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Chinese PM Li Keqiang pledges 'appropriate liquidity' in 2014
December 30, 2013--Chinese Premier Li Keqiang has said that the government will keep liquidity at an appropriate level in 2014 to maintain the stability of financial markets and the broader economy.
He made the remarks during a recent inspection tour to the northern Chinese city of Tianjin, according to an account published on the website of the State Council, China's cabinet, late on Sunday.
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Source: Reuters
LSE develops framework for market makers
December 28, 2013--The Lahore Stock Exchange (LSE) has initiated work on devising a framework to appoint liquidity suppliers and takers, who are known as market makers.
A spokesperson at the LSE said market makers would add efficiency and transparency in the market to rebuild an investor's confidence. After the appointment, the stock market would enjoy a liquefied order book. It would also ensure a trading platform under a secure and well regulated infrastructure.
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Source: The News
Publication of the draft of the "Principles for Responsible Institutional Investors"
December 26, 2013--The Council of Experts Concerning the Japanese Version of the Stewardship Code (Chairman:Hiroyuki Kansaku, Professor of Graduate Schools for Law and Politics/Faculty of Law, The University of Tokyo) publishes the draft of "Japan's Stewardship Code" and is calling for public comments in Japanese.
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Source: fsa.go.jp
Stock Exchange of Thailand announces its 2014 strategy
December 24, 2013--The Stock Exchange of Thailand (SET) has announced its 2014 strategy in pushing for sustainable growth within the next 3 years.
According to the SET, it will beginning next year focus on newly registered companies and quality investors in order to cope with the market's volatility.
Furthermore, it will bridge investment opportunities within the Greater Mekong Subregion (GMS) in order to stimulate growth within the region.
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Source: National News Bureau of Thailand
IMF Working paper-Development of the Renminbi Market in Hong Kong SAR: Assessing Onshore-Offshore Market Integration
December 24, 2013--Summary: Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account liberalization play?
The first is addressed by testing the extent of integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds that there are substantial unexploited arbitrage opportunities. A VAR model is used to indentify factors contributing to this limited market integration and finds that capital controls and shifts in global market sentiment explain much of the divergence in onshore and offshore renminbi exchange rates. To address the second question, the paper shows how capital account measures have been used to promote offshore use of the renminbi more actively in the wake of the global financial crisis, but that this was done asymmetrically with controls on inflows eased to a greater extent than on outflows. It concludes that a more balanced liberalization process will sustain progress in renminbi internationalization.
China borrowing costs tumble as central bank acts to ease credit crunch
One-week borrowing costs drop sharply as People's Bank of China acts to avert a liquidity crisis
December 24, 2013--China's cash squeeze eased on Tuesday after made its first market-wide injection of cash in three weeks.
The People's Bank of China (PBOC) auctioned 29 billion yuan (£2.9bn) of seven-day reverse-repurchase agreements at a yield of 4.1pc.
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Source: The Telegraph
The Shortlist for Exchange Traded Fund
December 23, 2013--In a last-ditch attempt to salvage its plans to raise billions of dollars by selling stakes in state-run companies, India has shortlisted the shares of Coal India Ltd., Oil and Natural Gas Corp. and nine other companies for a new exchange-traded fund which will invest only in public-sector companies.
Among the other big government companies that may become part of the fund are Indian Oil Ltd., Power Grid Corp., Power Finance Corp. and Rural Electrification Corp., said a finance ministry official who asked not to be named.
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Source: Wall Street Journal
UK funds close in on China access deal to rival Hong Kong
December 22, 2013--Hopes of a lasting boost to Hong Kong's asset management industry from a deal to sell funds into China have been dealt a blow by growing speculation that the UK and other markets will quickly benefit from similar agreements.
Hong Kong and Chinese regulators are due to sign an agreement in coming weeks to give funds domiciled on both sides of the border "mutual recognition" in each other's markets, according to people following the talks.
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Source: FT.com
PSU exchange-traded fund to be launched by February
December 20, 2013-- Central Public Sector Enterprises (CPSE) Exchange-Traded Fund is likely to hit the market in February.
According to Finance Ministry officials, the Department of Disinvestment has identified 11 listed public sector enterprises, including blue chips, such as Coal India, ONGC, Indian Oil, Power Grid, Rural Electrification Corporation and Power Finance Corporation.
These firms have been selected on the basis of their five-year dividend record. Now, an Empowered Group of Ministers will finalise the composition of the proposed fund. It will also take a call on the timing, the official added. Goldman Sachs will manage the ETF.
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Source: Business Line
China ETFs lead new launches in 2013
December 20, 2013--Exchange traded funds linked to the Chinese stock exchange were among the hottest new product launches of 2013, in a remarkable repeat of the previous year.
Observers could certainly be forgiven for feeling a sense of "déjàvu all over again" as new ETFs tracking the performance of the CSI 300 index (the 300 largest issuers on the Shanghai and Shenzhen bourses) attracted billions of dollars in inflows, just as the 2012 vintage of launches did.
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Source: FT.com