China Can't Afford the Widening Conflict with the US: RMB's Fall Is Thin End of a Strategic Wedge
With FAI (fixed asset investment) up just 6.1% YoY in Jan-May 2018 (the slowest in 22 years), China cut banks' RRR for the second time in 10 weeks....
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What Is Happening with the RMB?
Taking all the data into account, we believe the RMB is falling because the USD is rising. The relationship between USD and RMB are inversely...
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Wholesale Funding Remains Vitally Important to Chinese Banks
A compelling takeaway from all of this is that Chinese banks remain heavily dependent on interbank and PBOC liquidity provision. We believe the...
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Asian Credit Monitor: The Chinese Corporate Bond Default, Not a Systemic-Risk
2018 has seen a number of corporate defaults for the Chinese onshore bond market. That has led investors to become more risk averse, in our...
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PBOC RRR Cut in Perspective.
The PBOC announced on Sunday it would cut the RRR by another 50 bps. By their estimates this provides roughly 500 billion RMB to big banks and 200...
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