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Chart of the Week: The Walking Debt: Resolving China's Zombies
December 11, 2017--China's "zombies" are non-viable firms that are adding to the country's rising corporate debt problem, and are bad business.
Zombie firms are highly indebted and incur persistent losses, but continue to operate with the support of local governments or soft loans by banks-adding very little value to economic prospects. China has already made a lot of progress in resolving these firms- and should continue its efforts to send the zombies packing.
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Source: IMF
JPX-ETF Monthly Report-November 2017
December 11, 2017--The JPX-ETF Monthly Report-November 2017 is now available.
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Source: JPX (Japan Exchange Group)
Tokyo Financial Exchange Takes First Step Toward Bitcoin Futures
December 8, 2017--Working group planned to start analyzing bitcoin in January
Legislation would be needed for Japan to copy U.S. moves.
One of Japan's leading financial exchanges is starting preparations to launch bitcoin derivatives, echoing U.S. rivals that plan to list contracts tracking the cryptocurrency as soon as this month.
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Source: Bloomberg
IMF Working Paper-Reassessing the Perimeter of Government Accounts in China
December 8, 2017--Summary:
China's official general government accounts do not include off-budget quasi-fiscal spending unlike the IMF's augmented government accounts. This paper argues that the broader concept of augmented government remains relevant despite recent positive measures to separate off-budget units from the government
In fact, new avenues to finance public infrastructure, such as Special Construction Funds and Government Guided Funds, have emerged and this paper re-defines the perimeter of augmented government to include them. Finally, concrete steps for improving China's fiscal accounts are put forward. If these steps are taken, the perimeter of general government would expand relative to official statistics but would likely be narrower than where augmented aggregates place it.
view the IMF Working Paper-Reassessing the Perimeter of Government Accounts in China
Source: IMF
China AMC claims largest ETF market share in the Mainland
December 8, 2017--China Asset Management Corp (China AMC), the sixth largest fund manager in the Mainland by total assets under management, has topped its larger peers in the exchange-traded fund (ETF) market by gaining the largest market share in this space, the company says.
China AMC's ETF products have delivered a "stellar" performance in the first 11 months of 2017, according to a company spokesperson.
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Source: asiaasset.com
World Gold Council-Mandatory hallmarking: Global practices and road map for India
December 7, 2017--This report covers key stages in the hallmarking journey in order to ascertain what works best in other jurisdictions and how India can maximise the benefits of mandatory hallmarking.
Gold has played an integral role in Indian tradition and culture for centuries. Presented as a gift at festivals, weddings and births, acquired by families as a means of saving and aspired after as an object of beauty, gold is considered both an investment and an adornment across India. Product integrity is a key attribute of gold industry and it is not evident in India.
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Source: World Gold Council (WGC)
ASX chooses blockchain for equities clearing
December 7, 2017--The operator of Australia's dominant securities exchange will turn to blockchain technology to manage the clearing and settlement of equity transactions.
ASX Ltd. said Thursday it will use distributed ledger technology, more commonly known as blockchain, to replace its Clearing House Electronic Subregister System.
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Source: foxbusiness.com
IMF Executive Board Concludes Financial Sector Stability Assessment with China
December 6, 2017--On November 10, 2017, the Executive Board of the International Monetary Fund (IMF) discussed the IMF's latest Financial System Stability Assessment (FSSA) of the People's Republic of China.[1]
Since the 2011 Financial Sector Assessment Program (FSAP), China's impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation.
While the financial system has facilitated this high growth rate, it has developed rapidly in size and complexity, and it has emerged as one of the world's largest with financial assets at nearly 470 percent of GDP.
Tensions, however, have emerged in various areas of the Chinese financial system. First, monetary and fiscal policies aimed at supporting employment and growth have, in recent years, been expansionary. Pressures to keep non-viable firms open-rather than allowing them to fail-are strong, particularly at the local government level, where these objectives, at times, conflict with financial stability. As a result, the credit needed to generate additional GDP growth has led to a substantial credit expansion resulting in high corporate debt and household indebtedness rising at a fast pace, albeit from a low base.
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Source: IMF
A Bitcoin Frenzy Like No Other Is Gripping South Korea
December 6, 2017--Prime minister warns cryptocurrency may corrupt Korean youth
Concerned regulators formed a task force to boost supervision
Like thousands of South Koreans, Moonsung Bae is infatuated by bitcoin.
The 35-year-old financial analyst got his first taste a year ago, before the cryptocurrency exploded into one of the wildest investment stories of our time, and by the end of last month his personal holdings had swelled to half his liquid assets.Like thousands of South Koreans, Moonsung Bae is infatuated by bitcoin.
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Source: Bloomberg
BetaShares launches Australian Sustainability Leaders ETF (ASX: FAIR)
December 6, 2017--We are pleased to announce the launch of the BetaShares Australian Sustainability Leaders ETF (ASX: FAIR), a new ethical ETF giving investors access to a portfolio of sustainable, ethical Australian companies in one simple trade.
FAIR provides exposure to a diversified portfolio of Australian companies that have been screened to preference companies engaged in sustainable business activities and to avoid companies engaged in activities deemed inconsistent with responsible investment considerations.
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Source: betashares.com.au
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