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View of the headquarters of the Bank of Japan in Tokyo. Asia-Pacific markets mostly climbed on Monday, with investors looking to several major central back decisions due this week including the Bank of Japan and the People's Bank of China. The BOJ is likely to hold rates when it releases its decision on Thursday, while the PBOC will announce its loan prime rates on Friday. The one-year LPR influences corporate loans and most household loans in China, while the five-year LPR serves as a benchmark for mortgage rates. On Monday traders will be assessing an economic data dump out from China, including November numbers for industrial production, retail sales and home prices in the country.
Persons: LPR Organizations: Bank of Japan, People's Bank of China, Federal, CME Locations: Tokyo . Asia, Pacific, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers in China are not willing to spend money, former PBOC adviser saysLi Daokui, Mansfield Freeman professor of economics at Tsinghua University and former adviser at the People's Bank of China, says boosting domestic consumption should be top priority as policymakers prepare for hefty tariffs from the U.S.
Persons: Li Daokui, Mansfield Freeman Organizations: Consumers, Tsinghua University, People's Bank of Locations: China, People's Bank of China, U.S
Gold firms as investors await U.S. inflation data for Fed clues
  + stars: | 2024-12-09 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices gained on Monday as investors awaited U.S. inflation data due this week for clues on the Federal Reserve's next monetary policy moves. Gold prices gained on Monday as investors awaited U.S. inflation data due this week for clues on the Federal Reserve's next monetary policy moves. Top consumer China resumed buying gold for its reserves in November after a six-month pause. Traders are now looking forward to U.S. inflation data due on Wednesday. Gold is often seen as a safe-haven asset during times of economic or political uncertainty.
Persons: Bullion, Yeap Jun Rong, Yeap, Bashar al, Assad Organizations: Federal, People's Bank of China, China, U.S, Federal Reserve Locations: U.S, Damascus, Russia
China bonds rallied Monday with the 10-year yield dropping below the key psychological level of 2% to hit a multi-decade low, amid expectations that Beijing could expand its stimulus measures to shore up the economy. Yields on China's 10-year government bond, which move inversely to prices, fell to 1.9636% on Monday, data from LSEG showed, marking its lowest level in 22 years. 30-year bond yields dropped to 2.164%. "The resistance for further downside [on bond yields] may increase due to higher government bond issuance and upcoming major meetings," OCBC's Xie noted. China's 10-year yield remains far lower than the U.S. 10-year Treasury yield of over 4%.
Persons: Tommy Xie, Edmund Goh, Goh, Pan Gongsheng, OCBC's Xie, Xie, Eugene Hsiao Organizations: OCBC Bank, People's Bank of China, CNBC, Communist Party, Macquarie Locations: China, Beijing, LSEG, Asia, U.S
China's manufacturing activity continued to expand among smaller manufacturers in November, signaling that the country's recent stimulus efforts have already helped to lift certain sectors of its ailing economy, according to a private survey released Monday. The Caixin/S&P Global manufacturing purchasing manager's index came in at 51.5, beating the median estimate of 50.5 in a Reuters poll. The Caixin survey tends to feature more small- and medium-sized firms as well as private sector companies, compared to the official PMI survey which typically polls large and state-owned firms. China's economy has shown some early signs of recovery following a slate of stimulus measures introduced from late September. However, Donald Trump's 2024 presidential win has raised concerns over increased tariffs on Chinese goods, which could dent its export sector.
Persons: Donald Trump's Organizations: P Global, PMI, Reuters, People's Bank of China Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYuan could weaken further in 2025 if Trump goes ahead with tariffs, says Capital EconomicsJulian Evans-Pritchard, head of China economics at Capital Economics, says the People's Bank of China could let the Chinese yuan go to that level in order to offset the impact of tariffs.
Persons: Trump, Julian Evans, Pritchard Organizations: Capital Economics, People's Bank of Locations: China, People's Bank of China
Brendan McDermid | ReutersThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayWinning week for marketsMajor U.S. indexes rose on Friday to end the week in the green, despite mega-cap stocks Nvidia and Alphabet dropping. The rate affects around 900 billion yuan ($124.26 billion) worth of one-year loans to some financial institutions. [PRO] Interest rates back in focusThis week, the October personal consumption expenditures price index, out Wednesday, will dominate attention.
