China grants Mastercard license for RMB bank card clearing operations
Rebecca Huang
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Vice Premier He Lifeng outlines Beijing’s goals for Hong Kong
Howard Shen
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Authorities roll out measures to facilitate foreign investment
For years, China got away with relatively strict controls on foreign investment because the near-infinite attractiveness of the domestic market meant foreign investors were prepared to put up with them.
Regulators step up efforts to halt the RMB’s slide
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Fang Xinghai outlines importance of futures market in two speeches
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PBoC cuts banks’ forex reserve requirement to offer support to CNY exchange rate
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PBoC releases Q2 monetary policy report
Jing Yan
The PBoC’s comments reinforce the view that China’s authorities are convinced they have a winning policy mix and intend to stick with it. We don’t share their optimism…
PBoC cuts LPR rates
The disappointing rate decline reflects the PBoC’s concern that widening spreads between US and Chinese interest rates will further weaken the RMB and that eroding bank profits by narrowing net interest margins (NIM) will destabilize the financial system.
The lower one-year LPR will provide some relief to firms seeing rising real costs of credit due to deflationary producer prices…
Household deposits drop, but no sign of increased consumption
Xiaorui Zhang
With consumer and business confidence still weak, interest rate cuts are simply encouraging savers to reallocate their savings into new assets – or liability reductions – rather than breaking out the checkbook to buy fancy new toys…
PBoC cuts three key interest rates
10-15 basis point rate cuts will do little to boost the economy, even if authorities make another couple of cuts before year end. That said, since upstream deflation has pushed up the real cost of borrowing for firms, even small LPR cuts will be welcome relief for struggling businesses…