string(13) "markets-macro"

Macro

October 21, 2024

A Labour of love

China and the UK are gunning for a reset in relations. On Friday, top diplomat Wang Yi met with British Foreign Secretary David Lammy in Beijing. Some context: China-UK relations have deteriorated in recent years, driven by Beijing’s restrictions on civil liberties in Hong Kong and it… Username Password Remember Me Forgot Password

China and the UK are gunning for a reset in relations.
On Friday, top diplomat Wang Yi met with British Foreign Secretary David Lammy in Beijing.
Some context: China-UK relations have deteriorated in recent years, driven by Beijing’s restrictions on civil liberties in Hong Kong and it...

sources

MoFA: 王毅同英国外交发展大臣拉米会谈

UK Foreign Office: Readout: Foreign Secretary meeting with Chinese Foreign Minister

October 21, 2024

Loan prime rates decline 25 bps

On Monday, China’s loan prime rates declined 25 bps. The details: The PBoC disclosed that the one-year loan prime rate (LPR) – the benchmark rate for pricing most corporate bank loans – dropped to 3.10% from 3.35%. Meanwhile, the five-year LPR – used as the benchmark for mortgage rates – dropped to…

On Monday, China’s loan prime rates declined 25 bps.
The details: The PBoC disclosed that the one-year loan prime rate (LPR) – the benchmark rate for pricing most corporate bank loans – dropped to 3.10% from 3.35%.

Meanwhile, the five-year LPR – used as the benchmark for mortgage rates – dropped to...

sources

PBoC: 2024年10月21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

October 21, 2024

PBoC wants more consumption support

Central bank (PBoC) governor Pan Gongsheng thinks more needs to be done to revive China’s economy. On Friday, speaking a the Financial Street Forum in Beijing, Pan said China’s current economic challenges are the result of: “Insufficient effective demand, weak social expectations, and low prices” …

Central bank (PBoC) governor Pan Gongsheng thinks more needs to be done to revive China’s economy.
On Friday, speaking a the Financial Street Forum in Beijing, Pan said China’s current economic challenges are the result of:

“Insufficient effective demand, weak social expectations, and low prices”

...

sources

PBoC: 高质量发展与中国经济动态平衡——中国人民银行行长潘功胜在2024金融街论坛年会上的主题演讲

October 21, 2024

Premier Li Qiang calls for stronger action to unify national market

At Friday’s State Council executive meeting, Premier Li Qiang announced that the State Council had launched a campaign to curb local governments’ use of market-distorting financial incentives. ICYMI: Rumours of a clampdown started circulating a couple of months ago when a string of local governments…

At Friday's State Council executive meeting, Premier Li Qiang announced that the State Council had launched a campaign to curb local governments' use of market-distorting financial incentives.
ICYMI: Rumours of a clampdown started circulating a couple of months ago when a string of local governments...

sources

Gov.cn: 李强主持召开国务院常务会议研究部署深入推进全国统一大市场建设的有关举措等

October 21, 2024

New recycling SOE China Resources Recycling Group established

It’s official – China’s central government is in the recycling business. On Friday, China Resources Recycling Group (CRRG) – the newest central state-owned enterprise (SOE) – was officially established. Xi Jinping and Premier Li Qiang both sent instructions to mark the occasion (Xinhua): Xi told CR…

It's official – China's central government is in the recycling business.
On Friday, China Resources Recycling Group (CRRG) – the newest central state-owned enterprise (SOE) – was officially established.
Xi Jinping and Premier Li Qiang both sent instructions to mark the occasion (Xinhua):

Xi told CR...

sources

Xinhua: 习近平就组建中国资源循环集团有限公司作出重要指示强调

The Paper: 第98家央企，落户这里！

October 21, 2024

State Council releases export control regs for dual-use items

China is laying the groundwork for tighter export controls. On Saturday, the State Council released the Dual-use Item Export Control Regulations. The Ministry of Commerce (MofCom) will be responsible for enforcing the new regulations, which will take effect December 1. Some context: China’…

China is laying the groundwork for tighter export controls.
On Saturday, the State Council released the Dual-use Item Export Control Regulations.

The Ministry of Commerce (MofCom) will be responsible for enforcing the new regulations, which will take effect December 1.

