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EMERGING MARKETS: Geopolitical Risks Persist, China Tightens Grip On Bond Market

EMERGING MARKETS
  • US: The US believes an Iranian attack against Israel has grown even more likely and may come as soon as this week, officials said, as allied leaders sought to head off all-out war and the Pentagon deployed more forces to the region. Briefing reporters Monday, White House spokesman John Kirby said the US and its allies “have to be prepared for what could be a significant set of attacks.”
  • China: Authorities are going to extraordinary lengths to tighten their grip on the world’s third-largest government bond market. In a highly unusual move on Friday, regulators told rural banks in China’s Jiangxi province not to settle recent purchases of government bonds, an order to effectively renege on their market obligations. It was the latest in a string of interventions designed to cool a market rally that sent yields to record lows and stoked official concerns that banks have become too exposed to interest-rate risk. (BBG)
  • Japan: BOJ Governor Kazuo Ueda will be called to parliament on Aug. 23 to answer questions on monetary policy, likely facing questions related to a July 31 rate hike amid criticism that his hawkish tone last month contributed to recent market turmoil. Finance Minister Shunichi Suzuki will also attend the session. The move was initiated by the main opposition party, which criticized the BOJ for last month’s rate increase on grounds that it contributed to the yen’s surge and a rout in stocks.
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