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Amid China market standoff, calls for a more transparent central bank
June 23, 2013--The People's Bank of China (PBOC) let short-term interest rates spike to extraordinary levels this past week as it refused to inject funds into money markets. Some observers saw it as an attempt to force banks to stop channeling money into the informal banking sector, known as "shadow banking",
which authorities worry is creating significant credit risks. For years, the central bank has made stability its watchword, which for the money markets meant it would always provide liquidity when cash conditions tightened. As the central bank is now standing back while banks scramble for cash, markets are left uncertain as to whether there has been a fundamental change in policy. In effect, there seems to be a competing policy objective, said Fitch Ratings Senior Director Charlene Chu."The real uncertainty in the market comes down to people not really knowing which of those is more important at which point in time," she said on the sidelines of a conference in Sydney. Traders blame the absence of a clear and public signal from the central bank for panic at some smaller banks, as the cost of borrowing overnight funds spiked to as high as 25 percent for some institutions. Those jitters spread more broadly late last week, as rumors -- passed on by Chinese media outlets - that two major banks had received emergency funds from the PBOC circulated in financial markets in London and New York on Thursday.
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Source: Today's Zaman
Thomson Reuters Launches Investable Real Estate Benchmarks For Asia Pacific Region
Regional Real Estate Indices for the top 100 Regional Property Developers and REITs Developed by Thomson Reuters, Global Property Research and Asia Pacific Real Estate Association
June 23, 2013--Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, Global Property Research (GPR), a real estate index specialist, and Asia Pacific Real Estate Association (APREA), which represents and promotes the real estate asset class in the Asia Pacific region, today announced the launch of two investable Asia Pacific Real Estate Indices--based on the TR/GPR/APREA Composite index family launched earlier in the year.
The Thomson Reuters GPR/APREA Investable 100 and Investable REIT 100 indices have been developed with leading investors in Asia Pacific real estate. They reinforce the three parties' commitment to provide a comprehensive suite of property benchmarks for Asia Pacific investors exposed to various levels of liquidity, and support Thomson Reuters vision to connect and enable the global financial community.
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Source: Thomson Reuters
Thomson Reuters Named Official Calculating Agent for CNH HIBOR Benchmark-Thomson Reuters to further facilitate internationalization of renminbi
June 21, 2013--Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, will begin compiling and publishing the Treasury Markets Association,s (TMA) offshore renminbi Hong Kong Interbank Offered Rate benchmark (CNH HIBOR benchmark), following its appointment as the official calculating agent for this key industry interest rate benchmark.
This provides a formal benchmark for market participants to reference when pricing renminbi loan and interest rate contracts.
The calculation of the CNH HIBOR benchmark is based on the rate contributions by 16 regional and global banks. The benchmark is calculated daily and is published at 11:15 am every trading day in Hong Kong.
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Source: Thomson Reuters
India's Reliance Capital suspends gold sales
June 21, 2013--India's rattled bullion industry is concerned that the decision is just the beginning of a trend with other companies expected to follow suit
Are the curtains set to come down on the sale of gold in India from major institutions? In the first of its kind response to the ongoing gold import imbroglio in India, Reliance Capital has suspended sale of physical gold and all gold related investment products.
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Source: MineWeb
China central bank holds line on shadow banking as rates spike
June 20, 2013--China's central bank faced down the country's cash-hungry banks on Friday, letting interest rates again spike to extraordinary levels as it increases the pressure on the banks to rein in rampant informal lending and speculative trading.
The banks have been using cheap official funds to finance the vast "shadow banking" market, which Beijing worries is siphoning credit from industry and creating asset-price bubbles. The People's Bank of China (PBOC) has tried to put an end to this over the past three weeks, declining to inject significant funds into the money markets even as the interest rate for some banks to borrow short-term funds has soared to 25 percent or higher."They are trying to take a different approach to rein in shadow banking activity," Charlene Chu, senior director at Fitch Ratings, told reporters on the sidelines of a conference in Sydney.
