China Stock Market: Interest Rates Hike Fear Ruins the Fragile Confidence
Ouch! Just as the stock markets seemed to be gaining some short-term confidence, the knock-out combination of terrible markets in the rest of the world and more fears of domestic interest-rate hikes (especially the latter) slammed China's stock market rally today. Yesterday's sudden drop in bond prices had, I think, the biggest impact – there are rumors running around that the PBoC will raise interest rates as early as this weekend.
China May Ease Procedures for the Issuance of "Panda Bonds"
China's supervisory departments are revising regulations pertaining to the issuance by international development institutions of RMB denominated bonds in China. Issuance thresholds might be decreased, especially as it relates to geographical limitations, as well as accounting standards, and the place of registration for credit rating companies.
CIC and SAFE: Coordination or Bureaucratic Conflict?
Underlying the creation of the CIC was a long-running bureaucratic dispute between the Ministry of Finance (MOF) and the People's Bank of China (PBOC), China's central bank. SAFE's attempts to expand its own equity investments, clearly encroaching onto the CIC's turf, is likely more reflective of these bureaucratic conflicts than a coordinated government strategy for investing China's foreign exchange reserves.
A-shares "Cheaper" Than American Stocks. Time to Buy?
China's stock market took another steep fall last week. The Shanghai-Shenzhen 300 Index, covering both the Shanghai and Shenzhen Exchanges, slumped by 15%, marking the largest weekly tumble since April, 2005, when the index was established.
China's National Pension Set to Be the Top Capital Provider for PE Funds
Dai Xianglong, Chairman of the National Council for the Social Security Fund said that the Council had decided to invest in two PE funds, Hongyi and Dinghui-- beginning to do so in May. It is estimated that by 2010 the National Social Security Fund will have accumulated more than 1 trillion Yuan. By that time, 100 billion Yuan may already be invested in PE funds.
Sichuan Earthquake Sends Deep Tremors to the Market
Economic aftershocks caused by the Wenchuan earthquake and a string of bad news about the domestic and overseas macroeconomy have led to this round's largest single day China A-share market tumble today. Twenty weighted shares slid. Nearly 1000 stocks had dropped to the daily limit at closing, and only 25 stocks moved up. The Shanghai Composite Index closed 257 points and 7.73% down at 3072.33 points, while the Shenzhen Component Index closed at 10765.91 points, a drop of 968.07 points and 8.25%.
China's Overseas Securities Investment Burnt by Subprime Woes
According to the "2007 Report on the Balance of Payments" issued by the State Administration of Foreign Exchange, China's net overseas portfolio investment fell by $108.1 billion in 2007 from a total of $110.4 billion in 2006. Under the malevolent influence of the subprime crisis, China's net overseas portfolio investment totaled only $2.3 billion, a 98% drop from the previous year.
Profit Takers Depress Chinese Telecoms' Share Prices After Reshuffle
Investors who have watched their China telecom industry stocks rise and rise are now profit-taking, leading to a drop of over 10% on the first trading day after the issue of the reorganization proposal of the mainland's telecoms industry. The Hang Seng Index lost 455 points on the day.
China's Fund Industry Openness Evaluated
Of all the sectors of China's financial markets, the fund sector is the one most open to foreign investment. Foreign investors are allowed to hold a 49% stake in fund companies. At present, among China's 60 fund companies, 30 of them have taken on foreign investors.
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