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Shanghai plans gold ETFs as China seeks to expand market
China is keen to further open up its domestic gold market to the international community, with Shanghai looking at gold exchange-traded funds as the market matures.
November 12, 2012--China, set to surpass India as the world's top gold consumer this year, is keen to further open up its domestic market for the precious metal to the international community, with Shanghai looking at gold exchange-traded funds as the market matures.
Hoping to tap resilient Chinese demand for bullion as gold prices head for their twelfth straight year of gains, the Shanghai Gold Exchange (SGE) also said it would launch an interbank market early next month.
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Source: MineWeb
China likely to significantly expand RQFII quota
November 11, 2012--China's securities authorities announced Saturday that it has "agreed in principle" to expand its RMB Qualified Foreign Institutional Investors (RQFII) pilot program by increasing the investment quota by 200 billion yuan (31.74 billion U.S.dollars).
The RQFII program has faced strong demand from overseas investors since its launch late last year, and the current 70 billion yuan quota is running out due to the enthusiastic investors, said a spokesperson with the China Securities Regulatory Commission (CSRC).
The RQFII mechanism, which was launched in December 2011 to widen investment channels for overseas yuan funds on the Chinese mainland, allows qualified investors to invest yuan-based funds raised in Hong Kong in the mainland securities market within a permitted quota.
The government departments are also mulling over details of relevant rules of the RQFII program, such as loosening restrictions to allow more institutions to take part in the scheme, said the spokesperson.
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Source: China.org.cn.
Culture Sector Indices Launched Today
November 9, 2012--Shenzhen Stock Exchange and Shenzhen Securities Information Co., Ltd. jointly announced on November 9, 2012 to issue SZSE Culture Index (Abbreviation: SZSE Culture, Code: 399654) and CNINFO OCT Culture Index (Abbreviation: OCT Culture, Code: 399397). Both indices take June 30, 2009 as the base date, and 1000 points as base point.
In recent years, the culture sector enjoy a rapid growth, ushering into a significant strategic phase brimming with opportunities, with an increasing number of companies in culture sector going public. Being the first of its kind in the country, the newly launched culture indices fill in the blank record of culture sector indices in domestic capital market. SZSE Culture Index and OCT Culture Index respectively reflect the overall price movement of public companies in culture sectors at Shenzhen Market alone and both Shenzhen and Shanghai Markets, and are thus capable of providing indexation investment targets in culture sector for the market.
Innovation has been made in the choice of samples for SZSE Culture Index and OCT Culture Index. On the basis of culture sector category set out by National Bureau of Statistics, such enterprises as engaging in manufacture and sale of culture equipment have been filtered out, whereas such emerging culture enterprises as involving in creative design, new media have been added to the sample. Being in line with people’s common understanding of culture, the innovative choice of sample is marked with market-orient feature.
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Source: Shenzhen Stock Exchange (SSE)
HKEx Announces Market Makers and Margin Rates for RMB Currency Futures
November 9, 2012--Hong Kong Exchanges and Clearing Limited (HKEx) has announced market makers and margin rates for the renminbi currency futures (RMB Currency Futures) that will begin trading in its derivatives market on Monday, 17 September 2012.
Market Makers
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of HKEx, has appointed DBS Bank Limited (via DBS Vickers (Hong Kong) Limited*), Merrill Lynch International (via Merrill Lynch Far East Limited*) and The Hong Kong & Shanghai Banking Corporation Limited (via HSBC Broking Futures (Hong Kong) Limited*) as market makers for RMB Currency Futures. Market makers will be providing continuous two-sided quotes good for at least 10 contracts on each side in all listed contract months with a maximum bid / ask spread of 30 minimum fluctuations (ie RMB0.0030).
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
Strong demand for yuan ETF signals A-shares appetite
November 9, 2012--China Southern and Oriental Patron, an asset management firm, has taken up its full 10 billion yuan ($1.60 billion) quota under the renminbi Qualified Foreign Institutional Investor scheme to invest in China's A-share market through a yuan exchange-traded fund.
The strong demand for the fund suggests a renewed appetite for Chinese mainland equities amid signs that growth in the world's second-largest economy is stabilising.
"China's macro economy is displaying a clearer picture now and the onshore A-share stock market has shown stronger momentum, which has led to very active trading," Ding Chen, chief executive officer of CSOP Asset Management, said in a statement late on Wednesday.
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Source: China Daily
India's Growth Must Be Inclusive with Reforms for an Equitable Society
India is growing at the expense of the poor and must introduce reforms to its welfare state.
