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25 March 2010
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Appearances deceiveThe Big Call
Russia-China: The Great (untapped) Synergy
Desultory scenes at one of China's border trading posts with Russia contrast sharply with the huge trade synergies that may start to be realised in the coming three years.
Consumer China
Panning for gold: Listed Chinese small caps
Irregularities and fraud have become words associated with listed Chinese small cap stocks overseas, but among the dross the lure of a genuine nugget keeps some investors enthusiastic.
American Lorain (ALN:AMEX)
American Lorain faces fierce competition in overseas markets for chestnuts and may require intensified marketing efforts to drive domestic sales. Its optimism for 2010 may not be justified.
Huayi Brothers (300027:SZ)
Huayi appears to be a genuine prospect. A leader in the private movie-making market, it appears set to benefit from a growing middle class infatuation with the silver screen.
Beijing Ultrapower Co (300002:ChiNext)
As long as China Mobile, its big customer, prospers, the future would seem to be bright for Ultrapower, an IT service and software provider.
Noah Education (NED:NYSE)
Noah appears under pressure from a number of fronts. Its electronic educational devices, for instance, are at risk of being rendered obsolete by increasingly smart mobile phones.
Financial China
After the credit binge, the hangover
China's large banks need to raise a possible Rmb 800bn to meet capital needs, but are the domestic markets up to supplying that kind of money?
Rmb appreciation, or a new basket, or nothing much?
China's current peg to the US dollar will be overhauled at some stage, but will it be replaced by a genuine currency basket, or – with a trade deficit in March in prospect – will nothing much change?
An asymmetric interest rate hike?
An asymmetric hike in interest rates is looking increasingly likely because of the lopsided nature of China's frailties.
Selected Financial Charts
A selection of key financial charts.
Capital Intensive China
Real estate shows signs of cooling
Several signs are combining to suggest that China's property market may be cooling and be set to cool further in coming weeks - a prospect that could ultimately hit international base metal prices.
Best of Chinese Commentators
When is the central bank going to raise interest rates?
Most economists predict an interest rate hike in the coming months, but they differ on details.
Will the withdrawal of some SOEs damp property prices?
Some 78 State-owned enterprises have been told to exit the property market once current projects are completed, but this may have little immediate impact on property prices.
Funds Data
Flows to Hong Kong ETFs surge
A strong pipeline of new listings has put Hong Kong exchange traded funds in favour with investors.
Guest Column
Beyond the exit risk
Jun Ma, chief economist and strategist for Greater China at Deutsche Bank, argues that China's long-term fundamentals remain compelling despite current concerns over asset bubbles.
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RENMINBI COMPASS
Renminbi Compass, a new research service launched by the FT, aims to act as a navigational guide through the expanding universe of renminbi asset classes. With the Chinese currency gaining ever-wider acceptance around the world and Beijing taking steps to open its capital account, we are broadening our research coverage to include not only equity funds but also all other important renminbi asset classes, such as chengtou bonds, dim sum bonds, real estate, trust products, underground banking, art, antiques and several others.