Some context: China’...

sources

Gov.cn: 中华人民共和国两用物项出口管制条例

MofCom: 司法部、商务部负责人就《中华人民共和国两用物项出口管制条例》答记者问

October 21, 2024

Xi tells Rocket Force to straighten up

On Sunday, state media reported that Xi Jinping inspected a brigade of the PLA Rocket Force (PLARF) in Anhui on October 17. Xi told the assembled servicemen that they need to toe the line: “It is necessary to…continue to deepen political rectification.” “It is necessary to…ensure that the troops re…

On Sunday, state media reported that Xi Jinping inspected a brigade of the PLA Rocket Force (PLARF) in Anhui on October 17.
Xi told the assembled servicemen that they need to toe the line:

“It is necessary to…continue to deepen political rectification.”
“It is necessary to…ensure that the troops re...

sources

People's Daily: 习近平在视察火箭军某旅时强调

China Daily: Xi urges strategic missile troops to enhance capabilities

October 21, 2024

PBoC launches stock market support facilities

On Friday, China’s central bank (PBoC) formally launched its two new stock market support programs. ICYMI: On September 24, the PBoC said it would launch an RMB 300 billion relending facility to help listed companies finance share buybacks. It also said it would launch an RMB 200 billion swap facil…

On Friday, China’s central bank (PBoC) formally launched its two new stock market support programs.
ICYMI: On September 24, the PBoC said it would launch an RMB 300 billion relending facility to help listed companies finance share buybacks.

It also said it would launch an RMB 200 billion swap facil...

sources

PBoC: 中国人民银行设立股票回购增持再贷款支持维护资本市场稳定运行

PBoC: 中国人民银行金融监管总局中国证监会关于设立股票回购增持再贷款有关事宜的通知

PBoC: 中国人民银行即日起正式启动证券、基金、保险公司互换便利（SFISF）操作

Caixin: 互换便利条件“太优惠” 股票质押率明显高于其他工具

October 19, 2024

Support growing for ending the IPO freeze

The current IPO freeze doesn’t make any sense. That’s the message from Liu Shengjun, a top expert at the Guoshi Financial Reform Think Tank, during a Caixin-hosted financial forum. Some context: In August 2023, China’s securities regulator (CSRC) halted IPOs to prevent further downward pressure …

The current IPO freeze doesn’t make any sense.

That’s the message from Liu Shengjun, a top expert at the Guoshi Financial Reform Think Tank, during a Caixin-hosted financial forum.

Some context: In August 2023, China’s securities regulator (CSRC) halted IPOs to prevent further downward pressure ...

sources

Caixin: 刘胜军：警惕A股市场民粹主义倾向

October 19, 2024

OpenAI availability in China narrows

Small development shops are saying bye-bye to OpenAI. On Thursday, Yicai reported that Microsoft Azure abruptly announced it will cut off OpenAI access for individual developer accounts in China. Enterprise accounts will still be able to access OpenAI. Some context: In July, OpenAI moved to shut…

Small development shops are saying bye-bye to OpenAI.
On Thursday, Yicai reported that Microsoft Azure abruptly announced it will cut off OpenAI access for individual developer accounts in China.

Enterprise accounts will still be able to access OpenAI.

Some context: In July, OpenAI moved to shut...

sources

Yicai: 微软将终止中国个人Azure OpenAI服务，仅企业客户可用

October 19, 2024

Waiting for the fiscal shoe to drop

Drip. Drip. Drip. That’s what we’ve gotten over the past two weeks from Chinese economic and financial authorities – as investors, businesses, and households await details on an impending fiscal support package from Beijing. Policymakers have put themselves in a bind. When the central bank announce…

Drip. Drip. Drip.
That’s what we’ve gotten over the past two weeks from Chinese economic and financial authorities – as investors, businesses, and households await details on an impending fiscal support package from Beijing.
Policymakers have put themselves in a bind.

When the central bank announce...

October 18, 2024

CATL cultivates Indonesian battery base

Chinese battery behemoth CATL is further diversifying its supply chain through a USD 1.18 billion joint venture (JV) in Indonesia. On Thursday, Indonesian news outlet Antara confirmed the JV – between CATL and state-owned Indonesia Battery Corporation – will develop a battery cell manufacturing faci…

Chinese battery behemoth CATL is further diversifying its supply chain through a USD 1.18 billion joint venture (JV) in Indonesia.
On Thursday, Indonesian news outlet Antara confirmed the JV – between CATL and state-owned Indonesia Battery Corporation – will develop a battery cell manufacturing faci...

sources

Reuters: Indonesia Battery Corp, CATL unit sign JV deal, state media says

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