string(13) "markets-macro"

Macro

July 21, 2021

Under pressure

China’s power generators are having a hard time keeping up with demand. And on Wednesday, China’s power consumption reached a new all-time high. Eleven provinces saw peak load surges that contributed to national consumption levels 10% higher than last year’s record. Important context: It’s been ho… Username Password Remember Me Forgot Password

China's power generators are having a hard time keeping up with demand.
And on Wednesday, China's power consumption reached a new all-time high.

Eleven provinces saw peak load surges that contributed to national consumption levels 10% higher than last year's record.

Important context: It's been ho...

sources

SCMP: Chinese cities face power outages as economic rebound, heat put grids under pressure

Bloomberg: China Cities Warn of New Power Outages as Heat Strains Grids

July 20, 2021

Central government reverses local vaccination mandates – or did it?

China’s vaccination pace has plateaued. Over the past week, China administered 10.84 million vaccine doses daily on average – slightly up from the week before. Some context: The pace has dropped significantly from the last two weeks of June, when China’s vaccination drive was at its height, with m…

China's vaccination pace has plateaued.

Over the past week, China administered 10.84 million vaccine doses daily on average - slightly up from the week before.

Some context: The pace has dropped significantly from the last two weeks of June, when China's vaccination drive was at its height, with m...

sources

NHC: 新冠病毒疫苗接种情况

CCDI: 国家卫健委再次明确:新冠病毒疫苗接种遵循自愿原则

July 20, 2021

Serious hackusations

On Monday, the US leveled sweeping accusations of state-sponsored hacking against China. The most serious charge: Hackers affiliated with China’s national spy agency – the Ministry of State Security (MSS) – were behind the Microsoft Exchange Server breach disclosed in March. Some context: The Micros…

On Monday, the US leveled sweeping accusations of state-sponsored hacking against China.
The most serious charge: Hackers affiliated with China's national spy agency - the Ministry of State Security (MSS) - were behind the Microsoft Exchange Server breach disclosed in March.
Some context: The Micros...

sources

Reuters: U.S. and allies accuse China of global hacking spree

The Paper: 中方回应欧盟及北约所谓中国恶意网络活动声明：充满臆测

The Guardian: US condemns China for ‘malicious’ cyberattacks, including Microsoft hack

July 20, 2021

Making common prosperity look easy

On Monday, the Zhejiang government dropped a detailed plan for building a common prosperity pilot zone in the province, spanning 2021-2025. Why it matters: The Zhejiang zone will be the first – and only – common prosperity pilot zone in China. But wait! Shouldn’t a long-embedded Communist Party deli…

On Monday, the Zhejiang government dropped a detailed plan for building a common prosperity pilot zone in the province, spanning 2021-2025.
Why it matters: The Zhejiang zone will be the first – and only – common prosperity pilot zone in China.
But wait! Shouldn't a long-embedded Communist Party deli...

sources

Xinhua: 浙江高质量发展建设共同富裕示范区实施方案（2021—2025年）

Xinhua: China to build Zhejiang into demonstration zone for common prosperity

July 20, 2021

Leave growth to the economists

On Friday, leading demographer Cai Fang gave a talk on how China should respond to the economic challenge posed by its changing population. Some context: Cai, a researcher at the Chinese Academy of Social Sciences, also sits on the central bank’s monetary policy committee. Cai confirmed that Beijing…

On Friday, leading demographer Cai Fang gave a talk on how China should respond to the economic challenge posed by its changing population.
Some context: Cai, a researcher at the Chinese Academy of Social Sciences, also sits on the central bank’s monetary policy committee.
Cai confirmed that Beijing...

sources

Caixin: 蔡昉：防止从“未富先老”变为“未富先滞”

July 20, 2021

Evergrande subsidiary hit by assets freeze

The hits just keep on coming for Evergrande. On Monday, a Chinese court froze an RMB 132 million deposit held by Evergrande’s subsidiary, Hengda Real Estate Group. The freeze was requested by Guangfa Bank as a precautionary move ahead of an impending lawsuit. Why that’s bad: Since failing its back…

The hits just keep on coming for Evergrande.
On Monday, a Chinese court froze an RMB 132 million deposit held by Evergrande’s subsidiary, Hengda Real Estate Group.

The freeze was requested by Guangfa Bank as a precautionary move ahead of an impending lawsuit.

