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Moderately Tight Monetary Policy Expected in 2014
It is a great test for the Chinese economy to defuse early-stage risks and optimize resource allocation without bursting bubbles.
February 25, 2014--This January saw 1.32 trillion yuan in new lending, marking a four-year high. However, RMB deposits decreased by more than 900 billion yuan in Jan. 2014, marking the smallest year-on-year percentage increase in a decade. Conflicting signals sent out by these two figures triggered widespread speculation and concern.
The market is eager to know how tight China's monetary policy will be and whether it will take a major turn in its course. Caijing learned that policymakers are maintaining tight control over total liquidity through moderately tight monetary policy. Among the four objectives the central bank has set for its monetary policy, namely to "stabilize growth, adjust the economic structure, boost reform, and prevent systemic risks," more weight is being given to the second and the last objectives.
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Source: Caijing.com.cn
News Analysis: Economists predict changes in China's FX policy
February 24, 2014--The value of the Chinese currency Renminbi, or the yuan, has fallen against the U.S. dollar for five consecutive trading days. It weakened 13 basis points to 6.1189 against the greenback on Monday.
It has fallen 136 points during the past five trading days, after dropping 20 basis points on Tuesday, dipping another 30 points on Wednesday, declining 43 points on Thursday and shedding 30 points on Friday, according to the China Foreign Exchange Trading System.
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Source: Xinhua
Fears Australian dollar facing 'benign collapse' to $US66¢
February 24, 2014--The Australian dollar could face a "benign collapse" to US66¢ by the end of next year amid falling commodity prices, declining mining investment and reduced government spending, Deutsche Bank says in one of the most bearish forecasts for the local currency.
The plunge in the Australian dollar to the mid-US60ยข would come about if the Reserve Bank keeps interest rates on hold until 2016, if the US lifts its rates by mid-2015 and if the United States' dollar continues to strengthen, Deutsche Bank's chief economist for Australia Adam Boyton said.
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Source: Sydney Morning Herald
China asset management industry AUM hits record high
February 24, 2014--Total assets under management (AUM) overseen by mainland China registered asset managers reached a fresh high of 4.27 trillion RMB (US$677.2 billion) as of the end of January, according to statistics from the Asset Management Association of China (AMAC).
These figures translate into growth of 1.07% year-on-year from accumulated AUM of 4.22 trillion RMB a year earlier. Meanwhile, the volume of fund units was up 4.35% to 3.25 trillion over the same period.
Up to the end of January, China had a total of 92 registered asset managers, which includes 48 joint ventures, 42 domestic entities, and two securities brokerages.
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Source: Asia Asset
CSRC embarks on restructure
February 24, 2014--The China Securities Regulatory Commission has merged eight departments and added four in response to the swift development of the country's capital markets and funds industry.
China's securities regulator announced a long-expected restructuring on Friday, which will entail the creation of four new departments and the merger of eight existing ones into four.
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Source: Asian Investor
CSRC Suspends IPOs Until "Two Sessions": Report
February 24, 2014--Data from the Commission showed that nearly 700 companies were awaiting a domestic listing ending February 20.
China's securities regulator has stopped receiving applications for initial public offerings, reported the 21st Century Business Herald, citing an investment banker.
The second-round of resumption of IPOs could be delayed until Chinese top policymakers end the national "Two Sessions" in March< the newspaper said.
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Source: Caijing.com.cn
Bank of Japan likely to expand asset buying by summer
February 21, 2014--The Bank of Japan is expected to ease policy further by this summer to help boost the economy and pull it out of a 15-year deflation, as the effects from Prime Minister Shinzo Abe's stimulus strategy loses momentum, a Reuters poll showed.
Economists in the survey also remain skeptical that the central bank will achieve its 2 percent inflation target in the year from April 2015.
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Source: Reuters
Tax setback over Korea October ETN launch
February 21, 2014--Regulator hopes to revive flagging derivatives market
Korea Exchange (KRX) is in talks with securities firms about launching exchange-traded notes (ETNs) as early as October this year but a tax issue is proving to be a sticking point in getting the products off the ground.
In November, Korea announced a national plan to strengthen the competitiveness of its financial industry with its '10-10 Value Up' plan which aims to generate 10% of gross domestic product from the financial industry over the next 10 years.
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Source: Risk.net
UPDATE 1-Chinese yuan fall deepens on offshore markets, down 1 percent to dollar since Monday
February 21, 2014--China's yuan currency weakened to its lowest level since early October in offshore trade on Friday,, extending a central bank-sponsored slide that has rattled foreign investors and left questions about Beijing's intentions.
One of the safest bets for global investors in recent years has been a steady gain for the yuan, or renminbi, long seen as artificially undervalued by state controls and traded by foreign investors in a complex system of offshore and forward rates.
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Source: Reuters
Taiwan says China to let QDIIs invest in Taiwan derivatives
February 21, 2014--February 21, 2014--China is revising rules to allow its qualified domestic institutional investor (QDII) funds to invest in derivatives traded on Taiwan's stock and futures exchanges, Taiwan's body in charge of relations with mainland China said on Friday.
The Straits Exchange Foundation (SEF) said that the move comes after it met with its Chinese counterpart, the Association for Relations Across the Taiwan Straits.
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Source: Reuters
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