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October 30 , 2017
  • CNBC：Chinese stocks are selling off after a week of steady trade during China's Party Congress
    CNBC reports: "After a week of relatively stable trade during China's 19th Communist Party Congress, Chinese stocks took a tumble in early Monday trade. The Shanghai Composite closed down 0.77 percent after sliding 1.3 percent earlier in the session and the Shenzhen Composite finished down 1.731 percent after tumbling about 2 percent earlier in the day. The ChiNext index, Shenzhen's Nasdaq-style start-up board, fell 2.637 percent by the end of the session. Experts gave different explanations for the fall in stock markets, with one pointing to the retreat in government bonds as a key factor. 'The bond market is crashing today,' said Hao Hong, head of research at Bocom International, adding that there were concerns about liquidity in the market. Yields on China's 10-year government bond had risen last week due to expectations that the country's central bank would continue its deleveraging campaign. The 10-year's yield stood at 3.89 percent at 11:34 a.m. HK/SIN — around the highest level in three years. 'China's bond market entered a bear market despite China's strong issuance of dollar sovereign bonds last week, as well as [the] People's Bank of China's gesture to ease liquidity concern,' Tommy Xie, an economist at OCBC Bank, said in a morning note. The Chinese government had issued its first dollar-denominated bonds in more than a decade last week."
  • Bloomberg：Xi Appoints New Leader to Run China's Biggest Financial Hub
    Bloomberg comments: "One is China's most reliable political springboard, the other is its largest regional economy. Both got new party chiefs in a weekend reshuffle that expands President Xi Jinping's options for remaking the top leadership. Li Qiang, 58, a one-time top Xi aide, was appointed Communist Party secretary of the eastern financial hub of Shanghai on Sunday, the official Xinhua News Agency said. A day earlier, Li Xi, 61, was named party chief of Guangdong province, the southern industrial powerhouse with an economy larger than Mexico's. The moves are part of a political shake-up in the wake of the twice-a-decade party congress that concluded last week in Beijing. Xi promoted no clear successors to the Politburo's supreme Standing Committee, disrupting norms that held for a quarter century and leaving the door open for staying in power after his second term ends in 2022. Both Li Qiang and Li Xi had earlier secured seats on the broader 25-member Politburo, which gathers senior provincial, party and military leaders from around China to meet once a month. Running Shanghai has been the most reliable path to the Standing Committee, according to a Bloomberg analysis of party promotions, with all but one party chief over the past three decades joining the top political body.'"
  • Foreign Policy：Washington Has a Bad Case of China ADHD
    Foreign Policy comments: "As global attention fixes on the Trump administration's North Korea and Iran policies, the White House is preparing for another consequential policy shift that's gone almost unnoticed in comparison — this time on China. Reports suggest the Trump administration will soon adopt a more hard-edged strategy toward China's unfair trade practices and pursuit of American technology, among other issues. In theory, this would represent a major departure from how the United States has approached China, now the world's second-largest economy and military spender. Yet the Trump administration's ability to translate this new approach into sustained action remains in question. Multiple U.S. administrations have tried, and failed, to focus attention on a rising China... If the United States is to maintain its regional and global influence, military advantage, and economic prosperity, American leaders starting with the current administration will have to take a more competitive approach toward China. This does not preclude cooperating in areas of mutual interest. Beijing sees no reason to back down on contentious issues while simultaneously pursuing common objectives through engagement; neither should Washington. Ultimately, China needs cooperation with the United States just as much as (if not more than) the reverse. Implemented smartly, a more competitive approach toward China will not endanger existing — or future — areas of cooperation. Yet whether the United States can focus on China remains in doubt."
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