string(13) "markets-macro"

Macro

September 30, 2020

China falls further behind on trade deal purchases

Remember the halcyon days of mid-January 2020? In that distant golden age, COVID-19 was barely on the radar, and a deal between the US and China declared a ceasefire in the acrimonious trade war, bringing with it a faint hope for the future of Sino-American ties. Under the terms of the phase one de… Username… Read More »

Remember the halcyon days of mid-January 2020?

In that distant golden age, COVID-19 was barely on the radar, and a deal between the US and China declared a ceasefire in the acrimonious trade war, bringing with it a faint hope for the future of Sino-American ties.
Under the terms of the phase one de...

sources

SCMP: US-China trade: soybeans, corn and cars surge, but Beijing still not close to meeting demands of deal

Bloomberg: China Makes Slow Progress on U.S. Trade Deal as Purchases Slide

September 30, 2020

No funny business

On Tuesday, the Beijing branch of the China Banking and Insurance Regulatory Commission (CBIRC) issued a statement outlining how banks should deal with non-performing loans (NPLs). Specifically (Caixin): New loans shouldn’t be used to cover up bad loans. Banks can’t use off-balance-sheet sources of…

New loans shouldn’t be used to cover up bad loans.
Banks can’t use off-balance-sheet sources of...

sources

Caixin: 北京银保监局：不得以疫情防控为由新发贷款掩盖不良

September 29, 2020

Regulator tells banks to limit real estate loans

On Sunday, local financial media began reporting that some of China’s major banks have received notice from an unnamed regulator to limit the amount of real estate loans they make. No official document has been issued, but according to the reports: Banks are required to prevent real estate loan…

On Sunday, local financial media began reporting that some of China’s major banks have received notice from an unnamed regulator to limit the amount of real estate loans they make.
No official document has been issued, but according to the reports: Banks are required to prevent real estate loan...

sources

Yicai: 监管严控涉房类贷款规模增长，个人房贷额度也收紧

Caixin: 监管要求大型银行控制房贷规模多家大行新增涉房贷款占比降至30%以下

September 29, 2020

SZSE president backs biotech IPOs

On Monday, Sha Yan, president of the Shenzhen Stock Exchange (SZSE), pledged to support biotech companies to go public. Some context: In August, the SZSE’s tech-focused ChiNext board debuted the first batch of registration-based IPOs in an effort to dismantle the bureaucratic and corruption-prone ap…

On Monday, Sha Yan, president of the Shenzhen Stock Exchange (SZSE), pledged to support biotech companies to go public.
Some context: In August, the SZSE’s tech-focused ChiNext board debuted the first batch of registration-based IPOs in an effort to dismantle the bureaucratic and corruption-prone ap...

sources

21st Century Biz: 深交所：创业板将放宽上市财务指标一年后允许亏损医药健康企业上市

PhIRDA: 第五届中国医药创新与投资大会盛大开幕后疫情时代共话医药创新发展新趋势

September 29, 2020

SPC’s usury rules continue to reverberate

In late August, the Supreme People’s Court (SPC) slashed the maximum lending rate on private loans that it was willing to legally sanction. Some context: Previously, lenders were legally protected if they charged interest up to 24%. At the end of August, the SPC declared that the ceiling will …

In late August, the Supreme People’s Court (SPC) slashed the maximum lending rate on private loans that it was willing to legally sanction.
Some context: Previously, lenders were legally protected if they charged interest up to 24%.

At the end of August, the SPC declared that the ceiling will ...

sources

Caixin: In Depth: Top Court’s Interest-Rate Ruling Sends Shockwaves Through Financial Sector

September 29, 2020

Politburo sets date for fifth plenum

Mark your calendars, folks. The date for the Party’s fifth plenum has been officially set. On Monday, Xi Jinping presided over a meeting of the Politburo, which announced that the important policy summit willbe held from October 26-29. Some context: Officially called the fifth plenary session o…

Mark your calendars, folks. The date for the Party’s fifth plenum has been officially set.
On Monday, Xi Jinping presided over a meeting of the Politburo, which announced that the important policy summit willbe held from October 26-29.
Some context: Officially called the fifth plenary session o...

sources

Gov.cn: 习近平主持中共中央政治局会议讨论拟提请十九届五中全会审议的文件审议《中国共产党中央委员会工作条例》

Gov.cn: CPC leadership meets to discuss key document

Reuters: China’s Communist Party to hold key meeting in late October

September 29, 2020

The PBoC’s priorities

On Monday, the People’s Bank of China (PBoC) announced that its monetary policy committee had gotten together on Friday, for their quarterly meeting. Some context: Unlike at other central banks, the PBoC’s monetary policy committee is an advisory board, not a policymaking body. More context:&nb…

On Monday, the People’s Bank of China (PBoC) announced that its monetary policy committee had gotten together on Friday, for their quarterly meeting.
Some context: Unlike at other central banks, the PBoC’s monetary policy committee is an advisory board, not a policymaking body.
More context:&nb...

