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Era of renminbi dawns as China's influence grows
January 6, 2014--"The Chinese currency, the renminbi, is not terribly well known at the moment, but over my lifetime it's going to become almost as familiar as the US dollar." So said George Osborne during a recent visit to Shanghai.
At first glance, this might seem unrealistic. The renminbi is hardly a global investment currency and barely registers on central bank balance sheets. So any change would require a profound shift in the financial landscape.
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Source: FT.com
Bombay Bullion Association plans to buy 5% stake in MCX
January 2, 2014--Shares of the country's only listed bourse MCX shot up by almost 3% to Rs 492.5 on buzz of a jewellers' trade body is planning to buy 5% in the bourse along with a consortium that plans to bid for a controlling stake in the exchange.
The plan comes on the heels of the MCX board having directed the exchange's promoter Financial Technologies (FT) to cut its stake to 2% from 26% last month after it was found not fit and proper to be a shareholder on the bourse by commodity market regulator FMC.
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Source: Economic Times
S&P Dow Jones Indices' Market Attributes-Index Dashboard-Asia
December 31, 2013-- This month's highlights include:
A $10bn per month reduction in U.S. quantitative easing provided the major macroeconomic news of the month. U.S. equities gained on the news, U.S. bonds fell.
Japan’s TOPIX 150 was up 4% even as the Yen strengthened slightly. In China the CITIC 50 A-Shares Index dropped over 5% as the central bank was forced to react to a short term liquidity squeeze; further evidence of credit instability in the region pushed financials into the red for the December.
Gold continued its annus horribilis, falling a further 4% this month. However the broad commodities indices posted gains in December, led by natural gas (+12%), WTI crude (+7%) and cotton (+8%).
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Source: S&P Dow Jones Indices LLC
Hong Kong, China to Sign Cross-Border Funds Deal
Pact Could Lead to Billions of Dollars of Cross-Border Investments in Stocks and Bonds
December 30, 2014--Hong Kong and China will soon sign a deal where funds based in both markets can be sold to retail investors on either side, potentially allowing billions of dollars of cross-border investments in stocks and bonds.
A deal according "mutual recognition"to funds domiciled on both sides of the border may get the green light as soon as the first quarter of 2014, say fund managers, bankers, and strategists familiar with the talks.
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Source: Wall Street Journal
China Says Local-Level Debt Soars, Stirring Fear
December 30, 2013-- The total debt of local governments in China has soared to nearly $3 trillion as the country's addiction to credit-fueled growth has deepened in recent years, according to the findings of a long-awaited report released on Monday by the central auditing agency.
In the report, which is likely to further raise concerns about China's debt problem, the National Audit Office found that local governments across the country had accumulated 17.89 trillion renminbi, or $2.95 trillion, worth of debt obligations as of the end of June. That was an increase of 12.7 percent from December 2012, when local government debt stood at 15.88 trillion renminbi, the report said.
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Source: New York Times
South Korea exchange rushes to implement 'kill switch'
December 30, 2013--South Korea's exchange operator, Korea Exchange (KRX), is rushing to implement a "kill switch" system designed to minimise the fallout from trading algorithms going wrong after a local broker was brought to the brink of bankruptcy by erroneous electronic trades this month.
HanMag Securities, a local derivatives broker, faces collapse after suffering a loss of Won46.2bn ($4.3m), after entering thousands of erroneous trades in Kospi options. It is the first time a South Korean securities group faces bankruptcy due to erroneous electronic trades.
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Source: FT.com
Tokyo's Nikkei index soars 57%
December 30, 2013--On the last trading day of the year, Japanese shares posted their best annual performance for more than four decades, leaving other major markets in the dust.
Foreign investors piled into the long-laggard market in 2013 as the government and central bank unveiled measures aimed at stoking the world's third-largest economy that sent the yen plummeting against the dollar and cheered exporters.
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Source: FIN24
China shares rise
December 30, 2013--Chinese shares were up 0.23% in morning trade on Monday as sentiment improved after Beijing issued rules to protect stock investors, dealers said.
The benchmark Shanghai Composite Index added 4.82 points to 2 106.07.
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Source: FIN24
Tokyo share trade boosted by new tax rules
December 30, 2013--Trading in Japanese stocks rose to an all-time high in the days leading up to the year-end shutdown, as individual investors prepared for a new tax regime designed to challenge their deep-rooted
antipathy toward the world's second biggest equity market.
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Source: FT.com
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
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