- 孔子
The man who moves a mountain begins by carrying away small stones.
- Confucius (孔子, 551BC–479BC)
Endeavor, Confucius
- 孔子
The man who moves a mountain begins by carrying away small stones.
- Confucius (孔子, 551BC–479BC)
First Insights: China: HSBC flash manufacturing PMI rebounds in March
Economics Research | Asia Ex-Japan
21 March 2013
First Insights: China: HSBC flash manufacturing PMI rebounds in March
The HSBC China flash manufacturing PMI rebounded to 51.7 in March from 50.4 in February, much stronger than expected (Consensus: 50.8; Nomura: 51.0). The 1.3 percentage point (pp) jump in March cannot be explained by seasonal factors alone. Since the HSBC PMI data started in 2005, there have been four years when the lunar new year holiday fell in February; in these years, the PMI rose by an average of 0.6pp in March.
21 March 2013
First Insights: China: HSBC flash manufacturing PMI rebounds in March
The HSBC China flash manufacturing PMI rebounded to 51.7 in March from 50.4 in February, much stronger than expected (Consensus: 50.8; Nomura: 51.0). The 1.3 percentage point (pp) jump in March cannot be explained by seasonal factors alone. Since the HSBC PMI data started in 2005, there have been four years when the lunar new year holiday fell in February; in these years, the PMI rose by an average of 0.6pp in March.
China: Rising risks of financial crisis
Asia Special Report: China: Rising risks of financial crisis
· China is displaying the same three symptoms that Japan, the US and parts of Europe all showed before suffering financial crises: a rapid build-up of leverage, elevated property prices and a decline in potential growth.
· China is displaying the same three symptoms that Japan, the US and parts of Europe all showed before suffering financial crises: a rapid build-up of leverage, elevated property prices and a decline in potential growth.
Eco Analysis - Asia Round-up: Property market tightening in China sours the mood (K. Baader, W. Yao)
ECONOMICS
ECO ANALYSIS
March 4, 2013
Eco Analysis - Asia Round-up: Property market tightening in China sours the mood (K. Baader, W. Yao)
Asian stock markets started the week on a sour note, reacting to news of additional measures in mainland China to restrain real estate prices. This was arguably also the main factor driving down the Australian dollar, although the economic news reports this morning were also weak. The main exception to stock market weakness was Japan, where stocks are trading firmer despite a fractionally stronger yen. The relative stability of the yen is noteworthy, given that the proposed new BoJ governor, Mr Kuroda, reiterated in his confirmation hearing his strongly dovish bias, arguing for accelerated and broadened asset purchases. Lastly, an unexpectedly weak inflation reading in South Korea in our view boosted the chances of a rate cut by the Bank of Korea, a view that appears to be shared by the market, given the sharp decline in two-year government bond yields this morning.
ECO ANALYSIS
March 4, 2013
Eco Analysis - Asia Round-up: Property market tightening in China sours the mood (K. Baader, W. Yao)
Asian stock markets started the week on a sour note, reacting to news of additional measures in mainland China to restrain real estate prices. This was arguably also the main factor driving down the Australian dollar, although the economic news reports this morning were also weak. The main exception to stock market weakness was Japan, where stocks are trading firmer despite a fractionally stronger yen. The relative stability of the yen is noteworthy, given that the proposed new BoJ governor, Mr Kuroda, reiterated in his confirmation hearing his strongly dovish bias, arguing for accelerated and broadened asset purchases. Lastly, an unexpectedly weak inflation reading in South Korea in our view boosted the chances of a rate cut by the Bank of Korea, a view that appears to be shared by the market, given the sharp decline in two-year government bond yields this morning.
Eco Analysis - China National People\'s Congress meeting preview (W. Yao)
ECONOMICS
ECO ANALYSIS
March 4, 2013
Eco Analysis - China National People\'s Congress meeting preview (W. Yao)
The annual plenary session of the National People's Congress (NPC) will convene on 5 March and close on 17 March. There is more to watch than just the routine Government Work Report and fiscal budget. New government leaders - including the President, Premier and top Ministers - will be appointed and formally take the helm. On the reform front, aside from affirmative rhetoric, we expect two concrete steps.
ECO ANALYSIS
March 4, 2013
Eco Analysis - China National People\'s Congress meeting preview (W. Yao)
The annual plenary session of the National People's Congress (NPC) will convene on 5 March and close on 17 March. There is more to watch than just the routine Government Work Report and fiscal budget. New government leaders - including the President, Premier and top Ministers - will be appointed and formally take the helm. On the reform front, aside from affirmative rhetoric, we expect two concrete steps.
First Insights: China: Another round of policy tightening in the property sector
Economics Research | Asia Ex-Japan
01 March 2013
First Insights: China: Another round of policy tightening in the property sector
The government announced today a set of new tightening policies in the property market, including: (1) imposing a 20% capital gain tax on property transactions; (2) the PBoC to raise the down payment requirement and mortgage rate in cities, where property prices have risen quickly; and (3) extending the "local resident" requirement to cities, where property prices have increased swiftly and (4) for cities with "local resident" requirements, such policies shall be implemented in a more restrictive way.
01 March 2013
First Insights: China: Another round of policy tightening in the property sector
The government announced today a set of new tightening policies in the property market, including: (1) imposing a 20% capital gain tax on property transactions; (2) the PBoC to raise the down payment requirement and mortgage rate in cities, where property prices have risen quickly; and (3) extending the "local resident" requirement to cities, where property prices have increased swiftly and (4) for cities with "local resident" requirements, such policies shall be implemented in a more restrictive way.
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