Persons: HSI AMZN, Brendan McDermid, Donald Trump, Scott Bessent, Bessent, Kevin Warsh, Marc Rowan, Sir Richard Branson, Russell, Sam Stovall, Sundeep Gantori, — CNBC's Pia Singh, Alex Harring, Jesse Pound Organizations: New York Stock Exchange, Reuters, CNBC, U.S, China's CSI, Trump, Treasury, Fed, Bank of China, COP29, Virgin, U.S . Federal Reserve, Federal, Market, Nvidia, U.S . Department of Justice, Big Tech, Dow Jones, Nasdaq, Super Micro Company, CFRA Research, NVIDIA, UBS Locations: Asia, Pacific, China's, Azerbaijan
A man walks past the People's Bank of China (PBOC) building on July 20, 2023 in Beijing, China. The People's Bank of China kept the medium-term lending facility rate unchanged at 2.0% on 900 billion yuan ($124.26 billion) worth of one-year loans to some financial institutions, according to the bank's official statement. Keeping the MLF rate intact allows for "greater policy maneuverability" given the change in U.S. administration, at a time when commercial banks' net-interest-margins have remained tight, Pang added. "A delayed reduction in the [MLF] lending rates" would also bolster the yuan against the stronger greenback, JLL's Pang added. Unlike the Fed's focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy.
Persons: Jiang Qiming, Donald Trump's, Bruce Pang, PBOC's, Pang, Wang Tao, Zhiwei Zhang, JLL's Pang, Gary Ng, PBOC, Pan Gongsheng Organizations: People's Bank of China, China News Service, Getty Images China, U.S, Research, UBS Investment Bank, Beijing Locations: Beijing, China, Greater China, JLL
China's central bank on Wednesday kept major benchmark lending rates unchanged, as Beijing assesses the effects of its recent stimulus measures. The People's Bank of China said it would keep the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%. The 1-year LPR affects corporate and most household loans in China, while the 5-year LPR acts as a benchmark for mortgage rates. Only retail sales beat expectations, with a 4.8% year-on-year increase, indicating that recent stimulus had started seeping into certain sectors of the economy. Goldman, however, maintained "overweight" stance on China equities, forecasting a 13% upside to the benchmark CSI 300 index next year.
Persons: Bruce Pang, Pang, Pan Gongsheng, Morgan Stanley, Goldman Sachs, Goldman, Donald Trump's Organizations: People's Bank of China, People's Bank of, Reuters, Ministry of Finance Locations: Beijing, China's, People's Bank of China, China, JLL
The People's Bank of China (PBOC) building in Beijing, China, on Friday, Nov. 8, 2024. Asia-Pacific markets were set to open mostly lower Wednesday, following a mixed day on Wall Street amid mounting geopolitical tensions between Ukraine and Russia. Japan's Nikkei 225 futures pointed to a mixed open for the market, with the futures contract in Chicago at 38,300 and its counterpart in Osaka at 38,420 compared to the previous close of 38,414.43. According to a Reuters poll, China is expected to leave its benchmark lending rates unchanged on Wednesday after they were cut in October. Hong Kong Hang Seng index futures were at 19,619, slightly lower than the HSI's last close of 19,663.67.
Persons: Australia's Organizations: People's Bank of China, Investors, Reuters, Nikkei Locations: Beijing, China, Asia, Pacific, Ukraine, Russia, Japan, Chicago, Osaka, Hong Kong
GUANGZHOU, CHINA - APRIL 6: Chinese Vice Premier He Lifeng prepares for a meeting with U.S. Treasury Secretary Janet Yellen on April 6, 2024 in Guangzhou, China. Chinese Vice Premier He Lifeng and several other top financial policymakers are scheduled to speak Tuesday at a global financiers summit in Hong Kong. Hosted annually by the Hong Kong Monetary Authority, the third Global Financial Leaders Investment Summit will hold its main events throughout the day, after hosting guests at a welcome dinner on Monday evening. He, who oversees a top-level economic and financial policy-making body, would be delivering an opening keynote speech at the summit, according to South China Morning Post. Li Yunze, minister of China's National Financial Regulatory Administration, along with with Wu Qing, Chairman of China Securities Regulatory Commission and Zhu Hexin, deputy governor of People's Bank of China, are scheduled to discuss mainland China's financial developments in a panel, according to HKMA's agenda of the summit.
