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China: Are we heading for the zero lower bound?
July 21, 2015--The raft of monetary policy measures adopted in China since late 2014 has had only a moderate impact on overall monetary conditions.
Conditions remain much tighter than a year ago thanks mostly to strong effective exchange rate appreciation. With underlying GDP growth still looking weak, more monetary policy moves are likely-and China may even face the prospect of short-term rates dropping towards the zero lower bound.
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Source:Oxford Economics
After Six Years Of Secrecy, China Has Released Questionable Gold Reserve Figures
July 17, 2015--After six years of mystery over how much gold China is actually hoarding, the nation surprised the bullion market on Friday by unveiling its first reserve figures since last published in April 2009, which showed a near 60 percent jump versus expectations that holdings had tripled since that time.
China has boosted bullion assets to 53.31 million troy ounces, or approximately 1,658 metric tons (valued at over $60 billion at today's prices), China’s Central Bank, the People's Bank of China said in a statement Friday.
That's up from 1,054 tons in 2009, an increase of 604 tons (valued at $21.964 billion at today’s prices), or an increase of 57 percent.
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Source: emergingequity.org
China banks lent $209bn for stock rescue
July 17, 2015--The huge scale of Chinese government intervention to staunch a stock market sell-off has been revealed by reports
showing the country's biggest state-owned banks have provided the equivalent of more than $200 billion to help prop up equities.
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Source: FT.com
IMF Working paper-Drivers of Financial Integration-Implications for Asia
July 17, 2015--Summary: Deeper intraregional financial integration is prominent on Asian policymakers' agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims.
Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.
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Source: IMF
IMF Working paper-Should Korea Worry about a Permanently Weak Yen?
July 16, 2015--Summary: Three years have passed since the Bank of Japan’s asset purchase program was introduced in 2011, causing a sharp decline in the value of the Japanese Yen.
What would be the implications for Japan and Korea's exporters if the weak Yen is here to stay? We explore this question by examining exporters' pricing behaviors and volume responses to exchange rate shocks. We find that if the weak Yen persists, it would strengthen Japan's price competitiveness over time as export prices respond with a lag. We also find that while direct boosts to export demand will be rather limited, a persistently weaker Yen would expand the Japanese exporters' profits lastingly, which could reinvigorate the ability, particularly of flagship exporting firms, to compete and grow in the global market over time. These findings suggest that the muted price and volume response so far to the sustained weakness of the Yen may mask a more fundamental shift in the relative competitiveness of Japanese and Korean exporters.
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Source: IMF
China Monetary Policy, Report Quarter One, 2015
July 15, 2015--China Monetary Policy Report Quarter One, 2015 has been issued.
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Source: The People's Bank of China
Environmental, social and other risks stalk Chinese listed companies
July 15, 2015--The A-share crisis has done little to expose risks facing investors in Chinese groups listed overseas
Gyrations on China's domestic stock exchanges over the past month have dramatised a gamut of market risks, including an excess of margin leverage, the conflicted role of the state as promoter and regulator and the see-saw sentiment of a retail-dominated investor pool.
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Source: FT.com
China Growth Beats Economist Forecasts as Stimulus Kicks In
July 14, 2015--China's economic growth proved resilient in the second quarter as policy makers stepped up support and a stock market boom--since soured--spurred services.
Gross domestic product rose 7 percent in the three months through June from a year earlier, the National Bureau of Statistics said Wednesday, unchanged from the first quarter and beating economists' estimates for 6.8 percent. Industrial output in June rose 6.8 percent, while fixed-asset investment increased 11.4 percent in the first half.
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Source: Bloomberg
SEBI working on reporting platform for debt securitisation-RBI deputy
July 14, 2015--India's market regulator is working on a platform for reporting securitisation deals, Reserve Bank of India deputy governor R. Gandhi said on Tuesday.
Gandhi, speaking at an industry conference in Mumbai, said banks' drive to securitise priority sector loans will revive the segment.
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Source: Reuters
China Growth Beats Economist Forecasts as Stimulus Kicks In
July 14, 2015--China's economic growth proved resilient in the second quarter as policy makers stepped up support and a stock market boom--since soured--spurred services.
Gross domestic product rose 7 percent in the three months through June from a year earlier, the National Bureau of Statistics said Wednesday, unchanged from the first quarter and beating economists' estimates for 6.8 percent.
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Source: Bloomberg
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