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Govt to finalise components of public sector ETFs on Jan 10
January 8, 2014--An empowered Group of Ministers (eGoM) will meet on Friday to finalise the composition of the Central Public Sector Enterprises Exchange Traded Fund.
An exchange traded fund is just like a mutual fund scheme. It tracks an index and is traded on a stock exchange. Its constituent stocks are listed and actively traded. Here investors get the benefit of constituent shares without directly owning it.
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Source: Hindu Business Line
China to require new disclosures by systemically important banks
China bank regulator implements global rules pushed by G20
All banks above 1.6 trillion yuan in assets must disclose
Twelve indicators track size, connectedness, complexity
New window into off-balance-sheet exposures
January 8, 2014--China's bank regulator will require the country's
largest lenders to disclose their off-balance-sheet exposures and other indicators in a move to implement global rules designed to strengthen regulation of "too-big-to-fail" banks.
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Source: Reuters
Asia Pacific Equity Market Outlook
January 7, 2014--2013 was a year in which central banks played an extraordinary role in influencing the global markets. The start of the year was marked by an unprecedented loose monetary policy by the Bank of Japan, mirroring the actions of the U.S., triggering sharp depreciation of the Japanese Yen and strong outperformance of the Nikkei index.
In mid-year, domestic demand led economies with current account deficits, such as India and Association of South East Nations (ASEAN) countries, were challenged on fears of tapering of the U.S. Federal Reserve's QE program. China continued to experience sharp volatility between fears of a hard landing and optimism for reforms led by the new leadership.
Following the strong performance of developed markets in 2013, Asia has been trading at a historically high discount. We believe the valuation gap will narrow throughout 2014 as investors become more confident in the Asian growth story through higher visibility in China's transition towards a market economy and a growth revival in India and Indonesia through progressive leadership after the elections.
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Source: Mirae Asset Financial Group
China in Focus
January 7, 2014--AFTER A YEAR OF FEAR, DOUBT AND HOPE, market consensus for China's 2014 GDP growth has converged towards the mid 7% level, similar to that of 2013. This can be interpreted that the market has ratcheted down its expectations of what was once high growth to a more modest, but still healthy, level. China's economic data from the past several months suggest that the economy has stabilized and inflation has been maintained at a manageable level.
At the same time, positive developments in recent months on the reform front suggest that the government is focused on, and making progress with, rebalancing its economy to achieve a more sustainable and higher-quality growth trajectory.
The main difference we expect to see in China's economic growth in 2014 compared to 2013 is the mix of growth drivers. In 2013, fixed asset investment growth remained strong, mainly driven by infrastructure and property investment. Consumption growth has been stable while export growth was relatively weak. However, based on signals from the Third Plenum Session, in 2014, we expect contributions from fixed asset invest¬ments to gradually weaken as no major government investment is expected. Consumption is likely to expand at a stable pace of low to mid-teen levels and exports will improve compared to 2013 levels as the overall global economic recovery continues.
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Source: Mirae Asset Financial Group
China's Shadow Banking Problem
January 7, 2014--China’s top officials appear to be moving to address the risks posed by a fast-growing-but-shadowy part of the country's financial system. The Chinese cabinet is seeking to increase government oversight of lending by companies that currently face little or no supervision, according to news reports based on an official document that was written last month.
Economists have long worried about China's so-called shadow banking system, in which banks and finance companies loan money to businesses and local governments at high interest rates outside the regulated financial system. Analysts worry that unregulated lenders, which themselves borrow money from regulated banks, have made too many dubious loans that could default and set off a broader financial crisis. In recent months, interest rates in China have surged from time to time in part because of the links between the unregulated and regulated parts of the financial system.
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Soure: New York Times
Rough ride for Mainland ETFs
January 6, 2014--Mainland ETF sponsors have been speeding up product launches in order to garner a greater share of the market.
This trend was highlighted by the fact that the total number of newly-isted ETFs grew from 12 in 2012 to 34 by the end of last year, according to statistics from Wind Information.
Of these, 26 of the IPO rookies were A-share equity-tracking ETFs and three were commodity-linked ETFs - including the country's first batch of gold ETFs-the HuaAn Gold ETF,the Guotai Gold ETF, and the E Fund Gold ETF.
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Soure: ETFIAsia.com
Shadow Banking Risks Exposed by Local Debt Audit: China Credit
January 6, 2013--China's audit of local governments exposed an increased reliance on shadow banking, swelling the risk of default on 17.9 trillion yuan ($3 trillion) of debt.
Bank lending dropped to 57 percent of direct and contingent liabilities as of June 30 from 79 percent at the end of 2010, while bonds rose to 10 percent from 7 percent, National Audit Office data show. Trust financing surged to 8 percent from zero, while other channels that sidestep loan curbs accounted for the remaining 25 percent. The yield on five-year AA notes, the most common rating for local government financing vehicles, jumped by a record 158 basis points last year to 7.6 percent. That exceeds the 5 percent on emerging-market corporate notes, Bank of America Merrill Lynch indexes show.
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Source: Bloomberg
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
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