacturing Purchasing Managers’ Index (PMI). The number: A decidedly not great 49.2 – down from an ok 50.3 in July. Quick refresher: A PMI above 50 indicates expansion in the sector. Below 50 means contraction. Some details: Analysts polled by Reuters …

On Tuesday Caixin/Markit dropped its August Manufacturing Purchasing Managers’ Index (PMI).
The number: A decidedly not great 49.2 – down from an ok 50.3 in July.
Quick refresher: A PMI above 50 indicates expansion in the sector. Below 50 means contraction.
Some details:

Analysts polled by Reuters ...

sources

Reuters: China's factory activity contracts for first time since April 2020

September 14, 2021

NDRC announces pork reserve purchases are imminent

On Monday, the National Development and Reform Commission (NDRC) announced that the price of live pigs had fallen low enough to trigger purchasing by the central pork reserve. The deets: The hog-corn ratio (a key metric used to predict the profitability of hog farming) has remained between 5:1 and…

On Monday, the National Development and Reform Commission (NDRC) announced that the price of live pigs had fallen low enough to trigger purchasing by the central pork reserve.
The deets:

The hog-corn ratio (a key metric used to predict the profitability of hog farming) has remained between 5:1 and...

sources

The Paper: 近期生猪价格低位运行，国家将再次启动猪肉储备收储工作

China Securities Journal: 生猪期货跌超2% 刷新上市以来新低

Sohu: 猪肉价格过度下跌，近期国家将再次启动猪肉储备收储工作

September 14, 2021

Put a lid on it

Won’t somebody think of the young people? On Monday, the Ministry of Housing and Urban-Rural Development (MoHURD) provided more details on why it plans to cap annual increases for rent in cities at 5%. Some context: MoHURD first revealed this cap last month in the draft version of its notice on furt…

Won't somebody think of the young people?
On Monday, the Ministry of Housing and Urban-Rural Development (MoHURD) provided more details on why it plans to cap annual increases for rent in cities at 5%.
Some context: MoHURD first revealed this cap last month in the draft version of its notice on furt...

sources

MoHURD: 住房和城乡建设部关于在实施城市更新行动中防止大拆大建问题的通知

Gov.cn: 国新办举行“努力实现全体人民住有所居”新闻发布会

Reuters: China moves to cap the cost of renting a home in cities

September 14, 2021

Sorry for the inconvenience

In recent days, nearly a dozen steel companies have announced that they are closing for “routine maintenance” during September. That sounds a little suspicious to us. ICYMI: Industry regulators had one big goal for the steel industry this year, namely keeping steel production below record-setting …

In recent days, nearly a dozen steel companies have announced that they are closing for “routine maintenance” during September.

That sounds a little suspicious to us.

ICYMI: Industry regulators had one big goal for the steel industry this year, namely keeping steel production below record-setting ...

sources

Cailianshe: 多家钢厂发布9月停产检修计划

Yicai: 韶钢松山：停产检修不影响全年目标对公司影响不大|公司问答

September 14, 2021

Go forth and relend!

On Wednesday the State Council had one of its regular get togethers. Top of the docket? Helping small firms. The big news is that the State Council has instructed the central bank to increase relending to banks by an additional RMB 300 billion this year. Some context: Relending occurs when the ce…

On Wednesday the State Council had one of its regular get togethers.
Top of the docket?

Helping small firms.

The big news is that the State Council has instructed the central bank to increase relending to banks by an additional RMB 300 billion this year.
Some context: Relending occurs when the ce...

sources

State Council: 李克强主持召开国务院常务会议部署加大对市场主体特别是中小微企业纾困帮扶力度加强政策储备做好跨周期调节等

Bloomberg: China Offers Funds to Banks to Boost Loans to Small Firms

September 14, 2021

Money’s too tight to mention

Things are getting worse and worse for China Evergrande Group. The latest? Evergrande plans to suspend interest payments on loans due to two banks on September 21. Additionally, starting Wednesday, it may suspend payment on funds raised via wealth management products. Reuters published the news on…

Things are getting worse and worse for China Evergrande Group.
The latest?
Evergrande plans to suspend interest payments on loans due to two banks on September 21.