Persons: Lifeng, Janet Yellen, Li Yunze, Wu Qing, Zhu Hexin, Daniel Pinto, Morgan Stanley, Ted Pick, Jane Fraser, Goldman Sachs, David Solomon Organizations: U.S, Treasury, Hong Kong Monetary Authority, Global Financial, Investment, China Morning, Financial Regulatory Administration, China Securities Regulatory Commission, People's Bank of China, JPMorgan Chase, Citigroup Locations: GUANGZHOU, CHINA, Guangzhou, China, Hong Kong, Beijing
Veteran investor Howard Marks said he was hopeful about China's economy, but cautioned that the country's growth target was a monumental challenge. China has set a growth target of "around 5%" for 2024, though Bank of America and Citigroup, among others, have projected the world's second-largest economy will grow at under 5%. The World Bank has pegged China growth in 2024 at 4.8%, and expects it to decline further to 4.3% next year, despite a recent slate measures to boost the economy. The World Bank cited headwinds such as sluggish Chinese consumer spending, a struggling property market and an ageing population as key concerns for the world's second-largest economy. "You can't produce economic growth through stimulus perpetually.
Persons: Howard Marks, Marks, CNBC's Emily Chan, it's, Donald Trump's, Xi Jinping Organizations: Oaktree Capital Management, Global Financial, Investment Summit, Hong Kong Monetary Authority, Bank of America, Citigroup, Bank, People's Bank of China Locations: China
That's the view of Caroline Cai, CEO of U.S.-based Pzena Investment Management. "This is really for the first time in the last seven, eight years where we think you're getting paid to expose yourself to China," Cai told "CNBC Squawk Box Asia" this week. The investment firm has ramped up its exposure to Chinese equities in the last two years. "It's not because we have a particularly positive view on longer term Chinese macro, we kind of think things are pretty challenging. "Our view is, if the risk is obvious to everyone, at least you're getting paid to take some exposure," she added.
Persons: Caroline Cai, Cai, we're, Adam Coons, CNBC's Organizations: Pzena Investment Management, CNBC, Winthrop Capital Management, People's Bank of China Locations: China
BEIJING — China on Friday announced the central government would allocate an additional 6 trillion yuan ($840 billion) to local governments for tackling hidden debt issues. The policies will reduce hidden debt from 14.3 trillion yuan to 2.3 trillion yuan by 2028, Lan said. At the parliamentary meeting, officials had reviewed a plan to increase the limit on how much debt local governments can issue, according to state media. The additional quota would go toward swapping out local governments’ hidden debt. Nomura estimates that China has 50 trillion yuan to 60 trillion yuan ($7 trillion to $8.4 trillion) in such hidden debt, and said it expected that Beijing could allow local authorities to increase debt issuance by 10 trillion yuan over the next few years.
Persons: of Finance Lan Fo’an, Lan, Xi Jinping, Donald Trump —, , Nomura Organizations: Friday, of Finance, People’s Bank of, People’s Congress, U.S, Nomura, International Monetary Fund Locations: BEIJING, China, Beijing, People’s Bank of China, Covid
BEIJING – China is widely expected to unveil more stimulus on Friday after its parliament ends a five-day meeting. President Xi Jinping led a meeting on Sept. 26 that called for strengthening fiscal and monetary support, and stopping the real estate market slump. While the People's Bank of China has already cut several interest rates, major increases in government debt and spending requires approval by the country's parliament, called the National People's Congress. Analysts expect an increase in the scale of fiscal support after Donald Trump — who has threatened harsh tariffs on Chinese goods — won the U.S. presidential election this week. When discussing planned fiscal support at a press conference last month, Minister of Finance Lan Fo'an emphasized the need to address local government debt problems.
Persons: Xi Jinping, Donald Trump —, , Finance Lan Fo'an Organizations: Hongkong, People's Bank of, People's Congress, U.S, Finance Locations: Shanghai, BEIJING – China, People's Bank of China, Beijing
A man on a mobile phone walks past a Bank of China Ltd. branch in Guangzhou, Guangdong Province, China, on Thursday, March 27, 2014. China's largest state-owned banks are likely to see their record low profit margins decline even further as Beijing's broader stimulus package comes into play, analysts say. Still, that was 18 basis points lower from the beginning of this year. At the end of June, overall commercial bank margins dropped to 1.54%, a record low, according to official data from the national financial regulatory administration. They see NIM for state-owned banks contracting by 15-25 basis points in 2024, and "mid- to- high single-digit basis points" next year.
