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IMF-Dynamic Connectedness of Asian Equity Markets
March 9, 2016--Summary: Understanding how markets are connected and shocks are transmitted is an important issue for policymakers and market participants. In this paper, we examine the connectedness of Asian equity markets within the region and vis-à-vis other major global markets.
Using time-varying connectedness measures, we address the following questions:(1)How has connectedness in asset returns and volatilities changed over time? Do markets become more connected during crises periods? (2)Which markets are major sources and major recipients of shocks? Has there been a shift in terms of the net shock givers and shock receivers (directional connectedness over time)? Finally, we investigate the connectedness between China's equity markets and other countries' equity markets since August 2015 to highlight the growing importance of emerging market economies, particularly China, as sources of shocks
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Source: IMF
Budget 2016 milestone achievement for India, transforming policy by leaps and bounds
March 7, 2016--After a tumultuous Q1 for global stock markets, investors are increasingly seeking to take advantage of attractive valuations.
Bolstered by strong macro fundamentals, the SENSEX closed on Friday with its highest weekly gain in seven years, and the NIFTY just shy of 7,450.
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Source: The Economic Times
China Eases Fiscal Stance to Meet Slower 2016 Growth Target
March 5, 2016--Leaders vow to speed up disposal of unproductive state assets
Analyst: Problem is 'there's a lot of bad lending going on'.
China unveiled a record fiscal deficit and pledged to accelerate the restructuring of its bloated state-owned industries while still setting a weaker growth target for this year.
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Source: Bloomberg
Reforms to Build a Xiaokang Society in China
March 4, 2016--China aims to build a xiaokang (moderately prosperous) society in a comprehensive manner and eliminate extreme poverty by the end of the 13th Five-Year Plan (2016-20) period.
The reforms laid out in the Suggestions of the Fifth Plenum of the 18th Communist Party of China Central Committee and Decisions of the Third Plenum provide the solid basis for achieving these objectives. The 13th Five-Year Plan, to be discussed in the coming days, will include the concrete reforms that China decides to pursue in the years ahead.
Here are some reflections on how some of those reforms could help achieve China's objectives.
First is achieving moderately rapid growth during the 13th Five-Year Plan.
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Source: World Bank
IMF-India: Selected Issues
March 2, 2016--SUMMARY
The background papers for the 2016 Article IV explore key issues affecting the Indian economy, and implications for fiscal, monetary, financial sector and other structural policies.
The first chapter evaluates the build-up of corporate and banking sector vulnerabilities in India, linked to the past macroeconomic slowdown and supply-side bottlenecks, particularly
in the infrastructure sector. It finds that low profitability, coupled with high leverage, has put a strain on firms' debt repayment capacity. Stress tests of corporate balance sheets suggest that their exposure to potential shocks has continued to increase. Importantly, the weaker position of domestic corporates has also accounted for a substantial deterioration of banks' asset
quality. Stress test simulations suggest that potential capitalization needs should be manageable, but may require additional fiscal outlays.
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Source: IMF
China Adds Support for Slower Economy With Reserve Ratio Cut
February 29, 2016--China's central bank stepped up efforts to cushion its economic slowdown amid plunging stock prices and a weakening currency, cutting the amount of cash the nation's lenders must lock away.
The required reserve ratio will drop by 0.5 percentage points effective March 1, the People's Bank of China said on its website Monday. That will take the level to 17 percent for the biggest banks, still one of the highest such ratios in the world.
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Source: Washington Post
Approval of Initial listing (ETF): MAXIS JAPAN Quality 150 Index ETF (Mitsubishi UFJ Kokusai Asset Management)
February 29, 2016--Today, Tokyo Stock Exchange, Inc. (TSE) approved the listing of new ETF managed by "Mitsubishi UFJ Kokusai Asset Management Co., Ltd.". The ETF will be listed on Tuesday, March 22, 2016.
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Source: Tokyo Stock Exchange, Inc. (TSE)
China halts overseas investment schemes
February 28, 2016--Beijing has mothballed two pioneering outbound investment schemes, according to people with knowledge of the situation, in its latest bid to stem capital outflows and shore up the renminbi.
The halt in the allotment of quotas reflects fears over the...
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Source: Google.com
China market's gradual opening credit positive for foreign asset managers: Moody's
February 27, 2016--China's new rules that will further relax the quota allocation and foreign exchange control is credit positive for foreign asset managers, Moody's said in a report on Friday.
Earlier this month, the State Administration of Foreign Exchange of China announced that it will give licensed foreign institutional investors--those participating in the Qualified Foreign Institutional Investors (QFII) program--more flexibility to invest in onshore investment products.
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Source: xinhuanet.com
China admits to renminbi image problem
February 26, 2016--China needs to eliminate market expectations of continued currency depreciation, the head of its central bank admitted on Friday as he argued the country had ample foreign exchange reserves despite recent depletions.
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Source: FT.com