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IMF Working paper-China's Growth: Can Goldilocks Outgrow Bears?
May 27, 2015--Summary: The paper analyzes the recent growth dynamics in China, evaluating both cyclical positions and long-term growth prospects.
The analysis shows that financial cycles play a more important role than traditional inflation-based cycles in shaping the dynamics of growth. Currently, the 'finance-neutral' gap-our measure of the financial cycle-is large and positive, reflecting imbalances accumulated in the economy since the Global Financial Crisis. A period of slower growth is therefore both likely and needed in the near term to restore the economy to equilibrium. In the medium term, growth will slow as China moves closer to the technology frontier, but a steadfast implementation of reforms can ensure that China follows the path of the "Asia Tigers" and achieves successful convergence to high-income status.
view the IMF Working paper-China's Growth: Can Goldilocks Outgrow Bears?
Source: IMF
CSDC, SZSE and HKMA Collaborate to Provide Infrastructure Services for Mutual Recognition to Cross-border Funds
May 27, 2015--China Securities Regulatory Commission and Hong Kong Securities and Futures Commission jointly announced on May 22 that the Mutual Recognition to Cross-border Funds (hereinafter referred to as "the Mutual Recognition") will be put into implementation on July 1, 2015.
Due to the large number of institutions involved in the Mutual Recognition and the open system and difficulties in operation and supervision, China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as "CSDC"), Shenzhen Stock Exchange (hereinafter referred to as "SZSE") and Hong Kong Monetary Authority (hereinafter referred to as "HKMA") have decided to realize the interconnection and interworking between two markets via platform connectivity.
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Source: Shenzhen Stock Exchange
BetaShares launches first NASDAQ ETF in Australia
May 27, 2015--BetaShares is pleased to announce the launch of our newest product and Australia's first ETF to track the NASDAQ-100 Index-BetaShares NASDAQ 100 ETF (ASX: NDQ).
NDQ provides Australian investors with a simple and cost effective way to access some of the world's most revolutionary companies.
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Source: BetaShares
Large share of NPS funds of Rs 80,800 crore set to be invested in ETF of PSUs
May 26, 2015--A big share of the National Pension System's funds of Rs 80,800 crore is set to move to a new exchange traded fund of state-run companies that could be launched in a month, targeting retirement funds.
"We are in discussions with both fund managers and the regulator," a senior finance ministry official said, adding that this may coincide with the second tranche of disinvestment through the ETF route, likely next month.
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Source: The Economic Times
Mainland link will boost HK as fund centre, says SFC
May 26, 2015--Hong Kong's securities regulator sees mutual recognition as a way of increasing the number of funds domiciled in the city and raising its profile as a regional centre.
It also aims to attract more investment to the city.
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Source: Asian Investor
IMF Staff Completes the 2015 Article IV Consultation Mission to China
May 26, 2015--A mission from the International Monetary Fund (IMF), led by Mr. Markus Rodlauer, Deputy Director of the Asia and Pacific Department, visited Beijing, Shanghai and Taiyuan from May 14 to 27 to conduct discussions on the annual Article IV review of the Chinese economy.
The mission held highly constructive and candid discussions with senior officials from the government, the People's Bank of China, private sector representatives, and academics to exchange views on prospects for the economy, reforms and challenges ahead.
The IMF's First Deputy Managing Director, Mr. David Lipton, joined the final policy discussions and met with Vice Premier Ma Kai, People's Bank of China Governor Zhou Xiaochuan, and China Securities Regulatory Commission Chairman Xiao Gang, among other senior officials.
At the end of the visit, the mission made the following remarks:
"China is transitioning to a new normal, aimed at safer and higher-quality-even if a bit slower-growth.
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Source: IMF
Bassanese's Market Insights: Should we fear Fed tightening?
May 26, 2015--Recent commentary from United States Federal Reserve Chairperson Janet Yellen confirms our view that US official interest rates will rise this year.
While our bullish view on the US economy had earlier led us to think the Fed could tighten in the first half of the year, it now appears likely the first move will take place by September -with a moderate chance the Fed could still act next month.-
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Source: BetaShares
ANZ and ETF Securities launch joint venture with six ASX listed exchange traded funds
May 26, 2015--ANZ and ETF Securities today announced the formation of a joint venture, which will provide a range of exchange traded funds (ETFs) developed for Australian investors and self-managed super funds.
The new company, known as ANZ ETFS Management (AUS) Limited ('ANZ ETFS'), will list a range of six new ETFs on the Australian Stock Exchange (ASX) in the coming weeks. The products are designed to be transparent and cost-effective building blocks for investment portfolios, providing exposure to commonly traded equity, commodity and foreign exchange benchmarks.
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Source: ETF Securities
The People's Bank of China Financial Statistics, April 2015
May 25, 2015--1. Broad money rose by 10.1 percent and narrow money by 3.7 percent
At end-April, the broad money supply (M2) stood at 128.08 trillion yuan, increasing by 10.1 percent year-on-year, down 1.5 percentage points from a month earlier and 3.1 percentage points from the same period last year.
The narrow money supply (M1), at 33.64 trillion yuan, rose by 3.7 percent year-on-year, up 0.8 percentage points from a month earlier but down 1.8 percentage points from the same period last year. The amount of currency in circulation (M0) was 6.08 trillion yuan, increasing by 3.7 percent year-on-year. The month saw a net money withdrawal of 117.7 billion yuan.
2. RMB loans rose by 707.9 billion yuan and foreign currency loans by US$ 5.2 billion
At end-April, outstanding RMB and foreign currency loans totaled 92.24 trillion yuan, up 13.4 percent year-on-year. Outstanding RMB loans grew by 14.1 percent year-on-year to 86.61 trillion yuan, up 0.1 percentage points from a month earlier and 0.3 percentage points from the same period last year. RMB loans increased by 707.9 billion yuan in April, 185.5 billion yuan more than the growth in the same period last year. By sector, household loans rose by 292.3 billion yuan, with short-term loans and medium and long-term (MLT) loans increasing by 135.6 billion and 156.8 billion yuan, respectively; loans to non-financial enterprises, government agencies and organizations rose by 510 billion yuan, with short-term loans, MLT loans and bill financing increasing by 70.4 billion, 277.6 billion and 136.1 billion yuan, respectively; loans to non-banking financial institutions dropped by 93.1 billion yuan. At end-April, outstanding foreign currency loans stood at US$919.8 billion, up 3.4 percent year-on-year. In April, foreign currency loans grew by US$5.2 billion.
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Source: The People's Bank of China
ANZ enters $18b ETF market with six listings
May 25, 2015--ANZ Banking Group has become the first Australian bank to enter the $18 billion Australian exchange traded fund market, teaming up with London based ETF Securities to list six new securities on the Australian Securities Exchange that are tied to currencies, commodities and the share-market.
The new joint venture will list ETFs linked to US dollar and the Chinese renminbi via deposits at the bank, physical gold stored in its giant vault in Singapore and three equity index linked ETFs tied to the US and Australian share markets.
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Source: Financial Review
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