China - Economic Data & News 20 (Nov 22 - Aug 23)

[behappyalways]

Xi Jinping pays tribute to late Chinese president Jiang Zemin at state funeral in Beijing
https://m.youtube.com/watch?v=okNyx_sGY7M

[winston]

China's exports in November contracted 8.7% from a year earlier, while imports tumbled 10.6%, both missing expectations by large margins, due to weakening global demand and COVID outbreaks at home.

Source: Reuters

[winston]

Beijing eyes 5pc growth as trade hits 30-month low

Economists are predicting a further period of declining exports, underlining a sharp retreat in world trade as consumers and businesses slash spending, in response to central banks' aggressive moves to tame inflation.

Meanwhile, senior Chinese officials are debating an economic growth target for next year of around 5 percent.

The Communist Party's Politburo, its top decision-making body, said in a statement yesterday it will seek a turnaround in the economy next year and significantly boost market confidence.

Source: AP

https://www.thestandard.com.hk/section- ... -month-low

[behappyalways]

China Quietly Launches QE: Beijing Orders Large Insurers To Buy Bonds To Contain Selling Panic
https://www.zerohedge.com/markets/china ... ling-panic

[behappyalways]

大陸防疫鬆綁後恐掀染疫潮 民眾搶藥.囤快篩｜方念華｜FOCUS全球新聞 20221209 @tvbsfocus
https://m.youtube.com/watch?v=R7HSHeOQr9Q

[winston]

November loans nearly double

Banks have dished out loans worth 19.91 trillion yuan so far this year, according to the PBOC's latest data. Bloomberg

Chinese banks extended 1.21 trillion yuan (HK1.35 trillion) in new yuan loans in November, nearly doubling October's 615.2 billion yuan but falling short of analysts' expectations, according to People's Bank of China data released yesterday.

Household loans, including mortgages, rose to 262.7 billion yuan in November, versus a contraction of 18 billion yuan in October while corporate loans rose to 883.7 billion yuan from 462.2 billion yuan in October, data from the PBOC showed.

New loans totaled 19.91 trillion yuan in the January-November period, compared with a record 19.95 trillion yuan in 2021.

Source: AP

https://www.thestandard.com.hk/section- ... rly-double

[behappyalways]

Small businesses still struggling in Wuhan despite easing of Covid restrictions in China
https://m.youtube.com/watch?v=AimzxH2FINg

[winston]

China conference, currency trading hit amid Covid surge

China's central economic work conference will be delayed due to surging Covid infections in Beijing, which has dragged down currency trading volumes with several traders infected.

The economy is expected to grow just 3.2 percent this year, the slowest pace since the 1970s barring the pandemic slump in 2020.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... ovid-surge

[behappyalways]

封控鬆綁準備不足? 民眾就醫被迫"車上吊點滴" 疫情隱憂浮現! 藥局"退燒.止咳藥"遭搶光 醫院看病人潮暴增 中國政府:群眾大部分都是流感..│記者 陳淮安│【國際大現場】20221213│三立新聞台
https://m.youtube.com/watch?v=nZZaSgUnlsw

[winston]

Banks urged to act on sell-off

China asked some of its biggest banks to help stabilize the domestic bond market after a wave of fund redemptions by retail investors fueled the biggest credit selloff since 2015, sources said.

Regulators asked lenders to buy bonds via their proprietary trading desks. The goal was to absorb the selling pressure caused by retail withdrawals from some of those same banks' wealth management products, they said.

Yield premiums on three-year AAA-rated corporate bonds have climbed to the highest level since August 2020, and the spread has widened 35 basis points so far this month, heading for the biggest monthly jump since March 2015, Bloomberg data shows.

That has prompted firms, including many local government financing vehicles, to pull a cumulative 84 billion yuan (HK$93.95 billion) of planned bond sales since the start of November.

In addition, Chinese leaders are planning to proceed with a closely watched economic policy meeting in Beijing this week, opting not to postpone the gathering as Covid infections surge across the capital, sources say.

The Central Economic Work Conference is set to start today. Held every December, senior officials use the event to plot out economic policy for the coming year.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... n-sell-off