March was a challenging month for the offshore Renminbi(CNH)market.The Standard Chartered Renminbi Globalisation Index(RGI)fell 1.0%m/m to 2,117from a revised 2,138 in February.This was only the third monthly drop sin...March was a challenging month for the offshore Renminbi(CNH)market.The Standard Chartered Renminbi Globalisation Index(RGI)fell 1.0%m/m to 2,117from a revised 2,138 in February.This was only the third monthly drop since the RGI started in 2010,and was the biggest decline since December 2011.展开更多
China’s 2016 budget deficit target of 3%of GDP confirms expansionary fiscal stance;we estimate 3.8% Tax cuts,instead of spending stimulus,are the major reason for the larger deficit The enlarged deficit will be finan...China’s 2016 budget deficit target of 3%of GDP confirms expansionary fiscal stance;we estimate 3.8% Tax cuts,instead of spending stimulus,are the major reason for the larger deficit The enlarged deficit will be financed by bond issuance and government depositsSince the 1994 fiscal reform,China’s official budget has been conservative,with the deficit never reaching 3%of GDP.Recendy,however,policy展开更多
GDP growth slowed further to 7.0%y/y in Q1,with few signs of a quick turnaround Investment appears to be driving the downtrend;downside risk to our 2015 GDP growth forecast of 7.1%We forecast one rate cut and one RRR ...GDP growth slowed further to 7.0%y/y in Q1,with few signs of a quick turnaround Investment appears to be driving the downtrend;downside risk to our 2015 GDP growth forecast of 7.1%We forecast one rate cut and one RRR cut by mid-2015,followed by another RRR cut in H2Summary China’s growth展开更多
·China commits to lifting price controls in competitive sectors by 2017 under new guidelines·Reforms focus on monopolistic sectors,public sector and heavily subsidised sectors·Price reforms send a stron...·China commits to lifting price controls in competitive sectors by 2017 under new guidelines·Reforms focus on monopolistic sectors,public sector and heavily subsidised sectors·Price reforms send a strong signal of accelerating deep reformsMost remaining price controls to be lifted by 2017China recently announced a new round of pricing reforms and set a timetable for revamping the country’s pricing mechanism.Price controls for most goods and services in com-展开更多
There is much debate in Beijing about the timing of a reserve requirement ratio(RRR)cut.Most indicators suggest that if history is any guide,a RRR cut should have already happened.This government seems less willing th...There is much debate in Beijing about the timing of a reserve requirement ratio(RRR)cut.Most indicators suggest that if history is any guide,a RRR cut should have already happened.This government seems less willing than its predecessor to cut;how long can it resist?展开更多
Recovery carries on The GBA Business Confidence Index(GBAI),which is based on quarterly surveys of over 1,000 companies operating in the Guangdong-Hong Kong-Macau Greater Bay Area(GBA)conducted in co...Recovery carries on The GBA Business Confidence Index(GBAI),which is based on quarterly surveys of over 1,000 companies operating in the Guangdong-Hong Kong-Macau Greater Bay Area(GBA)conducted in collaboration with the Hong Kong Trade Development Council(HKTDC),shows that business confidence has further improved in Q2-2021,which bodes well for a strong start to H2-2021.The GBAI’s‘current performance’index for business activity has extended its uninterrupted uptrend since the GBAI’s launch a year ago,to 58.7 in Q2-2021 from 53.0 in Q1.Sub-indices for production/sales,new orders and profits showed the strongest improvements,with the latter being thanks to respondents’abilities to raise prices to maintain margins.展开更多
After a series of client meetings and presentations across Asia,the US and UK discussing the state of the world economy in the post credit boom world,we identify three key themes:1.Confusion reigns in the short term o...After a series of client meetings and presentations across Asia,the US and UK discussing the state of the world economy in the post credit boom world,we identify three key themes:1.Confusion reigns in the short term over the direction of economies and policy,discretionary investors展开更多
文摘March was a challenging month for the offshore Renminbi(CNH)market.The Standard Chartered Renminbi Globalisation Index(RGI)fell 1.0%m/m to 2,117from a revised 2,138 in February.This was only the third monthly drop since the RGI started in 2010,and was the biggest decline since December 2011.
文摘China’s 2016 budget deficit target of 3%of GDP confirms expansionary fiscal stance;we estimate 3.8% Tax cuts,instead of spending stimulus,are the major reason for the larger deficit The enlarged deficit will be financed by bond issuance and government depositsSince the 1994 fiscal reform,China’s official budget has been conservative,with the deficit never reaching 3%of GDP.Recendy,however,policy
文摘GDP growth slowed further to 7.0%y/y in Q1,with few signs of a quick turnaround Investment appears to be driving the downtrend;downside risk to our 2015 GDP growth forecast of 7.1%We forecast one rate cut and one RRR cut by mid-2015,followed by another RRR cut in H2Summary China’s growth
文摘·China commits to lifting price controls in competitive sectors by 2017 under new guidelines·Reforms focus on monopolistic sectors,public sector and heavily subsidised sectors·Price reforms send a strong signal of accelerating deep reformsMost remaining price controls to be lifted by 2017China recently announced a new round of pricing reforms and set a timetable for revamping the country’s pricing mechanism.Price controls for most goods and services in com-
文摘There is much debate in Beijing about the timing of a reserve requirement ratio(RRR)cut.Most indicators suggest that if history is any guide,a RRR cut should have already happened.This government seems less willing than its predecessor to cut;how long can it resist?
文摘Recovery carries on The GBA Business Confidence Index(GBAI),which is based on quarterly surveys of over 1,000 companies operating in the Guangdong-Hong Kong-Macau Greater Bay Area(GBA)conducted in collaboration with the Hong Kong Trade Development Council(HKTDC),shows that business confidence has further improved in Q2-2021,which bodes well for a strong start to H2-2021.The GBAI’s‘current performance’index for business activity has extended its uninterrupted uptrend since the GBAI’s launch a year ago,to 58.7 in Q2-2021 from 53.0 in Q1.Sub-indices for production/sales,new orders and profits showed the strongest improvements,with the latter being thanks to respondents’abilities to raise prices to maintain margins.
文摘After a series of client meetings and presentations across Asia,the US and UK discussing the state of the world economy in the post credit boom world,we identify three key themes:1.Confusion reigns in the short term over the direction of economies and policy,discretionary investors
