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IMF Executive Board Concludes Financial Sector Stability Assessment with China
December 6, 2017--On November 10, 2017, the Executive Board of the International Monetary Fund (IMF) discussed the IMF's latest Financial System Stability Assessment (FSSA) of the People's Republic of China.[1]
Since the 2011 Financial Sector Assessment Program (FSAP), China's impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation.
While the financial system has facilitated this high growth rate, it has developed rapidly in size and complexity, and it has emerged as one of the world's largest with financial assets at nearly 470 percent of GDP.
Tensions, however, have emerged in various areas of the Chinese financial system. First, monetary and fiscal policies aimed at supporting employment and growth have, in recent years, been expansionary. Pressures to keep non-viable firms open-rather than allowing them to fail-are strong, particularly at the local government level, where these objectives, at times, conflict with financial stability. As a result, the credit needed to generate additional GDP growth has led to a substantial credit expansion resulting in high corporate debt and household indebtedness rising at a fast pace, albeit from a low base.
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Source: IMF
A Bitcoin Frenzy Like No Other Is Gripping South Korea
December 6, 2017--Prime minister warns cryptocurrency may corrupt Korean youth
Concerned regulators formed a task force to boost supervision
Like thousands of South Koreans, Moonsung Bae is infatuated by bitcoin.
The 35-year-old financial analyst got his first taste a year ago, before the cryptocurrency exploded into one of the wildest investment stories of our time, and by the end of last month his personal holdings had swelled to half his liquid assets.Like thousands of South Koreans, Moonsung Bae is infatuated by bitcoin.
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Source: Bloomberg
BetaShares launches Australian Sustainability Leaders ETF (ASX: FAIR)
December 6, 2017--We are pleased to announce the launch of the BetaShares Australian Sustainability Leaders ETF (ASX: FAIR), a new ethical ETF giving investors access to a portfolio of sustainable, ethical Australian companies in one simple trade.
FAIR provides exposure to a diversified portfolio of Australian companies that have been screened to preference companies engaged in sustainable business activities and to avoid companies engaged in activities deemed inconsistent with responsible investment considerations.
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Source: betashares.com.au
SGX reports market statistics for November 2017
December 6, 2017--Securities
Total Securities market turnover value was at S$28.5 billion, up 19% month-on-month (m-o-m) and down 3% year-on-year (y-o-y), over 22 trading days. There were 21 trading days in October 2017 and 22 in November 2016.
Securities daily average value (SDAV) was S$1.3 billion, up 13% m-o-m and down 3% y-o-y.
Market turnover value of Exchange Traded Funds (ETFs) was S$229 million, up 41% m-o-m and down 51% y-o-y.
Market turnover value of structured warrants was S$1.9 billion, up 16% m-o-m and up 213% y-o-y.
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Source: Singapore Exchange (SGX)
New Policy Approach Needed for East Asia and Pacific to Achieve Inclusive Growth: World Bank
December 5, 2017--Securing upward mobility and assuring economic security for all is critical
The countries of developing East Asia and Pacific-among the most successful in the world in reducing poverty and improving living standards- need to adopt a new thinking if they are to achieve inclusive growth going forward, says a new World Bank report.
Growth that is inclusive-one that reduces poverty while providing upward mobility and economic security for all-will require countries to go beyond its successful "growth with equity" model, reports Riding the Wave: An East Asian Miracle for the 21st Century. Prospects for upward mobility are seen as increasingly elusive, reflecting a sense that income and wealth are becoming more concentrated while access to basic social services remains limited and often of poor quality.
view the World Bank Riding the Wave: An East Asian Miracle for the 21st Century report
Source: World Bank
Straits Times Index (STI) quarterly review
November 30, 2017--No change to the constituents of the STI
FTSE Russell announces that there will be no change to the constituents of the Straits Times Index (STI), following the December quarterly review.
The STI reserve list, comprising the five highest ranking non-constituents of the STI by market capitalisation, will be (in order of size) Venture Corp, Suntec REIT, Mapletree Commercial Trust, Keppel REIT and Sembcorp Marine. Companies on the reserve list will replace any constituents that become ineligible as a result of corporate actions, before the next review. A full list of STI constituents can be found on the website.
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Source: Singapore Exchange (SGX)
SZSE Launched the Chinese and English Snapshot of Listed Companies for Northbound Trading under Shenzhen-Hong Kong Stock Connect
November 29, 2017--In order to facilitate domestic and overseas investors to check the basic information of Listed Companies for Northbound Trading under Shenzhen-Hong Kong Stock Connect, Shenzhen Stock Exchange ('SZSE') issued a notice on the anniversary of Shenzhen-Hong Kong Stock Connect that it would launched the Chinese and English Snapshot of Listed Companies for Northbound Trading under Shenzhen-Hong Kong Stock Connect ('Chinese and English Company Snapshot') from 28 December, 2017.
Snapshot of Listed Companies mainly includes the following 12 parts: basic information, business summary, price performance, highlights, trading information, directors and executives, top 5 shareholders, operating revenue, investment risks, dividend data, per share data and major financial data in financial statements, the main contents and data are mainly from the periodical reports disclosed by listed companies.
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Source: Shenzhen Stock Exchange ('SZSE')
Seeking stable income, Japan's Nomura returns to private equity
November 29, 2017--Nomura Holdings Inc (8604.T) is returning to private equity-a move that comes as it seeks more stable income through consulting services and as Japanese firms increasingly look to divest non-core businesses as part of restructuring plans.
Japan's biggest brokerage and investment bank on Wednesday said in a statement it would initially invest about 100 billion yen ($895 million) in the new business.
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Source: Reuters
Asset Management One selects FTSE Blossom Japan index for ESG ETF
November 28, 2017--ESG ETF listed on Tokyo Stock Exchange tracks FTSE Blossom Japan Index
Asset Management One's first ETF tracking a FTSE Russell index
FTSE Blossom Japan Index constructed using FTSE Russell's ESG Ratings data model
FTSE Russell, the global index and data provider, announces the licencing of the FTSE Blossom Japan Index to Asset Management One (AM-One). The 'One ETF ESG' (ticker: 1498) was listed on the Tokyo Stock Exchange today and is the first AM-One ETF to track a FTSE Russell index. AM-One is a leading global asset manager with around JPY33 trillion in indexed assets under management.
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Source: ftserussell.com
IMF Working Paper-Resolving China's Zombies: Tackling Debt and Raising Productivity
November 27, 2017--Summary:
Nonviable "zombie" firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group, zombie firms and SOEs account for an outsized share of corporate debt, contribute to much of the rise in debt, and face weak fundamentals.
Empirical results also show that resolving these weak firms can generate significant gains of 0.7-1.2 percentage points in long-term growth per year. These results also shed light on the ongoing government strategy to tackle these issues by evaluating the effects of different restructuring options. In particular, deleveraging, reducing government subsidies, as well as operational restructuring through divestment and reducing redundancy have significant benefits in restoring corporate performance for zombie firms.
view the IMF Working Paper-Resolving China's Zombies: Tackling Debt and Raising Productivity
Source: IMF
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