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IMF Working Paper-Financial Sector and Economic Growth in India
July 8, 2022--Summary:
India's financial sector has faced many challenges in recent decades, with a large, negative, and persistent credit to GDP gap since 2012. We examine how cyclical financial conditions affect GDP growth using a growth-at-risk (GaR) approach and analyze the link between bank balance sheets, credit growth, and long-term growth using bank-level panel regressions for both public and private banks.
We find that on a cyclical basis, a negative shock to credit or a rise in macro vulnerability all shift the distribution of growth to the left, with lower expected growth and higher negative tail risks; over the long term, the results indicate that higher credit growth, arising from better capitalized banks with lower NPLs, is associated with higher GDP growth.
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Source: imf.org
ETFs come to China with a vengeance
July 7, 2022--Exchange-traded funds track a basket of stocks that can be bought and sold as a single asset.
In five years, mainland China saw the number of ETFs more than quadruple to 645, while the number of stocks rose by a mere 53% to 4,615.
A regulatory change that took effect Monday opened that ETF market to overseas investors via Hong Kong - a program called the ETF Connect.
China has joined the global craze over exchange-traded funds, the investment product that lets traders buy and sell a basket of stocks.
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Source: cnn.com
Mainland ETFs dominate as China-Hong Kong trading scheme goes live
July 6, 2022--More than 80 Shanghai and Shenzhen-listed ETFs can now be traded via the northbound Stock Connect route
Investors in mainland China and Hong Kong began trading exchange traded funds across each other's markets this week, with strategies from the mainland far outnumbering their Hong Kong-listed counterparts.
Under the new cross-border trading scheme, which debuted on the first trading day after the 25th anniversary of the handover of Hong Kong on July 1, 83 mainland-listed ETFs, including 53 in Shanghai and 30 in Shenzhen, can now be traded by international investors via the northbound Stock Connect route, compared with only four Hong Kong-listed ETFs during the initial stage.
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Source: ft.com
HKEX Celebrates Launch of ETF Inclusion in Stock Connect
July 4, 2022--Hong Kong Exchanges and Clearing Limited (HKEX) today (Monday) celebrates the successful launch of the inclusion of ETFs in Stock Connect with a virtual market open ceremony.
The virtual event, viewed by market participants, welcomed speeches from representatives that include regulators, exchange operators as well as securities registration and clearing institutions in Hong Kong and Mainland China, and culminated with a gong-striking ceremony to mark the start of trading.
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Source: Hong Kong Exchanges and Clearing Limited (HKEX)
OneConnect Successfully Listed on the Main Board of the Stock Exchange of Hong Kong
July 3, 2022--OneConnect Financial Technology Co., Ltd. ("OneConnect" or the "Company") (NYSE: OCFT), a leading technology-as-a-service provider for financial institutions in China, today announced that it has successfully listed, by way of introduction (the "Listing"), its ordinary shares (the "Shares") on the Main Board of The Stock Exchange of Hong Kong Limited (the "SEHK").
The Shares are traded on the Main Board of SEHK under the stock code "6638" in board lots of 500 Shares, and the stock short name is "OCFT".
The Company's American depositary shares (the "ADSs"), each representing three Shares, remain primarily listed and traded on the New York Stock Exchange (the "NYSE"). In connection with the Company's Listing, the Company's depositary facility for its ADSs is expected to be closed for the deposits of its Shares and will re-open on November 14, 2022.
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Source: OneConnect
New World Bank Group Report Proposes Path for Vietnam to Address Climate Risks while Sustaining Robust Economic Growth
July 1, 2022--The World Bank Group's Country Climate and Development Report for Vietnam underscores the urgency of adaptation to climate change, combined with policies and public and private investments to reduce the carbon intensity of growth.
Vietnam's 100 million people are among the most vulnerable in the world to climate impacts, facing hazards along the country's 3,260-km long coastline and extensive low-lying regions.
Threats to urban and industrial areas, especially in and around the economic powerhouse of Ho Chi Minh City, put large sections of the economy at risk. The Mekong Delta, home to 18 million people, is already being affected by climate change; some provinces could see over 70 percent of their land inundated within 80 years. The report states that Vietnam lost about $10 billion in 2020, or 3.2 percent of its gross domestic product, to climate impacts. Models suggest that the costs to the economy generated by climate change could total as much as $523 billion by 2050. The report argues that investments to address climate impacts are a priority.
view the World Bank Vietnam Country Climate and Development Report
Source: worldbank.org
Hang Seng IM plans to delist $5.5bn ETF as part of SSGA's Tracker Fund takeover
July 1, 2022--Hong Kong manager is set to become largest in the territory once takeover is complete
Hang Seng Investment Management plans to delist its Hang Seng index exchange traded fund in September as part of its process of taking over the management of the identical but larger State Street Global Advisors' Tracker Fund.
The Hong Kong manager has proposed delisting its HK$43.28bn ($5.51bn) Hang Seng index ETF on September 13, according to an announcement. The delisting plan requires approval from at least 75 per cent of investors with voting rights when the proposal is formally put forward on July 13.
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Source: FT.com
Sebi permits FPIs to deal in exchange-traded commodity derivatives
June 30, 2022--Indian regulators have been cautious in allowing FPIs in the commodities market on fears that sudden outflows by them may disrupt the market
The Securities and Exchange Board of India's (Sebi's) board on Wednesday allowed foreign portfolio investors (FPIs) to trade in exchange-traded commodity derivatives. The move, it said, "will enhance liquidity and market depth, as well as promote efficient price discovery."
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Source: business-standard.com
Global Conditions Pose Risks for Growth and Inflation Outlook in Indonesia, New World Bank Report Says
June 29, 2022--Stable, smooth-functioning financial sector is key to COVID-19 recovery, longer-term growth
Indonesia's economy is projected to grow 5.1 percent in 2022 and 5.3 percent in 2023, as the pressures of deteriorating global economic conditions, higher inflation, and tightening external finance begin to weigh, according to the June 2022 edition of the World Bank's Indonesia Economic Prospects report, released today. Risks to the outlook are tilted to the downside.
Indonesia's growth momentum in 2021 carried into early 2022, with the economy growing at 5 percent in the first quarter (year-on-year), according to the report, Financial Deepening for Stronger Growth and Sustainable Recovery. The pick-up in domestic demand since the end of last year provided relief to the private sector, especially medium, small, and micro enterprises that suffered disproportionately during the pandemic. The domestic recovery also enabled some fiscal consolidation, while monetary policy has remained appropriately accommodative. This has enabled a pick-up in bank lending in support of the recovery.
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Source: worldbank.org
China's economy didn't bounce back in the second quarter, China Beige Book survey finds
June 28, 2022--Chinese businesses ranging from services to manufacturing reported a slowdown in the second quarter from the first, reflecting the prolonged impact of Covid controls.
That's according to the U.S.-based China Beige Book, which claims to have conducted more than 4,300 interviews in China in late April and the month ended June 15.
The analysis found few signs that government stimulus was having much of an effect yet.
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Source: cnbc.com
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