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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, […]
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 […]
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 […]
Stranger Things
Stranger Things The hidden agenda in the so-called tax reform bill is to act as stop-gap quantitative easing to plug the “liquidity” hole that is opening up as the Federal Reserve (America’s central bank) makes a few gestures to winding down its balance sheet and “normalizing” interest rates. Thus, the aim of the tax […]
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, […]
China’s Minsky Moment
CHINA’S MINSKY MOMENT Sometimes you have to love the naivety of the markets. At this week’s Communist Party Congress meeting in Beijing, the governor of the PBoC (People’s Bank of China) said the following; “If we are too optimistic when things go smoothly, tensions build up, which could lead to a sharp correction, what we […]
The Sum of All Fears…..and a few related charts……
The Sum of All Fears…..and a few related charts…… Today, I’d like to take some time to revisit a couple of related topics that we first started discussing a few years ago. I am, of course, referring to the burgeoning increases in China’s Debt levels, Shadow Bank Assets (loans) and M2, along with a high-level […]
Kyle Bass: China’s $40 Trillion Banking System Has “Largest Imbalances I’ve Ever Seen”
Kyle Bass: China’s $40 Trillion Banking System Has “Largest Imbalances I’ve Ever Seen” Kyle Bass’s Hayman Capital has been having a rough year thanks to its widely publicized bet against China’s currency, which has more than reversed its 2016 decline – its largest annual drop since 1994 – as the People’s Bank of China has […]
The Three Headed Debt Monster That’s Going to Ravage the Economy
The Three Headed Debt Monster That’s Going to Ravage the Economy Mass Infusions of New Credit “The bank is something more than men, I tell you. It’s the monster. Men made it, but they can’t control it.” – John Steinbeck, The Grapes of Wrath Something strange and somewhat senseless happened this week. On Tuesday, the price […]
PBoC Spins China’s Bad-Loan Data
PBoC Spins China’s Bad-Loan Data In a recent speech at Bloomberg’s headquarters in New York, People’s Bank of China Deputy Governor Yi Gang reassured his audience on the level of non-performing loans (NPLs) in the Chinese banking sector. It had, he said, “pretty much stabilized after a long period of climbing. That’s a good development […]
China Losing Control? PBOC Imposes New Yuan Outflow Limits For First Time In Two Decades
China Losing Control? PBOC Imposes New Yuan Outflow Limits For First Time In Two Decades Late last week, we reported that in its latest push to limit and/or halt capital outflows, China unveiled new capital controls meant to stem further capital flight disguised as outbound M&A by clamping down with tighter controls on Chinese companies seeking to […]
The New Middle Kingdom Of Concrete And The Red Depression Ahead
The New Middle Kingdom Of Concrete And The Red Depression Ahead No wonder the Red Ponzi consumed more cement during three years (2011-2013) than did the US during the entire twentieth century. Enabled by an endless $30 trillion flow of credit from its state controlled banking apparatus and its shadow banking affiliates, China went berserk building factories, warehouses, ports, office towers, […]