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Source: Today's Zaman
SSE, CSI Update Industry Classification of Listed Companies
June 20, 2013--Shanghai Stock Exchange (SSE) and China Securities Index Co., Ltd (CSI) have recently published the adjusted industry classification of listed companies according to the annual reports of 2012.
The adjustment involves 35 listed companies.
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Source: Shanghai Stock Exchange (SSE)
SSgA reshuffles senior staff amid expansion drive
June 20, 2013--State Street Global Advisors (SSgA) has undertaken a senior staff reshuffle globally amid a drive to expand its equity and credit product lines in both active and passive investments this year.
Lochiel Crafter has...
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Source: Asian Investors
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-ETP market witness $1bn cash inflows, AUM increases marginally
June 18, 2013--Market Review
Last week, all the major markets in the Asia-Pacific region remained in negative territory except Australia. Compared to the week before, from north to south:
Japan (Nikkei 225) -1.48%
Korea (KOSPI2)-2.32%
China (CSI 300) -2.71%
Hong Kong (HSI) -2.81%
Singapore (FSSTI)-0.73%
Australia (S&P/ASX 200) +1.14%
New Product Launch Review
Last week, one new product was launched in the Asia-Pacific ETP market. Krung Thai Asset Management listed one Equity ETF (ECOMM TB) on Stock Exchange of Thailand tracking the SET Commerce Sector Index.
ETP Weekly Cash Flows
The Asia-Pacific ETP flows during last week totaled +$1bn vs. +$1.5bn (+1.0% of AUM) of inflows for the previous week, setting the YTD weekly flows average at +$355mn (+$8.5bn YTD in total cash flows). Developed market equity ETFs recorded inflows of +$502mn while emerging market equity ETFs registered outflows of -$201mn. Leveraged strategy ETFs witnessed the highest weekly inflows of +$779mn among all the segments. ETPs offering exposure to Japan and Hong Kong registered inflows of +$297mn and +$202mn while South Korea and China witnessed outflows of -$102mn and -$101mn respectively.
Turnover Review
Asia-Pacific ETP turnover totaled $14bn for the last week, -4.5% down by the previous week’s total. Japan continues on the top of the turnover ranking with $5bn turnover, followed by South Korea ($4.4bn), China ($2.3bn) and Hong Kong ($1.9bn). Among equity ETFs, Emerging Country, leveraged long, Asia-Pacific developed country and short ETFs had total turnovers of $5.2bn, $4.4bn, $2.5bn and $0.8bn, respectively. Among the commodity asset class, turnover in gold ETPs totaled $127mn.
Assets under Management Review
Last week, Asia-Pacific ETP AUM increased by $419mn, and ended at $145.5bn. On a year-to-date basis, Asia-Pacific ETP market is up by $9.5bn or 7.0% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
SSgA boosting Asian capabilities, launches China JV
June 18, 2013--State Street Global Advisors (SSgA) is moving to strengthen its investment capabilities across Asia Pacific including in China, where it is recruiting for its freshly minted joint venture.
The US house, roughly 90% of whose assets are invested passively, has joined forces with Zhongrong International Trust, which boasts a strong distribution presence in wealth management products.
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Source: Asian Investor
HKEx Welcomes Tomorrow''s Listing Of Hong Kong's First RMB Bond ETF
June 17, 2013--Hong Kong Exchanges and Clearing Limited (HKEx) welcomes the listing of Asia's first offshore renminbi (RMB) bond Exchange Traded Fund (ETF) on The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of HKEx, scheduled for tomorrow (Tuesday).
The iShares RMB Bond Index ETF to be listed by iShares Asia Trust is a RMB-denominated physical ETF that will be traded and settled in both Hong Kong dollars (HKD) and RMB. There will be two counters of the same class, with holders of units of the counters treated equally. The two counters will have different stock codes (3139 and 83139 for the HKD and for RMB counters respectively) and slightly different names for easy identification.
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Source: Hong Kong Exchanges and Clearing Limited (HKEx)
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