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CHINA: Country Wrap:  Data Out Shows Bond Market’s Rapid Development.

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  • Chinese President Xi hosted Jack Ma and other leading entrepreneurs today in what is seen as a dramatic thawing of relations between the government and the tech sector.  The meeting shows that following the crackdown on the sector in 2020, the relationships are now changing with the Communist Party needing to be more supportive of private sector companies to achieve their growth targets. (source: MNI- Market News).
  • Over the weekend the Shanghai Security News reported on the explosion of growth of bond ETF’s in China.  Analysis shows that the market now has 29 bond ETFs in existence, with the size of the funds now exceeding CNY200bn, having been only CNY100bn mid-year last year.  (source: MNI- Market News).
  • At a conference the Conference for Emerging Market Economies organized by the Saudi Ministry of Finance and the International Monetary Fund in Saudi Arabia over the weekend, the PBOC Governor Pan spoke to the risks for emerging markets and the policy direction for China domestically.  On the domestic front, Pan indicated that more proactive fiscal policies can be expected and more accommodative monetary policy with the latter focused on boosting domestic consumption.  (source: MNI- Market News).
  • A poor start to the week with the Hang Seng leading markets down, by -0.50%, CSI 300 –0.08%, Shanghai -0.07% with Shenzhen the only bright spot up +0.40%.
  • CNY: Yuan Reference Rate at 7.1702 Per USD; Estimate 7.2653
  • Bonds: there was a pushback in the bond market today with the CGB 10YR rising +2.2bps to 1.67%. 
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  • Chinese President Xi hosted Jack Ma and other leading entrepreneurs today in what is seen as a dramatic thawing of relations between the government and the tech sector.  The meeting shows that following the crackdown on the sector in 2020, the relationships are now changing with the Communist Party needing to be more supportive of private sector companies to achieve their growth targets. (source: MNI- Market News).
  • Over the weekend the Shanghai Security News reported on the explosion of growth of bond ETF’s in China.  Analysis shows that the market now has 29 bond ETFs in existence, with the size of the funds now exceeding CNY200bn, having been only CNY100bn mid-year last year.  (source: MNI- Market News).
  • At a conference the Conference for Emerging Market Economies organized by the Saudi Ministry of Finance and the International Monetary Fund in Saudi Arabia over the weekend, the PBOC Governor Pan spoke to the risks for emerging markets and the policy direction for China domestically.  On the domestic front, Pan indicated that more proactive fiscal policies can be expected and more accommodative monetary policy with the latter focused on boosting domestic consumption.  (source: MNI- Market News).
  • A poor start to the week with the Hang Seng leading markets down, by -0.50%, CSI 300 –0.08%, Shanghai -0.07% with Shenzhen the only bright spot up +0.40%.
  • CNY: Yuan Reference Rate at 7.1702 Per USD; Estimate 7.2653
  • Bonds: there was a pushback in the bond market today with the CGB 10YR rising +2.2bps to 1.67%.