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Shanghai Futures Exchange expected to launch silver futures (Xinhua)
July 8, 2011-The statement was made by Yang Maijun, president&CEO of the SHFE, on the sidelines of the Lujiazui Forum in Shanghai, an annual gathering of China’s top financial officials and economists. Yang also stressed the importance of introducing crude oil futures in China, noting that about 55 percent of China’s crude oil has to be imported and that this percentage is likely to increase in the future.
"Developing crude oil futures has a bearing on national energy security and economic security, and the SHFE hopes to step up its efforts to launch crude oil futures," he said.
However, "this will be determined by the domestic spot market for crude oil and by how much of its production and logistics is market-based," Yang said. He said the SHFE is also trying to internationalize prices of domestic futures. "While the import and export of commodities in China has been fully internationalized, international investors cannot directly participate in domestic futures trading, thus limiting the influence of domestic futures prices," said Yang. The Shanghai Futures Exchange (SHFE), China’s biggest commodities market, is expected to launch silver futures by the end of this year, the head of the SHFE said Saturday.
Source: Shanghai Futures Exchange (SHFE)
SGX Proposes Circuit Breakers In Securities Market
July 7, 2011--The Singapore Exchange (SGX) on Thursday said it is consulting the public on a proposal to introduce circuit breakers for the local securities market.
SGX said circuit breakers can act as a safeguard to help prevent big changes in stock prices in times of price volatility.
Circuit breakers, which allow a pause for investors to take stock of any uncertain market situation, were introduced by global exchanges after the Dow Jones Industrial Average in the US last year tumbled about 700 points in just a few minutes.
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Source: Channel News Asia
China may cut spending on strategic industries
July 6, 2011--China may rein in plans to invest heavily in seven new strategic industries, including high speed rail and wind power, scaling back cutting-edge projects for industries suffering from old-fashioned problems such as corruption and overcapacity, sources said.
Beijing originally planned to invest up to $1.5 trillion over the next five years in the seven sectors, hoping they would grow into a pillar of economic growth and help shift the world's second-largest economy away from one centered on manufacturing cheap goods. The pullback on spending stems partly from worries about corruption in the country's high-speed rail project and overcapacity concerns in the wind power sector, said two sources with ties to China's Communist Party leadership and knowledge of the plan. "The government is now reconsidering the seven new strategic industries plan," one source told Reuters, requesting anonymity because he was not authorized to speak to reporters. "The (size of the) retrenchment is still under deliberation," the source added.
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Source: Todays Zaman
Japan’s equities head for pre-tsunami levels
July 7, 2011--Four months ago Japan’s huge earthquake and tsunami wreaked havoc with Japanese equities, causing such frenzied selling that the Tokyo Stock Exchange came under pressure to shut the bourse temporarily.
The Nikkei 225 index is now rebounding and homing in on its March 11 close of 10,254.43, when traders had just 14 minutes to react to the quake before trading ended. It finished on Thursday at 10,071.14, above the psychologically important 10,000 level for a second day.
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Source: FT.com
Eurex names new head of its Singapore office
July 6, 2011--The international derivatives exchange Eurex announced today the appointment of a new Head of the Singapore Branch Office. As of 15 July 2011, Henk Huitema (48) will succeed Philip Joslin as Chief Representative of Eurex’s Singapore office.
Henk Huitema's responsibilities will include the further development of Eurex’s business in the region, in particular in Singapore, India, South Korea and Australia.
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Source: Eurex
Chinese media attack WTO ruling against China
July 6, 2011--Chinese media on Wednesday lashed out at a ruling by the World Trade Organisation that said Beijing's export restrictions on raw materials are illegal, and warned rare earths would be the next target.
The WTO on Tuesday upheld complaints by the United States, European Union and Mexico, ruling that China had failed to abide by accession commitments when it imposed quotas and duties on several types of minerals.
These include bauxite, coking coal, fluorspar, magnesium, manganese, silicon metal, silicon carbide, yellow phosphorus and zinc
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Source: EUbusiness
Inflation fears spark rate rise in China
July 6, 2011--China has raised interest rates for the fifth time in eight months, indicating the country’s leaders are still focused on taming politically sensitive inflation, despite evidence that the world’s second-biggest economy is slowing.
Benchmark one-year lending rates will be raised 25 basis points to 6.56 per cent from Thursday, while one-year deposit rates will go up 25 basis points to 3.5 per cent, the central bank said on Wednesday.
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Source: FT.com
Launch of first sector MINIs on ASX
July 5, 2011-- BetaShares Capital Limited (BetaShares) with Citigroup has today announced the launch of two leveraged trading tools linked to sector ETF products for investors focussed on active trading opportunities in the Australian market.
The two ‘MINIs’ have been launched over BetaShares Resources and Financial Sector ETFs – the CitiFirst MINI, Resources (ASX Code: QREKOA) and the CitiFirst MINI, Financials (ASX Code: QFNKOA).
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Source: BetaShares
Moody's Warns on China Debt .
July 6, 2011--Moody's Investors Service said China's main government auditor may have understated banks' loans to local governments by half a trillion dollars, escalating the ratings firm's warnings that the scale of such loans could pose a threat to China's banking system.
In the absence of a clear plan to reduce local-government debt, Moody's views the credit outlook for Chinese banking system as potentially turning to negative, the ratings firm said Tuesday.
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Source: Wall Street Journal
The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data-IMF Working paper
July 5, 2011--Summary: We examine the impact of renminbi revaluation on foreign firm valuations, considering two surprise announcements of changes in China’s exchange rate policy in 2005 and 2010 and employing data on some 6,000 firms in 44 economies.
Stock returns rise with renminbi revaluation expectations. This reaction appears to reflect a combination of improvements in general market sentiment and specific trade effects. Expected renminbi appreciation has a positive effect on firms exporting to China but a negative impact on those providing inputs for the country’s processing exports. Stock prices rise for firms competing with China in their home market but fall for firms importing Chinese products with large imported-input content. There is also some evidence that expected renminbi appreciation reduces the valuation of financially-constrained firms, presumably because appreciation implies reduced Chinese purchases of foreign securities. The results carry over when we consider ten instances of market-perceived changes in prospective Chinese currency policy.
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