Persons: Agricultural Bank of China —, NIM, Karen Wu Organizations: Bank of China Ltd, — Industrial, Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of, Bank of, CNBC, Morningstar Locations: Guangzhou, Guangdong Province, China, China's, Agricultural Bank of China, Bank of China, Beijing
Pan Gongsheng, governor of the People's Bank of China, delivers a speech during the 2024 Lujiazui Forum on June 19, 2024 in Shanghai, China. BEIJING — The head of the People's Bank of China said in a closely watched meeting Tuesday that the central bank planned to maintain supportive monetary policy, according to state media. PBOC Governor Pan Gongsheng added that the central bank intended to “increase the intensity of counter-cyclical monetary policy," state media said in Chinese, translated by CNBC. Finance Minister Lan Fo'an addressed the committee Monday about a plan to increase the local government debt limit in order to replace hidden debt, state media said. Lan on Tuesday also presented a report on managing state-owned assets, according to state media.
Persons: Pan Gongsheng, Lan Fo'an, Lan Organizations: People's Bank of China, People's Bank of, CNBC, National, Committee, Finance, U.S Locations: Shanghai, China, BEIJING, People's Bank of China, U.S . Federal
Investors expect Beijing to announce details on fiscal support Friday. He expects Trump has a greater chance of winning, which he said would increase downward pressure on the Chinese yuan versus the U.S. dollar. While the People's Bank of China has cut interest rates, the Ministry of Finance has yet to release details on widely anticipated fiscal stimulus. China is considering more than 10 trillion yuan in debt issuance over a few years, Reuters reported Tuesday, citing sources. Whether it is 10 trillion yuan over three to five years, or 2 trillion yuan in one year, the average is about 2 trillion yuan in support a year, she pointed out.
Persons: Aly Song, That's, , Donald Trump, Kamala Harris, Harris, Ting Lu, Biden, Zhu Bin, Zhu, Trump, Liqian Ren, Ren, Xi Jinping, Lan Fo'an, Zong Liang, WisdomTree's Ren Organizations: Reuters, U.S, Investors, National People's, Trump, Nomura, Nanhua, CNBC, U.S ., WisdomTree, People's Bank of, Ministry of Finance, Finance, Bank of China Locations: Yiwu, Zhejiang province, China, Reuters BEIJING, Beijing, U.S, United, People's Bank of China
Former PBOC advisor discusses China and central government debt
  + stars: | 2024-11-04 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina not realizing central government debt is markets' most important financial product: ProfessorLi Daokui, Mansfield Freeman professor of economics at Tsinghua University and former advisor at the People's Bank of China, says central government debt is the "bottom of the pyramid of financial products — it is the least risky, it is the most liquid financial asset in any mature financial market."
Persons: Li Daokui, Mansfield Freeman Organizations: China, Tsinghua University, People's Bank of Locations: People's Bank of China
China launches new lending tool before year-end loan expiry
  + stars: | 2024-10-29 | by ( ) www.cnbc.com   time to read: +2 min
A man looks at his smartphone as he walks past the People's Bank of China building on May 20, 2022 in Beijing. Despite taking effect on Monday, the PBOC did not mention the new tool in its open market operations statement. China's central bank launched a new lending tool on Monday to inject more liquidity into the market and support credit flow in the banking system ahead of the expiration of trillions of yuan in loans at the end of the year. Beijing is counting on massive financial stimulus announced in September to kick-start lending and investment, as a sharp property market downturn and frail consumer confidence weigh on investor confidence. "The central bank's choice to launch this new tool at this time is also expected to be a better hedge against the concentrated expiry of medium-term lending facility before the end of the year," the article added.
Persons: Xu Tianchen Organizations: People's Bank of, Economist Intelligence Unit, European Union, State, Shanghai Securities News Locations: People's Bank of China, Beijing, OMO, United States
“Taiwan's membership at the IMF would help boost financial resilience,” the Taipei Economic and Cultural Representative Office in Washington said during this week's IMF and World Bank annual meetings. Taiwan also is seeking to participate in the U.N. World Health Organization's annual World Health Assembly and join Interpol. But China, which sees Taiwan as a breakaway province and threatens to annex it by force, has blocked such efforts and insists it represent Taiwan in international forums. The island is now designated as “Taiwan Province of China” in IMF literature. The U.S. House has approved a bill that would direct the United States to advocate for Taiwan’s IMF membership.
