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Tag Archives: pboc
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 […]
China Is Pushing On A String Ensemble
China Is Pushing On A String Ensemble Look, it’s very clear where I stand on China; I’ve written a lot about it. And not just recently. Nicole Foss, who fully shares my views on the topic, reminded me the other day of a piece I wrote in July 2012, named Meet China’s New Leader : Pon […]
First the Miners, now the Banks, then Property? Going to be a Hard Landing for… Australia
First the Miners, now the Banks, then Property? Going to be a Hard Landing for… Australia A housing market set for the mother of all corrections. “I think it’s important that people don’t hyperventilate about these type of things.” With these words, Australian Prime Minister Tony Abbott tried to soothe the world’s rattled nerves today about the ongoing […]
China Cuts Benchmark Interest Rate By 25bps, Cuts RRR By 50bps
China Cuts Benchmark Interest Rate By 25bps, Cuts RRR By 50bps What China was supposed to do over the weekend, and waited until its stock market tumbled another 16%, it has just done, because as MarketNews, Reuters and Bloomberg all just blasted, moments ago the PBOC cut both the benchmark and RRR rates: CHINA PBOC […]
What the Heck is Going on in the Global Markets?
What the Heck is Going on in the Global Markets? This wasn’t supposed to happen. The week was already on a crummy downhill path globally, and emerging-market currencies were blowing up, when on Friday in China the Caixin’s Purchasing Manager’s Index hit the worst level since March 2009; manufacturing is sinking deeper into the mire. So the […]
China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets
China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets China sure has its micro-managing hands full these days. Just hours after the PBOC announced a modestly “revalued” fixing in the CNY, which curiously led to weaker trading in the onshore Yuan for most of the day before a […]
Riskiest End of the Junk Bond Market Just Blew Up
Riskiest End of the Junk Bond Market Just Blew Up You wouldn’t know by looking at the US Treasury market, which remained relatively sanguine this week, with only a little panic buying on Tuesday. So 10-year Treasuries ended the week near where they’d started it. But at the other end of the spectrum, the riskiest […]
Both ECB And BOJ Warn More QE May Be Response To Chinese Currency War
Both ECB And BOJ Warn More QE May Be Response To Chinese Currency War Minutes from the ECB’s most recent policy meeting reveal that Mario Draghi and company have a number of concerns about the pace of economic growth in the euroarea and about the outlook for inflation which, much to the governing council’s surprise, […]
The US-China “Currency War”: Winners and Losers
The US-China “Currency War”: Winners and Losers American politicians aren’t congratulating the Communist Party in Beijing for its success in following the capitalist proverb “enrich yourself,” but screaming foul play: China falsifies the exchange rate of the yuan so that it can make more money off the USA than vice versa. The accusation, made by […]
China Black Swans Not So Rare Anymore as PBOC Shocks Markets
China Black Swans Not So Rare Anymore as PBOC Shocks Markets Investors should prepare for more surprises out of China after the yuan’s devaluation became the country’s latest unexpected policy move to roil global markets. That’s the advice from Fraser Howie, co-author of “Red Capitalism: The Fragile Financial Foundation of China’s Extraordinary Rise.” He says […]
Will China Play The ‘Gold Card’?
Will China Play The ‘Gold Card’? Alasdair Macleod has posted an article at www.goldmoney.com which I think is important. (See “Credit deflation and gold”.www.goldmoney.com/research/analysis.) The thrust of the article is that China, at some point, will have to revalue gold in China; which means, in other words, that China will decide to devalue the Yuan […]
China “Loses Battle Over Yuan”, And Now The Global Currency War Begins
China “Loses Battle Over Yuan”, And Now The Global Currency War Begins Almost exactly seven months ago, on January 15, the Swiss National Bank shocked the world when it admitted defeat in a long-standing war to keep the Swiss Franc artificially weak, and after a desperate 3 year-long gamble, which included loading up the SNB’s balance […]
People’s Bank of China Freaks Out, Devalues Yuan by Record Amount, Vows to “Severely Punish” Capital Flight
People’s Bank of China Freaks Out, Devalues Yuan by Record Amount, Vows to “Severely Punish” Capital Flight Everything has started to go wrong in the Chinese economy despite its mind-bending growth rate of 7%. Exports plunged and imports too. Sales in the world’s largest auto market suddenly are shrinking just when overcapacity is ballooning. The […]
China’s Plunge Protection “National Team” Bought 900 Billion In Stocks, Goldman Calculates
China’s Plunge Protection “National Team” Bought 900 Billion In Stocks, Goldman Calculates In, “The Complete Guide To China’s CNY 4 Trillion Margin Doomsday Machine,” we presented a comprehensive look at the various backdoor channels the country has used to skirt official restrictions on leveraged stock trading. Here, courtesy of BofAML, is a breakdown of these […]
Deflation Is Winning – Beware!
Deflation Is Winning – Beware! Expect the ride to get even rougher Deflation is back on the front burner and it’s going to destroy all of the careful central planning and related market manipulation of the past 6 years. Clear signs from the periphery indicate that a destructive deflationary pulse has been unleashed. Tanking commodity […]