Additionally, starting Wednesday, it may suspend payment on funds raised via wealth management products.

Reuters published the news on...

sources

Reuters: China Evergrande to delay loan interest payments to banks, REDD reports

Reuters: Fitch downgrades China Evergrande, flags 'probable' default

September 14, 2021

More WMP tweaks

On Wednesday, the China Banking and Insurance Regulatory Commission (CBIRC) issued draft measures designed to improve banks’ management of wealth management product (WMP) liquidity. The regulator said that the measures are designed to prevent risk spreading between different financial assets and inc…

On Wednesday, the China Banking and Insurance Regulatory Commission (CBIRC) issued draft measures designed to improve banks’ management of wealth management product (WMP) liquidity.
The regulator said that the measures are designed to prevent risk spreading between different financial assets and inc...

sources

CBIRC: 中国银保监会有关部门负责人就《理财公司理财产品流动性风险管理办法（征求意见稿）》答记者问

Caixin: 银保监会：低流动性资产占比高的理财要用封闭或定开式

September 14, 2021

Shenzhen gov to raise cash in HK

On Wednesday, Hong Kong Chief Executive Carrie Lam announced that the city’s neighbor to the north, Shenzhen, would become China’s first local government to sell bonds directly in the offshore Hong Kong market. When (SCMP): “Sometime next month.” How much: Up to RMB 5 billion Some context: Shenz…

On Wednesday, Hong Kong Chief Executive Carrie Lam announced that the city's neighbor to the north, Shenzhen, would become China’s first local government to sell bonds directly in the offshore Hong Kong market.
When (SCMP):

“Sometime next month.”

How much:

Up to RMB 5 billion

Some context: Shenz...

sources

SCMP: Carrie Lam confirms Shenzhen government’s plan to sell offshore bonds in Hong Kong next month

September 13, 2021

COVID hits Fujian

New week, new outbreak. Over the past few days, a new local COVID-19 outbreak was detected in several cities in Fujian province. Some context: Between last Monday and Sunday, China reported (NHC): 43 new domestically transmitted symptomatic infections, up from two in the previous week 36 new domest…

New week, new outbreak.
Over the past few days, a new local COVID-19 outbreak was detected in several cities in Fujian province.
Some context: Between last Monday and Sunday, China reported (NHC):

43 new domestically transmitted symptomatic infections, up from two in the previous week
36 new domest...

sources

NHC: 截至9月12日24时新型冠状病毒肺炎疫情最新情况

Gov.cn: 福建省新型冠状病毒肺炎疫情情况

The Paper: 福建仙游县发现6例核酸阳性人员，源头疑为一新加坡入境人员

Caixin: 福建莆田本轮新冠感染者升至64人至少15名小学生

Xinhua: 福建仙游本次疫情毒株初步判定为德尔塔

September 13, 2021

China keeps its ion the prize

Check out the Gansu game changer. This month, China is kicking off tests of its experimental thorium-based molten salt nuclear reactor. With this reactor, China has a solid chance of commercializing a powerful new zero-emissions energy source. We know – the name’s got a lot of adjectives. Just kno…

Check out the Gansu game changer.
This month, China is kicking off tests of its experimental thorium-based molten salt nuclear reactor.

With this reactor, China has a solid chance of commercializing a powerful new zero-emissions energy source.

We know – the name's got a lot of adjectives. Just kno...

sources

Nature: China prepares to test thorium-fuelled nuclear reactor

September 13, 2021

Data dump – credit

China’s central bank released the credit data for August late on Friday. The headlines: Net new total social financing (TSF) hit RMB 2.96 trillion last month, versus the consensus forecast of RMB 2.75 trillion. Net new bank loans were RMB 1.22 trillion in August, lower than the forecasted RMB 1.3 t…

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

Net new total social financing (TSF) hit RMB 2.96 trillion last month, versus the consensus forecast of RMB 2.75 trillion.
Net new bank loans were RMB 1.22 trillion in August, lower than the forecasted RMB 1.3 t...

sources

PBoC: 2021年8月金融统计数据报告

Reuters: China Aug new bank loans rise to 1.22 trln yuan, miss forecast

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