string(13) "markets-macro"

Macro

July 16, 2021

Pudong gets a new status

Some places get all the luck. On Thursday, the Central Committee and State Council jointly released new guidelines to make Pudong New Area of Shanghai a “pioneer area for socialist modernization.” Some context: Already a shiny showpiece of reform, Pudong is China’s most developed financial hub, and … Username Password Remember Me Forgot… Read More »

Some places get all the luck. On Thursday, the Central Committee and State Council jointly released new guidelines to make Pudong New Area of Shanghai a “pioneer area for socialist modernization.”
Some context: Already a shiny showpiece of reform, Pudong is China’s most developed financial hub, and ...

sources

People's Daily: 支持浦东新区勇当更高水平改革开放开路先锋打造社会主义现代化建设引领区

Xinhua: （受权发布）中共中央国务院关于支持浦东新区高水平改革开放打造社会主义现代化建设引领区的意见

July 16, 2021

Grab the popcorn: US-China edition

Here at the Trivium, we live for high-stakes geopolitical pettiness. That’s why we rubbed our hands together in glee when we saw that Beijing refused to grant US Deputy Secretary of State Wendy Sherman a meeting with Chinese counterpart Le Yucheng, according to a Financial Times (FT) report on Frida…

Here at the Trivium, we live for high-stakes geopolitical pettiness.
That's why we rubbed our hands together in glee when we saw that Beijing refused to grant US Deputy Secretary of State Wendy Sherman a meeting with Chinese counterpart Le Yucheng, according to a Financial Times (FT) report on Frida...

sources

FT: China snubs senior US official in worsening diplomatic stand-off

FT: Beijing rebuffs Pentagon requests for high-level military talks

Global Times: US turns a blind eye to China’s signal for defense ministers talk, disregards diplomatic protocol: source

July 16, 2021

Gimme some (social) credit

Hallelujah! Your social credit prayers have been answered. On Tuesday, the National Development and Reform Commission (NDRC) released two draft documents that further define the boundaries of China’s far-reaching, and controversial, social credit system (SCS). Some context: Without clear top-down di…

Hallelujah! Your social credit prayers have been answered.
On Tuesday, the National Development and Reform Commission (NDRC) released two draft documents that further define the boundaries of China's far-reaching, and controversial, social credit system (SCS).
Some context: Without clear top-down di...

sources

NDRC: 关于对《全国公共信用信息基础目录（2021年版）（征求意见稿）》和《全国失信惩戒措施基础清单（2021年版）（征求意见稿）》公开征求意见的公告

July 16, 2021

Burying the digital hatchet

Open up those “walled gardens”! On Wednesday, The Wall Street Journal reported that internet giants Tencent and Alibaba are working on plans to make their services more inter-operable. Neither company has confirmed the story. Some context: The report comes amid a wide-ranging tech crackdown …

Open up those "walled gardens"! On Wednesday, The Wall Street Journal reported that internet giants Tencent and Alibaba are working on plans to make their services more inter-operable.

Neither company has confirmed the story.

Some context: The report comes amid a wide-ranging tech crackdown ...

sources

WSJ: Alibaba and Tencent Consider Opening Up Their ‘Walled Gardens’

Sina: 阿里腾讯世纪大和解？互联网行业终于有望真正互联了

July 16, 2021

National carbon emissions market completes first day of trading

Drum roll please… The world’s largest market for carbon emissions rights started active trading on Friday! Opening ceremonies kicked off at 9:30 AM in Beijing, Wuhan – and Shanghai, where the trading happens. Active trading lasted until 3:00 PM, with a 90-minute lunch break. We told you so: Despit…

Drum roll please…
The world’s largest market for carbon emissions rights started active trading on Friday!

Opening ceremonies kicked off at 9:30 AM in Beijing, Wuhan - and Shanghai, where the trading happens.
Active trading lasted until 3:00 PM, with a 90-minute lunch break.

We told you so: Despit...

sources

Caixin: 全国碳市场正式启动首笔成交价52.78元/吨

Shanghai Securities News: 全国碳排放权市场上市首日开门红：收盘上涨6.73{d17153e5ae5979b1bf2d993009af64ad90e2f85b4ea9b88ebfedc9c69c58188f} 成交额2.1亿元

July 16, 2021

Wang Yi lets ’em know

On Wednesday, Foreign Minister Wang Yi met with his Indian and Pakistani counterparts on the sidelines of the Shanghai Cooperation Organization (SCO) meeting in Dushanbe, Tajikistan. Some context: China uses the SCO to project foreign policy; the West still treats the SCO with suspicion First up: I…

On Wednesday, Foreign Minister Wang Yi met with his Indian and Pakistani counterparts on the sidelines of the Shanghai Cooperation Organization (SCO) meeting in Dushanbe, Tajikistan.
Some context: China uses the SCO to project foreign policy; the West still treats the SCO with suspicion
First up: I...

