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IMF Working paper-Financial Distortions in China: A General Equilibrium Approach
December 24, 2015--Summary: Widespread implicit guarantees and interest ceilings were major distortions in China's financial system, contributing to a misallocation of resources.
We analyze the impact of removing such frictions in a general equilibrium setting. The results show that comprehensive reforms generate better outcomes than partial ones: removing the deposit rate ceiling alone increases output, but the efficiency of capital allocation does not improve. Removing implicit guarantees improves output through lower cost of capital for private companies and better resource allocation.
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Source: IMF
SZSE Market Bulletin 21 December, 2015-Issue 30
December 22, 2015--Last week, Shenzhen Component Index stood at 12830.2 points after adding 5.7%. SME Index edged up 4.9% to 8478.9 points.
ChiNext Index advanced 6.0% to 2830.3 points. Total turnover for stocks and funds on SZSE was US$396.1 billion, or a 10.4% increase from the week before.
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Source: Shenzhen Stock Exchange
China Said to Ask Banks to Test Longer Yuan Trading Hours
December 22, 2015--Lenders told to conduct test-runs till 11:30 p.m. in Shanghai
Possible extension of hours to support global usage push
Chinese authorities have asked some banks to conduct test runs for longer trading hours for the onshore yuan, according to people familiar with the matter who asked not to be identified as the matter hasn't been made public.
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Source: Bloomberg
S&P/JPX Dividend Aristocrats Index Launches in Japan; Third Index in New S&P/JPX Smart Beta Index Series
December 22, 2015--S&P Dow Jones Indices ("S&P DJI"), Japan Exchange Group ("JPX") and Tokyo Stock Exchange ("TSE") today announced the launch of the S&P/JPX Dividend Aristocrats Index, as part of the S&P/JPX Smart Beta Index Series developed based upon a strategic index agreement signed by S&P DJI, JPX and TSE in October this year.
As the latest member of the well-known S&P Dividend Aristocrats index family, the S&P/JPX Dividend Aristocrats Index measures the performance of the Tokyo Stock Price Index (TOPIX(R))'s constituents that have followed a policy of consistently increasing dividends or maintaining stable dividends every year for at least ten years.
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Source: S&P Dow Jones Indices
TOPIX Futures and First ETF Options Debut on TAIFEX
New opportunities to hedge the Taiwanese, Japanese and Chinese markets expands choices for investors
December 21, 2015--The Taiwan Futures Exchange (TAIFEX) today
launched eight new derivative contracts -a New Taiwan Dollar (TWD)-denominated
TOPIX futures contract,
the first-ever foreign equity index futures contract to be introduced in Taiwan, and seven ETF options, the first-ever such options contracts to
debut in Taiwan.
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Source: Taiwan Futures Exchange (TAIFEX)
China's Renminbi Declines After Being Named a Global Currency, Posing Challenges
December 18, 2015--At the end of last month, the Chinese renminbi was anointed as one of the world's elite currencies, a first for an emerging market and a widely hailed acknowledgment of China's rising financial influence and economic might.
But soon after reaching that milestone, the renminbi started slowly and steadily falling as Chinese companies and individuals moved huge sums of money out of the country's weakening economy.
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Source: New York Times
World Bank-Malaysia Economic Monitor: Immigrant Labour
Reforms can optimize the role of Immigration in Malaysia's development, World Bank says
December 18, 2015--Malaysia's growth is projected to remain at 4.7 percent in 2015, easing to 4.5 percent in 2016.
This outlook reflects some slowdown in domestic demand in the course of 2015 from tighter fiscal conditions, which are expected to continue in 2016-17, a new World Bank report states. Overall, domestic demand is projected to grow, remaining the main driver of growth in a context of soft global demand.
The World Bank's Malaysia Economic Monitor, launched today, focuses on the critical role that immigrant labour plays in filling important gaps in low-and mid-skilled jobs, helping both to raise the country's GDP and to create jobs for Malaysians.
view the Malaysia-Economic monitor: immigrant labor
Source: World Bank
BetaShares Australian ETF Review: November 2015
December 16, 2015--The Australian ETF Industry continued to 'zig' in November, reaching a new record high of $20.8B funds under management, while the global and broad Australian share market 'zagged', recording a month of falling value.
Industry growth during the month came entirely from net inflows of $629m in new money, which more than made up for the overall share market declines. It appeared that savvy investors saw the decline in market value as an opportune time to enter the Australian equities market with broad Australian equities exposures being the most popular by inflows. Australian Financial Sector exposures recorded the best performance of the month-illustrating the utility of tactical sector tilts on the performance of an investment portfolio.
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Source: BetaShares
BetaShares Market Insights: S&P/ASX 200 Market Outlook
December 16, 2015--The following note updates my previous technical and fundamental analysis of the S&P/ASX 200 market index both here and here.
My previous assessment that the "market seems likely to struggle for a while longer" has been borne out, and overall with regard to the index not much has changed since the previous update on September 30. Sadly, the outlook has not changed much as yet, with valuations still far from obviously cheap territory and corporate earnings still under downward pressure. This report also includes a more detailed sector breakdown of performance.
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Source: BetaShares Market Insights
IMF-People's Republic of China-Hong Kong Special Administrative Region: Staff Concluding Statement of the 2015 Article IV Mission
December 15, 2015--The economy is entering a potentially testing period ahead, but the risks are manageable with the strong buffers in place. A continuation of prudent fiscal management, robust regulatory oversight of the financial system, and the Linked Exchange Rate System (LERS) will help deal with near-term challenges while laying the foundations for steady growth and healthy job creation into the medium-term.
1. Context. Despite being repeatedly buffeted by powerful global cross-currents, Hong Kong SAR's economy has grown steadily in recent years. Real GDP is about 25 percent higher than the global financial crisis trough in 2009 Q1; employment has expanded close to 9 percent since then, with net job creation over 300,000; and the unemployment rate has declined to 3.3 percent.
2. Outlook. Growth is expected at around 2 ¼ percent this year.
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Source: IMF
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