Growth must be balanced with help for the 35% living below the poverty line.
November 8, 2012--India is growing at the expense of the poor and must introduce reforms to its welfare state if it is to become a more equitable society, panellists said in a session on growth at the World Economic Forum on India today.
“In the name of the poor, the consumption levels of the rich are increasing,” said Harish Hande, Managing Director, SELCO Solar Light, India.
Ajay Chhibber, United Nations Assistant Secretary-General, and Assistant Administrator and Director, Asia and the Pacific, United Nations Development Programme (UNDP), pointed out that, “There was this growth and it wasn’t equal. We had to set up a welfare state, then we decided that the way to keep this growth was not to keep growing but to dole out help to the poor.”
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Source: WEF (World Economic Forum)
Hong Kong Investors Look To Malaysia To Tap Into Asean's Growth
November 8, 2012--Bursa Malaysia, the world's third largest initial public offering (IPO) venue this year, today presented the Invest Malaysia capital market roadshow in Hong Kong, which garnered a strong response from 61 fund managers who met with 13 large and mid-cap Malaysian companies.
Themed 'Capitalise on Asean's Multinational Marketplace', the roadshow was organised together with OSK Investment Bank.
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Source: Bernama
China firm uses up 10 bln yuan ETF quota on stronger appetite for equities
November 8, 2012--China Southern and Oriental Patron (CSOP), an asset management firm, has used up its 10 billion yuan ($1.60 billion) quota under the Renminbi Qualified Foreign Institutional Investor scheme to invest in China's A-share market through a yuan exchange-traded fund.
The strong demand for the fund suggests a renewed appetite for Chinese equities amid signs that growth in the world's second-largest economy is stabilising.
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Source: Reuters
Asia ETFs see $5.5bn flow surge
November 7, 2012--Exchange-traded products in the Asia Pacific region gained momentum in October, as regulatory changes paved the way for a $5.5bn inflow surge.
ETPs in the Asia Pacific region, including Japan, reported $5.5bn in net new assets during October, according to a study published on Tuesday by consultancy ETFGI.
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Source: Financial News
DB-Asia-Pac Weekly ETF Market Review-ETP Market recorded $5.6bn inflows in October
November 7, 2012--Market Review
Last week, Asia-Pacific region had mixed markets. From north to south, Japan (Nikkei 225) appreciated by 1.32%, Korea (KOSPI2) gained 1.56%, China (CSI 300) rose by 2.62%, Hong Kong (HSI) increased by 2.63%, Singapore (FSSTI) slid by 0.55%, and Australia (S&P/ASX 200) declined by 0.28% over the previous week.
New ETP launches
Last week, three new ETPs were launched in the Asia-Pacific market. Woori Asset Management listed one fixed income ETF on Korea Stock Exchange providing leveraged exposure to Korea Government Bonds 10Y Index and Vanguard listed one fixed income ETF on Australian Securities Exchange tracking UBS Composite Bond Index. In addition, Indo Premier Securities listed one equity ETF on Indonesia Stock Exchange tracking IDX30 Index. (See Figure 5 for further details).
ETP Monthly Flows
Asia-Pacific ETP market recorded monthly cash inflows of $5.6bn for the month of October, taking the YTD cash flows to +$29.9bn or 32.7% of last year’s end AUM. Prior to that, Asia-Pacific region recorded monthly flows of $4.4bn, $2.4bn, $1.5bn and $2bn for June, July, August and September respectively. Within Equity products, ETFs offering exposure to China, Japan, South Korea and Taiwan received robust cash inflows of $3.8bn, $1bn, $240mn, and $200mn respectively. Further, leveraged strategy ETFs recorded inflows of $379mn while short strategy ETFs experienced outflows of $210bn.
Turnover Review
Asia-Pacific ETP turnover totaled $7bn for last week, 0.3% down from the previous week’s total. South Korea continues to be on top of the turnover ranking with $2.6bn, followed by Hong Kong ($1.9bn), China ($1.5bn), Japan ($0.6bn), and Taiwan ($0.2bn). Among Equity ETFs, Emerging Country, Leveraged Strategy, Asia Pac Developed Country and Short Strategy ETFs recorded total turnover of $3.7bn, $1.3bn, $1bn and $0.6bn respectively. Under the Commodity asset class, turnover in Gold ETPs totaled $98mn.
Asset Under Management Review
Last week, Asia-Pacific ETP AUM ended at $124bn after a marginal increase of $419mn over the previous week. On a year to date basis, Asia-Pacific ETP assets are up by $32.5bn or 35.5% above last year’s closing.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Asia
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