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Beijing Eases Policy, Yuan Slides Towards 10-Year Low
Beijing Eases Policy, Yuan Slides Towards 10-Year Low On Sunday, the Bank of China cut the level of cash that banks must hold as reserves. The Yuan continued its slide. Reuters reports China Set to Reopen After Beijing Eases Policy. Shares in Asia stumbled in early trade on Monday as investors waited with bated breath […]
China Cuts Reserve Ratio, Releases 1.2 Trillion Yuan Amid Rising Trade War, Record Defaults
China Cuts Reserve Ratio, Releases 1.2 Trillion Yuan Amid Rising Trade War, Record Defaults China’s central bank announced it would cut the Required Reserve Ratio (RRR) for most banks by 1.0% effective October 15 for the fourth time in 2018, a little over three months after the PBOC announced a similar cut on June 24, […]
Ex-PBOC Head Warns China’s Exporters Could Soon Ditch The US
Ex-PBOC Head Warns China’s Exporters Could Soon Ditch The US Former Chinese central bank governor Zhou Xiaochuan suggested on Wednesday that the direct impact on China of the trade war with the US “appears limited,” though it could quickly prompt China’s top exporters to pivot away from US markets. Xiaochuan, who left the bank in […]
China Caves: The Full Details Behind Beijing’s Launch Of Fiscal Easing
China Caves: The Full Details Behind Beijing’s Launch Of Fiscal Easing Last week we documented several instances of China’s most recent monetary easing, from the expanded usage of the Medium-Term Lending Facility to purchase China’s equivalent ot junk bonds, to the barely noticed 103bps cut in China’s 3-Month Treasury rate, even as the PBOC had […]
Has The PBOC Taken Control of The Gold “Market”?
Has The PBOC Taken Control of The Gold “Market”? The evidence is mounting, and we invite you to consider the implications. First, a few items of background information. Perhaps these are unrelated, perhaps they are not. In 2013, a major Chinese conglomerate called Fosun International purchased One Chase Manhattan Plaza from JP Morgan: https://money.cnn.com/2013/10/18/news/china-jpmorg… Why […]
China Threatened By “Vicious Circle Of Panic Selling” From Marketwide Margin Call
China Threatened By “Vicious Circle Of Panic Selling” From Marketwide Margin Call Two weeks ago, when commenting on the PBOC’s latest required reserve ratio cut, we pointed out that one of the more prominent risks facing the Chinese stock market, and potentially explaining why the Shanghai Composite simply can’t catch a bid during the recent […]
Has the PBoC deliberately weakened CNY as part of the trade war?
Has the PBoC deliberately weakened CNY as part of the trade war? It has been another trade war week, as the market has been looking for clues on the Chinese retaliation measures against the Trump tariffs that are planned to go live on 6 July. Global trade momentum started to weaken even before the trade […]
China Cuts Reserve Ratio, Unlocks 700BN Yuan Amid Rising Trade War, Mass Defaults And Margin Calls
China Cuts Reserve Ratio, Unlocks 700BN Yuan Amid Rising Trade War, Mass Defaults And Margin Calls As widely expected, China’s central bank announced it would cut the Required Reserve Ratio (RRR) for some banks by 0.5% effective July 5, just over two months after the PBOC did a similar cut on April 17, the first […]
Weekly Commentary: The Great Fallacy
Weekly Commentary: The Great Fallacy A big week in the world of monetary management: The Federal Reserve raised rates 25 bps, the ECB announced plans to wind down its historic QE program, and the Bank of Japan clung to its “powerful monetary easing” inflationist scheme. A tense People’s Bank of China left rate policy unchanged, […]
Hot War and Cold Markets
Hot War and Cold Markets This is turning into a comedy. A black comedy, for sure, but still. As both the Skripal novichok ‘poisoning’ case in Britain and the ‘chemical attack’ in Douma, Syria fall flat on their faces on a total and absolute lack of evidence, it’s becoming clear that western ‘authorities’ are not […]
Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’ – Russian central bank buys gold – large 600,000 ounces or 18.7 tons of gold in January – Russia increased its holdings to 1,857 tons, topping the People’s Bank of China’s ‘reported’ 1,843 tons – Russia surpasses China as […]
What’s Behind Global Inflation: China Creates A Record 2.9 Trillion Yuan In New Loans In One Month
What’s Behind Global Inflation: China Creates A Record 2.9 Trillion Yuan In New Loans In One Month According to one monetary theory, in a world in which China is the dominant creator of debt – which it has been since the financial crisis – it is also China that is the marginal creator of the […]
One Bank Asks If The PBOC Is Secretly Goosing Markets
One Bank Asks If The PBOC Is Secretly Goosing Markets Something odd is going on in China. On one hand, the PBOC has been soaking up excess liquidity from the market like a drunken sailor, and after not conducting reverse repos for 10 consecutive days, it has reduced the excess liquidity level by 510bn yuan […]
Perpetual Notes – China’s New Way To Hide Debt (Call It Equity)
Perpetual Notes – China’s New Way To Hide Debt (Call It Equity) The legacy of the soon-to-retire PBoC governor, Zhou Xiochuan, will be that in sharp contrast to his western brethren, he warned that China’s credit bubble would burst before the fact. Two weeks ago, Zhou warned during the Party Congress that China’s financial system […]
PBOC’s Zhou Warns Of “Sudden, Complex, Hidden, Contagious, Hazardous” Risks In Global Markets
PBOC’s Zhou Warns Of “Sudden, Complex, Hidden, Contagious, Hazardous” Risks In Global Markets Just two weeks after warning of the potential for an imminent ‘Minsky Moment’, Chinese central bank governor Zhou Xiaochuan has penned a lengthy article on The PBOC’s website that warns ominously of latent risks accumulating, including some that are “hidden, complex, sudden, […]
