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E Fund Management Takes Active Role in Shanghai STAR Market Internationalization
August 21, 2023--E Fund Management ("E Fund"), the largest fund management company with offices in mainland China and Hong Kong, recently was invited to the web event commemorating the fourth anniversary of the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board (STAR Market), which highlighted the remarkable strides in the internationalization of the STAR Market.
Established in July 2019, the STAR Market aims to promote the innovation-driven and high-quality economic development, and pilots in the registration system reform and market making mechanism. In just four years, the STAR Market has been remarkably successful in attracting international participation by expanding its product ecosystem and broadening channels for foreign investors. According to SSE, nearly 4% of total shares are currently held by foreign ownership, which contributes to more than 10% of total trading volume.
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Source: E Fund Management
Broad-based ETFs on the Rise as RMB 300 Billion Flowed into Passive Investing
August 21, 2023--Despite the market volatility this year, there remained a core foundation of inflows into equity ETFs.
So far this year, equity ETFs took in more than RMB 300 billion (USD 41.4 billion), according to China Galaxy Research Institute.
Investors are piling huge amounts of capital into equity ETFs during market decline, while May, June, and July each recorded a net inflow of RMB 75 billion (USD 10.3 billion), RMB 55 billion (USD 7.6 billion), and RMB 61 billion (USD 8.4 billion) respectively, all at historical highs. This prevailing trend has continued as data showed that equity ETFs drew RMB 79 billion (USD 10.9 billion) in the month to August 15th. On August 7th, the daily inflow surpassed RMB 10 billion (USD 1.4 billion) and remained at the similar level for the next two days.
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Source: E Fund Management
Mainland investors help ETFs grab record share of Hong Kong trading
August 17, 2023--ETF Connect scheme boosts Chinese participation despite falling Hong Kong stock trading
The average daily turnover of Hong Kong-listed exchange traded funds rose to a record high of 15.5 per cent of the stock market's total turnover in July at HK$15.9bn ($2.04bn), according to Hong Kong Exchanges and Clearing (HKEX) data analysed by Ignites Asia.
The new high was driven by mainland Chinese investors piling into the market since the Hong Kong-China ETF Connect scheme was established a year ago.
It also follows the introduction of a higher stamp duty for stock trading that has affected turnover volumes.
ETF trading on the bourse rose to 15.5 per cent of the average daily trading last month, up from about 9.8 per cent in July 2022 and 4.6 per cent in July 2021.
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Source: ft.com
Japan's Economy Grows at 6% Pace in Second Quarter
August 14, 2023--Exports rise and surge in foreign visitors helps lift spending
Japan's economy expanded at a much faster pace than expected in the April-June quarter thanks to robust exports, outpacing growth in the U.S. and China.
Japan's gross domestic product increased 1.5% in the three months to June from the previous quarter, beating economists' expectations.
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Source: wsj.com
Surge of inflows into China ETFs fuel state buying speculation-reports
August 14, 2023--Four ETFs attract $4.4bn
-Four China ETFs attracting $4.4bn in inflows in just over a week has reportedly prompted speculation that state-affiliated institutions may be intervening to support the economy.
Figures from Z-Ben, a Chinese consultancy, cited in a report by the FT revealed the four ETFs, which track China's CSI 300 index, now hold assets under management exceeding $25bn, following a surge of inflows over an eight-day period.
The largest ETF, Huatai-PineBridge CSI 300 ETF, has now surpassed $13.8bn, or CNY 100bn, making it the first non-money market ETF to do so in the region.
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Source: investmentweek.co.uk
Vietnam's Economic Growth Slows Due to Global Headwinds and Internal Constraints
August 10, 2023--Effective public investment is crucial for long-term growth
A challenging external environment and weaker domestic demand is leading to a slowdown in economic growth in Vietnam.
But the economy will pick up pace over the second half of this year, and the following years, according to the World Bank's latest economic update entitled "Making Public Investment Work for Growth".
The report shows that Vietnam's economic growth slowed from 8% in 2022 to 3.7% in the first half of 2023. It forecasts a moderate growth of 4.7% in 2023, gradually accelerating to 5.5% in 2024 and 6.0% in 2025. A proactive fiscal policy supporting short-term demand, removing barriers to the implementation of public investment, and addressing infrastructure constraints can help the economy achieve these targets and promote long-term growth.
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Source: worldbank.org
Pacific Recovery Picks Up Amid Uncertain Global Outlook
August 8, 2023--Benefits of labor migration can be maximized with investments in education, support for reintegration, and improving economic opportunities at home.
Despite uncertainty about the outlook for inflation and interest rates in major economies and trading partners, developing Pacific economies are expected to grow in 2023 and 2024 due to a recovery in tourism, post-disaster rebuilding, and infrastructure construction, a World Bank report released today says.
Pacific growth is expected to pick up to 3.9 percent this year from 2 percent in 2022 and then moderate to 3.3 percent next year as the initial post-COVID-19 rebound dissipates and as the region moves towards its long-term trend growth of 2.6 percent, according to the Pacific Economic Update: Recovering in the Midst of Uncertainty.
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Source: worldbank.org
Dissecting the Bank of Japan's ETF splurge
August 7, 2023--Why isn't the Topix toppier?
The most unorthodox bit of the Bank of Japan's unorthodox monetary policy is its purchases of Japanese equity ETFs, amassing a portfolio that booked at about JPY37tn ($260bn) at the end of July.
It's far from the only weird legacy of a weird decade for monetary policy. The Swiss National Bank has amassed in $214bn global stocks, for example, while the Federal Reserve in March 2020 started buying some bond ETFs. And then there's Turkey, which, well, keeps being Turkey.
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Source: ft.com
IMF Working Paper-Fiscal Policy and the Government Balance Sheet in China
August 4, 2023--Summary:
In this paper, we present the most comprehensive estimates of China's government balance sheet to date. Based on these estimates, we show how major shifts in fiscal policy over the last two decades have shaped the health of the public sector prior to the Covid-19 pandemic. We find that, at US$12.5 trillion, China has the largest stock of financial assets in the world.
However, its net financial worth as a percent of GDP-though still higher than the large majority of countries-has declined over the last decade. This trend can be traced back to the turn of the century when China undertook a major restructuring of its state-owned enterprises but left important shortcomings in the intergovernmental fiscal system unaddressed. Compounding these risks, reform momentum stalled in the aftermath of the global financial crisis leading to high leverage and falling profitability among state-owned enterprises.
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Source: imf.org
Malaysia's first fund investing in an inverse ETF faces hurdles
July 21, 2023--Maybank AM fears promoting the ability to capitalise on a US market downturn could send the wrong signals
Maybank Asset Management is gearing up to launch Malaysia's first mutual fund that invests in an inverse exchange traded fund amid persistent gloomy market outlooks that have kept investors largely on the sidelines since last year.
But the firm, which will target sophisticated investors due to regulation on the sale of complex products, is wondering about how to promote the new strategy, given the potential for mixed signals to investors -essentially that the manager is forecasting even choppier markets.
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Source: ft.com
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