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PBoC: 中国人民银行货币政策委员会召开2020年第三季度例会

September 28, 2020

Investors dump Evergrande shares and bonds

Since a leak emerged last week, reportedly showing Evergrande’s request for government support for an asset restructuring, investors have been busy dumping Evergrande shares and bonds. Domestic bonds have fallen between 17% and 30%. Evergrande’s shares fell as much as 8.8%, while Evergrande New Ene…

Since a leak emerged last week, reportedly showing Evergrande’s request for government support for an asset restructuring, investors have been busy dumping Evergrande shares and bonds.

Domestic bonds have fallen between 17% and 30%.
Evergrande’s shares fell as much as 8.8%, while Evergrande New Ene...

sources

Caixin: 连续两天上演“股债双杀” 恒大深夜连发公告释放利好

Caixin: 中国恒大港股转涨境内债券重挫15% 市场关注负面消息后续影响

Caixin: Evergrande Gets Hong Kong Exchange Nod to Spin Off Management Unit

Reuters: China Evergrande shares, bonds suffer sell-off on cash-crunch concern

September 28, 2020

Vanke Chairman discusses impact of the “three red lines”

On Friday, Vanke Chairman Yu Liang commented on the implications of regulators’ “three red lines” policy for the real estate industry. Some context: The three red lines refer to new restrictions on the amount of debt that developers can hold, which were introduced on a pilot basis for 12 developers …

On Friday, Vanke Chairman Yu Liang commented on the implications of regulators’ “three red lines” policy for the real estate industry.
Some context: The three red lines refer to new restrictions on the amount of debt that developers can hold, which were introduced on a pilot basis for 12 developers ...

sources

Caixin: 万科郁亮：“三条红线”终结地产金融红利

September 28, 2020

Shadow banking – junior varsity edition

On Saturday, the China Banking and Insurance Regulatory Commission (CBIRC) held a meeting to discuss some institutions on the periphery of China’s financial system. The conclusion? They’re a hot mess. The meeting focused on six types of institution in particular (21st Cent Biz): Credit guara…

On Saturday, the China Banking and Insurance Regulatory Commission (CBIRC) held a meeting to discuss some institutions on the periphery of China’s financial system.
The conclusion?

They’re a hot mess.

The meeting focused on six types of institution in particular (21st Cent Biz):

Credit guara...

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21st Century Biz: 银保监会召开“六类机构”监管会议：小贷、融资租赁、典当行这么管

September 28, 2020

The door opens a little wider

On Friday, Beijing took another incremental step toward opening China’s capital markets to foreign investment. The central bank, securities regulator, and forex regulator said that foreign investors with Qualified Foreign Institutional Investor (QFII) orRMB Qualified Foreign Institutional Investor (…

On Friday, Beijing took another incremental step toward opening China’s capital markets to foreign investment.
The central bank, securities regulator, and forex regulator said that foreign investors with Qualified Foreign Institutional Investor (QFII) orRMB Qualified Foreign Institutional Investor (...

sources

Caixin: China Expands Access to Qualified Foreign Investment Programs

September 28, 2020

Liu He heads meeting of leading group for SOE reform

On Sunday, Xi Jinping’s economic czar, Vice Premier Liu He, presided over a meeting of the Leading Group for State-owned Enterprise (SOE) Reform. The topic of the meeting was…well…reforming SOEs. Some context: Liu has been a vocal advocate of SOE reform – specifically making them more market or…

On Sunday, Xi Jinping’s economic czar, Vice Premier Liu He, presided over a meeting of the Leading Group for State-owned Enterprise (SOE) Reform.
The topic of the meeting was…well…reforming SOEs.
Some context: Liu has been a vocal advocate of SOE reform – specifically making them more market or...

sources

The Paper: 刘鹤出席国务院国有企业改革领导小组第四次会议并讲话

Xinhua: China stresses solid efforts to boost SOE reform

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