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Tag Archives: china
China Takes “10 Steps Back,” Slaps 20% Reserve Requirement On Currency Forwards
China Takes “10 Steps Back,” Slaps 20% Reserve Requirement On Currency Forwards Overnight, China decided to take steps to reduce “macro financial risks.” And by that they mean “do something quick to help ease pressure on the yuan” and by extension, on the PBoC’s rapidly depleting FX reserves. To that end, starting October 15 banks will […]
China: Doomed If You Do, Doomed If You Don’t
China: Doomed If You Do, Doomed If You Don’t Whichever option China chooses, it loses. Many commentators have ably explained the double-bind the central banks of the world find themselves in. Doing more of what’s failed is, well, failing to generate the desired results, but doing nothing also presents risks. China’s double-bind is especially instructive. While there an […]
Macau’s Economy Blows Up
Macau’s Economy Blows Up China’s crackdown on corruption, or at least the ostentatious display of the spoils of corruption, and its selective hunt for corrupt officials, which to some observers resembles a political purge, may or may not tamp down on actual corruption, which is what greases the wheels in the Chinese economy. But it’s […]
How China Cornered The Fed With Its “Worst Case” Capital Outflow Countdown
How China Cornered The Fed With Its “Worst Case” Capital Outflow Countdown Last week, in “What China’s Treasury Liquidation Means: $1 Trillion QE In Reverse,” we took a look at the potential size of the RMB carry trade, noting that according to BofAML, the unwind could, in the worst case scenario, be somewhere on the […]
China “Punishes” Hundreds For “Maliciously” Manipulating The Market
China “Punishes” Hundreds For “Maliciously” Manipulating The Market The deadly chemical blast in the Chinese port of Tianjin was a preventable catastrophe in which more than 100 people lost their lives thanks in part to what looks like the political connections of the warehouse’s owners and although an upfront, transparent investigation and honest assessment of […]
Blame the Federal Reserve, Not China, for Stock Market Crash
Blame the Federal Reserve, Not China, for Stock Market Crash Following Monday’s historic stock market downturn, many politicians and so-called economic experts rushed to the microphones to explain why the market crashed and to propose “solutions” to our economic woes. Not surprisingly, most of those commenting not only failed to give the right answers, they […]
China Entering Ugly Recession, Not Just a “Hard Landing?”
China Entering Ugly Recession, Not Just a “Hard Landing?” A “hard landing” would be tough for China. But it would still mean economic growth, if very slow growth by Chinese standards. At worst, it would mean stagnation. But now, evidence is piling up that the economy is actually shrinking. There is practically universal agreement outside official […]
Citigroup Chief Economist Thinks Only “Helicopter Money” Can Save The World Now
Citigroup Chief Economist Thinks Only “Helicopter Money” Can Save The World Now Having recently explained (in great detail) why QE4 (and 5, 6 & 7) were inevitable (despite the protestations of all central planners, except for perhaps Kocharlakota – who never met an economy he didn’t want to throw free money at), we found it fascinating […]
Why The Great Petrodollar Unwind Could Be $2.5 Trillion Larger Than Anyone Thinks
Why The Great Petrodollar Unwind Could Be $2.5 Trillion Larger Than Anyone Thinks Last weekend, we explained why it really all comes down to the death of the petrodollar. China’s transition to a new currency regime was supposed to represent a move towards a greater role for the market in determining the exchange rate for the yuan. […]
2 days of gains push oil up 17%, TSX up 3.6%
2 days of gains push oil up 17%, TSX up 3.6% Global stocks calmer after a week of volatility set off by doubts about China’s growth After a week with wild swings in the values of stocks and commodities, oil futures ended up gaining 17 per cent in two days and the TSX was up […]
Here’s Why The Markets Have Suddenly Become So Turbulent
Here’s Why The Markets Have Suddenly Become So Turbulent A perfect storm of failing trends When stock markets are free-falling 10+% in a matter of days, it’s natural to seek some answers to the question “why now?” Some are saying it was all the result of high-frequency trading (HFT), while others point to China’s modest […]
The Great Unwind, China Begins Dumping Treasuries
The Great Unwind, China Begins Dumping Treasuries charts from: http://www.globalpost.com/dispatch/news/regions/americas/united-states/150204/chart-us-foreign-debt Behind the scenes is an event unfolding that has the market shaking in its boots. Yet you don’t hear this discussed by the mainstream media, let alone investment bankers. The reason? It is an event that has been talked about throughout China’s rise to prominence. It […]
Why QE4 Is Inevitable
Why QE4 Is Inevitable One narrative we’ve pushed quite hard this week is the idea that China’s persistent FX interventions in support of the yuan are costing the PBoC dearly in terms of reserves. Of course this week’s posts hardly represent the first time we’ve touched on the issue of FX reserve liquidation and its […]
It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington
It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington On Tuesday evening, we asked what would happen if emerging markets joined China in dumping US Treasurys. For months we’ve documented the PBoC’s liquidation of its vast stack of US paper. Back in July for instance, we noted that China had dumped a record $143 billion in US […]
