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Hong Kong's Intermediary Role on Funding the BRI: How does it fare against Singapore?
November 4, 2020--A look into the intermediary role of Hong Kong in financing cross-border Belt and Road Initiative projects and compare it with Singapore, a similar offshore financial center and competitor.
China has rolled out the red carpet of the Belt and Road (BRI) back in 2013 drawing inspiration from the Silk Road in ancient times. The grand plan focuses on infrastructure development and investments to enhance regional and global connectivity between China and the world. It includes a Silk Road Economic Belt on land and a 21st century Maritime Silk Road at sea.
Given the cross-border nature of the projects and the sheer size of financing needed to accomplish its goals (estimated at around USD 5 trillion by Chinese authorities ), it seems clear that major offshore centers should play a role in intermediating savings towards these projects along the BRI countries. In Asia, Hong Kong and Singapore are the clear choices given the proximity and relationship with Mainland China. Hong Kong is well placed to finance the infrastructure projects under the BRI as it includes a large number of foreign banks which can intermediate foreign savings to that end. Other than the large asset pool in hard currency, Hong Kong is also the largest offshore RMB center in the world.
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Source: bruegel.org
IMF Staff Completes 2020 Article IV Mission to the People's Republic of China
November 4, 2020--The Chinese economy continues its fast recovery from the pandemic, helped by a strong containment effort and swift policy actions early on to mitigate the crisis and support the recovery. GDP growth is projected at 1.9 percent in 2020 and 8.2 percent in 2021.
Moderately expansionary macroeconomic policies in 2021 will help a balanced recovery, supported by a shift from public to private demand.
Further structural reforms can help contain financial risks, promote greener and more inclusive growth, and reduce external imbalances.
China can help the international community to overcome several of the major challenges facing the global economy, by supporting international efforts to expand access to a vaccine, providing debt relief to low-income countries and sustainable financing for global infrastructure investment, and tackling climate change.
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Source: IMF
CSOP's China bond ETF scoops more than $1bn in assets
November 3, 2020--CSOP Asset Management's first exchange traded fund in Singapore has already become the largest ETF domiciled in the city-state, underscoring strong interest from global investors wanting access to China's onshore debt markets.
The firm's ICBC CSOP FTSE Chinese Government Bond Index ETF, which is benchmarked against the FTSE Chinese Government Bond Index, was listed on the Singapore Stock Exchange on September 21.
CSOP AM, a subsidiary of Shenzhen-based China Southern Asset Management, has now announced that the ETF, the first Singapore-listed ETF investing directly in China's onshore bond market, had attracted more than $1bn in assets.
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Source: technocodex.com
UPDATE 1-China to let two foreign investor schemes trade stock index futures from Nov. 1
October 30, 2020--Members of two foreign investor schemes will be allowed to trade stock index futures listed on the China Financial Futures Exchange (CFFE) from Nov. 1, the CFFE said on Friday, as China continues to open up its financial markets.
The two schemes are the Qualified Foreign Institutional Investor (QFII) scheme and its yuan-denominated sibling RQFII.
China has continued to open up its financial markets to foreign investors, despite ongoing trade tensions with the United States and the coronavirus outbreak, to provide much-needed capital for its economy.
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Source: reuters
Amundi accelerates Asia push with China wealth enterprise
October 30, 2020--Amundi predicted an acceleration in progress from Asia as Europe's greatest asset supervisor reported sturdy investor inflows and a modest enhance in earnings within the third quarter.
Paris-based Amundi expects its Asian property underneath administration to achieve €500bn by 2025, a rise of just about two-thirds from the present €303bn, helped by its wealth administration three way partnership with Financial institution of China, which can be anticipated to change into an vital supply of earnings.
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Source: medtech.news
BOJ trims growth, price forecasts; keeps policy steady
October 29, 2020--The Bank of Japan on Thursday trimmed its economic and price forecasts for the current fiscal year ending in March 2021, heightening expectations it will maintain its massive stimulus for the time being to cushion the blow from COVID-19.
As widely expected, the central bank kept monetary policy steady, including a -0.1% target for short-term interest rates and a pledge to guide long-term rates around 0%.
It also made no changes to a package of measures to ease corporate funding strains caused by the coronavirus pandemic.
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Source: yahoo.com
China and Hong Kong ETF markets grow closer with feeders launch
October 28, 2020--The vehicles link Hong Kong and mainland Chinese asset managers
Hong Kong's CSOP Asset Management has rolled out its first master-feeder cross-listed exchange traded fund in partnership with Beijing-based Yinhua Fund Management, making available the second suite of products in the scheme that links Hong Kong and China ETF markets.
Yinhua FM has also listed a feeder ETF on its home exchange in Shenzhen.
The CSOP Yinhua CSI 5G Communications Theme ETF, which listed on the Hong Kong exchange last week, will invest at least 90 per cent of its net asset value into the Yinhua CSI 5G Communication ETF via the renminbi qualified foreign institutional investor quota.
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Source: FT.com
Philippines' faltering stock market throws open the doors
October 27, 2020--Converge ICT Solutions raised 29bn pesos ($600m) on the Philippine Stock Exchange on Monday in the country's second largest initial public offering, marking a welcome exception for one of Asia's most underperforming stock markets.
The offer size- the biggest in the country since 2013- is rare and the company’s fibre internet service business, which has boomed during the pandemic, is a breath of fresh air for a bourse dominated by old economy companies.
The IPO of Converge, which is partly owned by US private equity investor Warburg Pincus, is only the third in the Philippines this year. It was preceded by retailer Merry Mart Consumer, which raised 1.59bn pesos, and AREIT, the real estate investment trust of Ayala Land, part of the nation’s oldest conglomerate Ayala Corp. AREIT raised 13.57bn pesos.
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Source: technocodex.com
Aussie super funds ramp up climate investing efforts
October 22, 2020--Following the launch of a new initiative, funds like Cbus and Australian Ethical explain how they are working to reduce their portfolio emissions and engage with investee companies.
Following last week's launch of 'Climate League 2030', an Australian investor-led emission-reduction initiative, superannuation funds and other institutions have outlined how they are allocating capital and ramping up their activity on this front.
The initiative is driven by 16 institutional investors with combined assets under management of A$850 billion ($596 billion) and was instigated by the Sydn...
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Source: asianinvestor.net
Engines Not Yet in Sync: A Multispeed Recovery in Asia
October 21, 2020--The Asia-Pacific region is recovering from its worst recession in living memory. Our latest Regional Economic Outlook shows that a recovery started in the third quarter, but growth engines are not all firing with the same power across countries, leading to a multispeed recovery.
Reflecting worse-than-expected outturns in the second quarter in a few countries,the IMF's forecast for the region has been downgraded to -2.2 percent in 2020-the worst outcome for this region in living memory. India’s economy experienced a much sharper than expected contraction in the second quarter-24 percent on a year-over-year basis-and is expected to recover slowly in the coming quarters. China,which suffered the pandemic's blow earlier than other countries, has seen a strong recovery after the first quarter lockdown, and growth has been revised up to 1.9 percent this year, a rare positive figure in a sea of negatives. Advanced economies (Australia, Korea, Japan and New Zealand), while still in recession, are expected to do somewhat better than expected in 2020, reflecting a faster pickup in activity following earlier exit from lockdowns.
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Source: IMF
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