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China Macro-A recovery supported by improved credit conditions
January 11, 2013--Total social financing reached Rmb15.76tn in 2012, up 22.9% from Rmb12.83tn in 2011, mainly due to a pick-up from June 2012 which coincided with the start of China's easing cycle.
The booming corporate bond market and the trust loan sector contributed about two thirds of this growth and the share of long-term loans also increased to 60.6% in 2H12 from an average of 45.4% in 1H12. Such an improvement in both the volume and structure of credit conditions will support China’s near-term growth. We believe China is heading for a recovery and we expect growth this year to return to the 8% range.
Total social financing grew by 22.9% in 2012
This is the fastest growth since China tightened its monetary policy in 2010. Total social financing picked up in June 2012, coinciding with the Chinese government’s switch to a more accommodative policy stance. Among its major components, trust loans and corporate bonds rose the most rapidly, and contributed two thirds to total social financing growth. Banking loans also increased slightly, while equity financing dropped by 42% in 2012.
view report-China Macro-
A recovery supported by improved credit
conditions
Tokyo Stock Exchange-ETF/ETN Monthly Report for Dec 2012
January 11, 2013--Trading Value in the ETF/ETN Market Rose with Stock Price Gains
With the landslide victory of the LDP in the lower house general elections and their promises of ending deflation, expectations rose for monetary easing, leading to purchasing of widespread issues in the ETF/ETN market in December.
Daily average trading value rose greatly, gaining 53.36% on the previous month.
As the yen continued to weaken in foreign exchange markets, trading value increased for ETFs investing in overseas stocks/bonds, such as "Listed Index Fund International Developed Countries Equity (MSCI Kokusai) (Code: 1680)" and "Listed Index Fund International Bond (Citigroup WGBI) Monthly Dividend Payment Type (Code: 1677)."
view the Tokyo Stock Exchange-ETF/ETN Monthly Report for Dec 2012
Pending cap on India block-trading raises fears
January 10, 2013--Sebi is set to impose limits on block-crossing,
but brokers and traders say it won't be effective in preventing a flash crash and will likely hurt execution and exacerbate volatility.
NSE, Japan's JPX plan Nifty futures for Osaka
January 10, 2013--The National Stock Exchange and Japan Exchange Group will seek to launch yen-denominated futures based on the Nifty, the bourse operators said on Thursday.
They plan to launch the new contracts on the Osaka Securities Exchange by next year.
The exchanges signed a letter of intent to prepare for the launch of S&P CNX Nifty index futures by March 2014, when the OSE is expected to complete its derivatives markets integration with the Tokyo Stock Exchange, they said in a statement.
CNH Tracker-New year off to a blazing start for dim sum bonds
January 10, 2013--The offshore yuan bond market made a luminous start to the new year, with nearly 10 billion
yuan ($1.6 billion) of orders chasing three dim sum bonds that eventually raised a combined 2.9 billion yuan.
Bankers say improved liquidity in the offshore market and
lower funding costs to obtain yuan will attract more investors
craving higher returns to the market, which is good for the deal
pipeline.
Strong Chinese trade data published on Thursday also suggests that economic conditions in the U.S. and China are improving steadily, encouraging investors to buy offshore yuan bonds.
Japan unveils $117 billion stimulus package
January 10, 2013--Battered by weak exports and an economy in recession, Japan unveiled a $117 billion fiscal stimulus package Friday in a bid to boost growth.
The measure will increase spending on public works, disaster recovery and provide aid to smaller businesses.
The plan is part of newly installed Prime Minister Shinzo Abe's effort to get the country's economy back on track with a combination of increased government spending and monetary easing.
End of the road for China's 'B' market
January 9, 2013--After years at death's door, China's so-called "B" share market may finally be put out of its misery.
The 20-year-old experiment is set to be wound down as companies give up on this "zombie" market.
Late last month, China International Marine Containers (CIMC) became the first company to convert its Shenzhen-listed B shares into Hong Kong-listed “H” shares.
China Approves Government Bond ETF to Grow Debt Market
January 9, 2013--China approved the introduction of its first exchange-traded fund of government bonds as policy makers seek to expand the nation’s debt market.
Guotai Asset Management Co.’s exchange-traded fund of Chinese sovereign debt will be listed on the Shanghai Stock Exchange and benchmarked against an index of five-year government bonds, according to a statement posted to the website of the China Securities Regulatory Commission yesterday.
The fund will be “a bridge” that allows individuals to invest in government debt traded on China’s interbank market, from which they are barred, Pei Xiaohui, fixed-income head at Guotai, was cited as saying by news website Sina.com.
SGX Observes New Global Regulatory, Risk Management and Capital Standards
Singapore Exchange (SGX) today said it is well positioned to meet the latest
international regulatory and risk management standards set by the International Organisation of Securities Commissions (IOSCO)1 and Committee on Payment and
Settlement Systems (CPSS)2.
This has been achieved after an extensive review and sharpening of SGX's risk management and operational processes, and the addition of new rules and procedures to enhance the safety and efficiency of
its subsidiaries.
'Recognising our robust regulatory framework and financial strength, customers have increased the use of SGX's clearing services to manage their market exposures. In meeting the latest global regulatory requirements, we assure our customers that they can continue to efficiently expand their businesses and confidently manage their risks via SGX. Our standing as the clearing house and exchange of choice in Asia is further validated and made more secure,' said Mr Magnus Bocker, CEO of SGX.
ChiNext 300 Series Indices Launched
January 7, 2013--Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. jointly announced on January 7, 2013 to issue SZSE ChiNext 300 Index (Abbreviation: ChiNext 300, Code: 399012), which takes June 29, 2012 as base day, and 1000 point as base point, SZSE ChiNext 300 Growth Index (Abbreviation: ChiNext G, Code: 399667) and SZSE ChiNext 300 Value Index (Abbreviation: ChiNext V, Code: 399668).
Constituting an important part of multi-layer capital market development, accelerating the development of ChiNext Market is not only an essential requirement for forming pyramid market structure, but also of great significance to extend the capital market’s tentacle in breadth and depth to serve the real economy, and propel transforming economy’s development from factor-input type to innovation-driven type.