sources

FMPRC: 王毅会见印度外长苏杰生

FMPRC: 王毅会见巴基斯坦外长库雷希

FMPRC: 王毅就中方在巴基斯坦人员严重伤亡事件同巴外长库雷希交换意见

July 16, 2021

China’s consumer recovery has some worrying holes

We’ve been digging a bit deeper into the economic data dump from the National Bureau of Statistics on Thursday. One concern we flagged to readers was whether consumer spending could pick up the baton from a weaker real estate sector. Real estate investment and home sales all slowed last month, as p…

We’ve been digging a bit deeper into the economic data dump from the National Bureau of Statistics on Thursday.
One concern we flagged to readers was whether consumer spending could pick up the baton from a weaker real estate sector.

Real estate investment and home sales all slowed last month, as p...

sources

NBS: NBS: 2021年上半年居民收入和消费支出情况

NBS: 2021年6月份社会消费品零售总额增长12.1{d17153e5ae5979b1bf2d993009af64ad90e2f85b4ea9b88ebfedc9c69c58188f} 比2019年6月份增长10.0{d17153e5ae5979b1bf2d993009af64ad90e2f85b4ea9b88ebfedc9c69c58188f}

July 16, 2021

Beijing releases plans to further open up Shanghai’s Pudong district

On Thursday, the Party Central Committee and the State Council released guidelines to further open up Shanghai’s Pudong district. Some context: Pudong district is the Mainland’s biggest financial hub, and home to the regional headquarters of over 300 multinational companies. More context: In N…

On Thursday, the Party Central Committee and the State Council released guidelines to further open up Shanghai’s Pudong district.
Some context: Pudong district is the Mainland's biggest financial hub, and home to the regional headquarters of over 300 multinational companies.
More context: In N...

sources

Xinhua: （受权发布）中共中央国务院关于支持浦东新区高水平改革开放打造社会主义现代化建设引领区的意见

July 16, 2021

CBIRC to banks and insurers: don’t feed the monster

There’s been a lot of chatter in China’s financial industry this past week about a certain “Document No.15,” sent to banks and insurers by the industry regulator, CBIRC. The document ordered financial institutions not to help local governments hide or increase hidden debt by lending to local govern…

There's been a lot of chatter in China's financial industry this past week about a certain "Document No.15," sent to banks and insurers by the industry regulator, CBIRC.
The document ordered financial institutions not to help local governments hide or increase hidden debt by lending to local govern...

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China Business Journal: 债务风险引多部门关注银保监会要求不得新增隐性债务

July 16, 2021

First Chinese company files US IPO plan after CAC’s new cybersecurity measures

On Tuesday, online education platform Jianzhi Education filed its IPO registration with the US Securities and Exchange Commission (SEC), planning to raise USD 50 million. This is a bold move. ICYMI: Just a week ago, the Cyberspace Administration of China (CAC) issued draft rules requir…

On Tuesday, online education platform Jianzhi Education filed its IPO registration with the US Securities and Exchange Commission (SEC), planning to raise USD 50 million.

This is a bold move.

ICYMI: Just a week ago, the Cyberspace Administration of China (CAC) issued draft rules requir...

sources

Securities Daily: 四度折戟港交所见知教育转战美股公司表示可能会接受网络安全审查

SEC: F-1 1 ff12021_jianzhieducation.htm REGISTRATION STATEMENT

July 16, 2021

PBoC drains MLF funds, as promised

On Thursday, the People’s Bank of China (PBoC) drained RMB 300 billion worth of funds that it had previously lent out through its medium-term lending facility (MLF). The deets: On Thursday, RMB 400 billion worth of MLF funding matured. The PBoC responded by lending RMB 100 billion under the facility…

On Thursday, the People’s Bank of China (PBoC) drained RMB 300 billion worth of funds that it had previously lent out through its medium-term lending facility (MLF).
The deets: On Thursday, RMB 400 billion worth of MLF funding matured. The PBoC responded by lending RMB 100 billion under the facility...

sources

PBoC: 公开市场业务交易公告 [2021]第137号

July 16, 2021

It’s hot, folks.

On Thursday, the National Development and Reform Commission (NDRC) announced that it is prepared to release over 10 million tons of coal reserves. That’s double the total five million tons released already this year. Why is supply so low? Basically, it’s really damn hot, meaning lots of air condi…

On Thursday, the National Development and Reform Commission (NDRC) announced that it is prepared to release over 10 million tons of coal reserves.

That's double the total five million tons released already this year.

Why is supply so low?

Basically, it's really damn hot, meaning lots of air condi...

sources

Caixin: 应对供应短缺 1000万吨以上国储煤将投放市场

NDRC: 发改委：我国已形成1亿吨政府可调度煤炭储备能力

China Securities Journal: 国家发改委：将加快建设1亿吨以上煤炭储备能力

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