Persons: , Donald Trump, Bo Li, Patrick McHenry, ” McHenry, Young Kim, Fatima Hussein Organizations: WASHINGTON, , International Monetary Fund, IMF, Cultural, World Bank, U.S, Health Assembly, Interpol, U.S . State Department, People’s Bank of China, Taiwan Academy of Banking, Finance, U.S . House, Democrats, North Carolina Republican, Financial Services, United Nations, Associated Press Locations: — Taiwan, Poland, Taipei, Washington, Taiwan, U.S, China, Taiwan Province, United States, Japan, Taiwan Strait, Beijing, Kosovo, Europe
BEIJING — China's parliament will hold a highly anticipated meeting Nov. 4 to 8, state media said Friday, according to a CNBC translation. Investors have been awaiting news of the gathering of the standing committee of the National People's Congress, which is expected to announce details on any fiscal stimulus. Last year, the committee's meeting in late October oversaw a rare increase in China's fiscal deficit to 3.8%, from 3%, which was subsequently reported by state media. He pointed out that the last month of Chinese stimulus measures have all underscored the need for more fiscal support. Analysts have tempered expectations that large-scale fiscal stimulus would directly pillar consumption, instead noting how struggling local governments would likely get support first.
Persons: Bruce Pang, Finance Lan Fo'an, Xi Jinping, Pang Organizations: BEIJING —, CNBC, National People's Congress, China's, Finance, People's Bank of Locations: Beijing, BEIJING, China, JLL, People's Bank of China
The central bank of the People's Republic of China is responsible for formulating and implementing monetary policies, preventing and defusing financial risks and maintaining financial stability. Asia-Pacific markets were mixed Monday as traders awaited China's loan prime rate announcement, with focus also on Japan's general election at the end of this week. China's central bank is expected to cut the one-year and five-year LPRs by 20 basis points, according to a note by ING and echoing the statement made by People's Bank of China Governor Pan Gongsheng on Friday. "Data aside, it is worth monitoring if there are potential further government ministry briefings or a potential announcement of the timing for the National People's Congress meeting in the week ahead, as stimulus rollout remains a major theme for markets," ING said. Other key economic data this week will include October inflation figures for Japan's capital city of Tokyo, as well as advance third-quarter GDP figures from South Korea.
Persons: Pan Gongsheng Organizations: ING, People's Bank of China, National People's Locations: People's Republic of China, Asia, Pacific, Tokyo, South Korea
CNBC Daily Open: Everyone’s watching Netflix shares
  + stars: | 2024-10-21 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That's the longest streak this year for the S&P 500 and Dow Jones Industrial Average , both of which hit record highs. Watching Netflix sharesNetflix shares popped 11% on Friday, a day after the company reported third-quarter results that beat earnings, revenue and paid membership estimates. For investors looking to secure a steady stream of income still, Morgan Stanley recommends considering dividend income stocks, and picks 10 dividend stocks from Asia-Pacific, excluding Japan, for its "conviction list."
Persons: Pan Gongsheng, Morgan Stanley Organizations: CNBC, Dow Jones, CSI, People's Bank of, Netflix, Boeing Locations: Asia, Pacific, People's Bank of China, Japan
China on Monday lowered its main benchmark lending rates by 25 basis points at the monthly fixing. The one-year loan prime rate (LPR) has been cut to 3.1%, while the five-year LPR has been trimmed to 3.6%, the People's Bank of China (PBOC) said. The one-year LPR influences corporate loans and most household loans in China, while the five-year LPR serves as a benchmark for mortgage rates. China's central bank governor Pan Gongsheng had indicated on Friday during a forum held in Beijing that the loan prime benchmark rates would be lowered by 20 to 25 basis points. The seven-day reverse repurchase rate will be cut by 20 basis points, while the medium-term lending facility rate will be lowered by 30 basis points, Pan also highlighted.
Persons: LPR, Pan Gongsheng, Pan, Shane Oliver, Zhiwei Zhang, — CNBC's Evelyn Cheng Organizations: People's Bank of China, AMP Locations: China, Beijing
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