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Selected financial charts

A selection of key financial data over the past fortnight.

28 August 2014

Further trust slowdown ratchets up the pressure

Trust issuance has continued to slow as the value of maturing trusts are rising dramatically, increasing potential default risks. To date, however, policymakers remain reluctance to countenance infrastructure trust defaults, with defaults most likely to occur within the energy and mining sectors.

28 August 2014

Recovery proves short-lived

Sluggish July data and initial indications from our proprietary surveys in August appear to have borne out our prediction that the apparent uptick in Chinese economic growth seen in June would prove short-lived.

28 August 2014

Bond markets rebound despite rising default risks

Stricter shadow finance regulations, a series of targeted easing measures by the central bank and market participants’ increasing acceptance of bonds as risk-based investment assets have contributed to a sharp rebound in bond issuance in recent months.

31 July 2014

Tempering the optimism

Despite indications of a further strengthening of Chinese economic activity in July, it remains too soon to call a sustainable recovery.

31 July 2014

Regulator announces new round of IPOs

Investors debate the significance of the latest round of A-share IPO approvals.

17 July 2014

Targeted easing boosts credit in June

Recent targeted monetary policy adjustments resulted in a marked rebound in credit growth in June. The sum of total social financing (TSF) – the widest official measure of financing in the economy – and our estimate of underground lending achieved Rmb2.18tn in June, up 38% MoM and 72% YoY. While credit growth may provide short-term support for the economy, it remains to be seen how long this rebound will last, as rapid credit expansion may prompt policymakers to intervene so as not to undermine broader efforts to reduce shadow finance leverage.

15 July 2014

Selected financial charts

A selection of key financial data over the past fortnight.

03 July 2014

China’s monetary policy shift

Recent targeted moves to boost base money supply suggest that China’s central bank is set on managing liquidity through direct measures aimed at specific sectors of the economy, rather than previously used market-wide injection tools such as rate cuts or RRR hikes

03 July 2014

Lessons from the liquidity squeeze

A year on from the severe liquidity squeeze in June 2013, bankers and market participants have been debating the lessons learned and examining why there wasn't a repeat performance this year.

03 July 2014
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