China Macroeconomics & Academia

Christopher Balding

Macroeconomics

Despite continued insistence by the PBOC that there is “no basis” for continued depreciation, the RMB continues to depreciate.  What makes this encouragement by the PBOC so notable is how skeptical the market is from the opening bell.Today the PBOC set the daily fix at 6.6594 but almost immediately dropped 100 pips to 6.6694.  The CNH in offshore activity opened approximately 300 points lower than the official fix.  In other words, the market is clearly signaling the direction it wants the RMB…

Despite continued insistence by the PBOC that there is “no basis” for continued depreciation, the RMB continues to depreciate.  What makes this encouragement by the PBOC so notable is how skeptical the market is from the opening bell.Today the PBOC set the daily fix at 6.6594 but almost immediately dropped 100 pips to 6.6694.  The CNH in offshore activity opened approximately 300 points lower than the official fix.  In other words, the market is clearly signaling the direction it wants the RMB…

The RMB Under Pressure and Good Trade Options

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

New data shows that in June average house prices in 100 major cities rose by 11.2% year-on-year, according to the latest data from SouFun-CREIS released this morning (detailed data update attached). This compares with 10.3% in May, and June was the 11th consecutive month of year-on-year price growth. Shenzhen recorded the strongest year-on-year increase of 52%, though decelerating vs previous month. On a sequential month-on-month basis, prices rose fastest in Nanjing and Xiamen. Of the 100 major…

New data shows that in June average house prices in 100 major cities rose by 11.2% year-on-year, according to the latest data from SouFun-CREIS released this morning (detailed data update attached). This compares with 10.3% in May, and June was the 11th consecutive month of year-on-year price growth. Shenzhen recorded the strongest year-on-year increase of 52%, though decelerating vs previous month. On a sequential month-on-month basis, prices rose fastest in Nanjing and Xiamen. Of the 100 major…

China Property Data Update - House Prices Rise 11.2% Y/Y In June Vs 10.3% In May

With global capital flows in real estate at historical highs, property investors need to pay greater attention to currency dynamics across the world, even if their performance is measured on local currency basis. We have updated our currency impact tables post-Brexit for USD, EUR, JPY, AUD, GBP and CNY. We make a simple assumption that a property investor uses his/her domestic 'investor' currency to buy assets in 'investment' currency at a spot rate on a given start date and then repatriates…

With global capital flows in real estate at historical highs, property investors need to pay greater attention to currency dynamics across the world, even if their performance is measured on local currency basis. We have updated our currency impact tables post-Brexit for USD, EUR, JPY, AUD, GBP and CNY. We make a simple assumption that a property investor uses his/her domestic 'investor' currency to buy assets in 'investment' currency at a spot rate on a given start date and then repatriates…

Post-Brexit Currency Impact Tables - For International Property Investors

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

What comes as crisis (Brexit) to most countries has been taken up as an opportunity by the Chinese Central bank (PBoC) and as it pushes RMB sharply lower. On the second day of trade post Brexit, Asian EM currencies like Rupiah and Rupee traded in a tight range thanks to Central bank selling, but PBoC fixed the Yuan at still a lower level of 6.6375 to USD. It was only last week that a level of RMB6.6: USD was considered a red line for PBoC by traders but is no longer the case. China is smartly…

What comes as crisis (Brexit) to most countries has been taken up as an opportunity by the Chinese Central bank (PBoC) and as it pushes RMB sharply lower. On the second day of trade post Brexit, Asian EM currencies like Rupiah and Rupee traded in a tight range thanks to Central bank selling, but PBoC fixed the Yuan at still a lower level of 6.6375 to USD. It was only last week that a level of RMB6.6: USD was considered a red line for PBoC by traders but is no longer the case. China is smartly…

China Spots Opportunity in Brexit Where Others See a Threat!

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Interest rates will remain lower, for longer. For banks with excess liquidity, this means margin pressure. We look at HSBC and STAN where liquidity is high.  An additional consideration are rising credit costs from a worsening economy. It was not a positive environment for these large, liquid banks before. It is now worse.Cash and equivalent of key large banks (US$ Bn)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/689/original/dt1.png?1467078004" class="editor-image img-responsive" data-smartkarma-image-id="9689"><figcaption class="figcaption">Source: SNL Financial</figcaption></figure>The most talked about event for years was when US rates would rise. HSBC latched onto this, indicating to…

Interest rates will remain lower, for longer. For banks with excess liquidity, this means margin pressure. We look at HSBC and STAN where liquidity is high.  An additional consideration are rising credit costs from a worsening economy. It was not a positive environment for these large, liquid banks before. It is now worse.Cash and equivalent of key large banks (US$ Bn)Source: SNL FinancialThe most talked about event for years was when US rates would rise. HSBC latched onto this, indicating to…

China

China Merchants Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank conducts businesses domestically and internationally.

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China Merchants Bank A (600036 CH)

The RMB Under Pressure and Good Trade Options

Despite continued insistence by the PBOC that there is “no basis” for continued depreciation, the RMB continues to depreciate. What makes this...

Christopher Balding

China Property Data Update - House Prices Rise 11.2% Y/Y In June Vs 10.3% In May

New data shows that in June average house prices in 100 major cities rose by 11.2% year-on-year, according to the latest data from SouFun-CREIS...

Robert Ciemniak

Post-Brexit Currency Impact Tables - For International Property Investors

With global capital flows in real estate at historical highs, property investors need to pay greater attention to currency dynamics across the...

Robert Ciemniak

China Spots Opportunity in Brexit Where Others See a Threat!

What comes as crisis (Brexit) to most countries has been taken up as an opportunity by the Chinese Central bank (PBoC) and as it pushes RMB sharply...

Asia Advisors

Low Rates for Longer - Asian Banks

Interest rates will remain lower, for longer. For banks with excess liquidity, this means margin pressure. We look at HSBC and STAN where liquidity...

Daniel Tabbush

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