In today’s briefing:
- China Stimulus Update – Centralization of Debt Still Means MORE Debt!
- CX Daily: China Banks Jump on AI Bandwagon to Cut Costs
China Stimulus Update – Centralization of Debt Still Means MORE Debt!
- The latest wave of China stimulus not only confirms the dire financial state of local governments but also indicates that they have reached the limits of their borrowing capacity.
- China President Xi’s visit to the PBoC raises the likelihood of new interest rate cuts and cuts in the Required Reserve Ratio for banks.
- This puts the PBoC in a precarious state. No easing means the property recession continues, while the opposite means it must sell more US dollar assets to prevent yuan depreciation.
CX Daily: China Banks Jump on AI Bandwagon to Cut Costs
- AI / In Depth: China banks jump on AI bandwagon to cut costs Banks in China are turning to artificial intelligence to save on labor costs and improve efficiency, but the transition faces both technical and regulatory hurdles, according to experts in the field.
Personnel /: China removes defense minister Li Shangfu, state broadcaster says
Diplomacy /: China’s top diplomat to visit Washington
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