Why that’s bad: Since failing its back...

sources

Bloomberg: Evergrande Resumes Downward Spiral as Investors Prep for Crisis

The Paper: 广发银行宜兴支行起诉恒大集团催还贷款，恒大反诉：还未到期

Yicai: Chinese Developer Evergrande Tanks on Plan to Sue Guangfa Bank for Abuse of Legal Process

July 20, 2021

LPR stands pat

On Tuesday, the People’s Bank of China (PBoC) announced that the loan prime rate (LPR) was unchanged. The 1-year LPR has been 3.85% since March last year, and the 5-year 4.65%. We’re not surprised, but there’s been a lot of speculation that last week’s reserve requirement ratio cut presaged a lowe…

On Tuesday, the People’s Bank of China (PBoC) announced that the loan prime rate (LPR) was unchanged.

The 1-year LPR has been 3.85% since March last year, and the 5-year 4.65%.

We’re not surprised, but there’s been a lot of speculation that last week’s reserve requirement ratio cut presaged a lowe...

sources

PBoC: 2021年7月20日全国银行间同业拆借中心受权公布贷款市场报价利率（LPR）公告

July 20, 2021

Personal bankruptcy arrives

On Monday, a Shenzhen resident became the first person to enter personal bankruptcy in China. Some context: In March, Shenzhen rolled out China’s first even personal bankruptcy law. Shenzhen’s bankruptcy court received 260 bankruptcy applications but agreed to proceed with only eight. According to…

On Monday, a Shenzhen resident became the first person to enter personal bankruptcy in China.
Some context: In March, Shenzhen rolled out China’s first even personal bankruptcy law.

Shenzhen’s bankruptcy court received 260 bankruptcy applications but agreed to proceed with only eight.

According to...

sources

21st Century Biz: 深圳审结全国“个人破产”首案国家层面个人破产制度探索有望提速

July 20, 2021

Release the reserves

On Monday, at a National Development and Reform Commission (NDRC) presser, spokesman Yuan Da indicated that the agency would continue to release key metals from state reserves. The key commods include: Copper Aluminum Zinc Some context: On July 5, the NDRC released 20,000 tons of copper, 50,000 to…

Copper
Aluminum
Zinc

Some context: On July 5, the NDRC released 20,000 tons of copper, 50,000 to...

sources

NDRC: 国家发改委：继续分批组织铜、铝、锌储备投放

NASDAQ: China will continue to release metals reserves in batches - state planner

July 20, 2021

Stockings full of coal

On Sunday, the National Development and Reform Commission (NDRC) issued a notice requiring six key power producers to increase their stockpiles of coal. As of Monday, most power plants required seven days of reserves (including supplies in transit). As of Wednesday, they should acquire “more than s…

On Sunday, the National Development and Reform Commission (NDRC) issued a notice requiring six key power producers to increase their stockpiles of coal.

As of Monday, most power plants required seven days of reserves (including supplies in transit).
As of Wednesday, they should acquire "more than s...

sources

Jiemian: 国家发改委要求六大电力集团提高电厂存煤水平

Sina: 国家发改委：煤炭储备规模将进一步扩大

July 20, 2021

Curb your enthusiasm

Steel yourself. Capacity growth in the world’s largest steelmaker could finally be reaching the end of the line. The China Iron and Steel Association (CISA) is drafting an authoritative plan to curb steel capacity and production. The CISA confirmed progress on the plan, to align the industry with th…

Steel yourself. Capacity growth in the world's largest steelmaker could finally be reaching the end of the line.
The China Iron and Steel Association (CISA) is drafting an authoritative plan to curb steel capacity and production. The CISA confirmed progress on the plan, to align the industry with th...

sources

Caixin: China’s Steel Industry Braces for Curbs Under Forthcoming Carbon Neutrality Plan

July 20, 2021

Trip.com responds to differential pricing practice

On Monday, China’s biggest online travel agency Trip.com told reporters that it didn’t engage in “differential pricing” alleged in a recent civil lawsuit (21st Century Biz). Differential pricing is a practice that charges some users with higher prices for the same good or service based on alg…

On Monday, China’s biggest online travel agency Trip.com told reporters that it didn’t engage in “differential pricing” alleged in a recent civil lawsuit (21st Century Biz).

Differential pricing is a practice that charges some users with higher prices for the same good or service based on alg...

sources

21st Century Biz: 携程否认“大数据杀熟”背后：事实性认定的难点在哪里？

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