Investors who poured borrowed U.S. dollars into China and falsely claimed the cash as export earnings contributed to a sudden spike in the Chinese government's forex reserves in the second half of 2013, according to an investment bank report.
China is on the brink of large, necessary, and dangerous transformations that promise to change the country for the better – or make everything, including regional stability, much worse. The entire world has a large stake in what happens next.
China’s central bank has drained Rmb48bn ($7.9bn) from money markets, a surprise move that signals its concern with the boom in lending at the start of the year. The People’s Bank of China withdrew the cash by issuing 14-day bond repurchase
Accepting the post-war international order established by the Cairo Declaration and Potsdam Declaration and complying with its pacifist Constitution, Japan embarked on the road to peaceful development after surrendering to the Allied forces in 1945.
The Federal Reserve has been drawing derision lately for its “forward guidance” -- its vow to keep short-term interest rates very low until the job market gets a lot better. But this criticism comes when forward guidance finally seems to be working.
Japan’s current-account deficit widened to a record in December on soaring imports, adding to Prime Minister Shinzo Abe’s challenges as he tries to drive a recovery in the world’s third-biggest economy.
Russia raises interest rates to 7.5% (FT) Shanghai to Allow Raw Material Exchanges in Trade Zone (BBG) US, Japan Fail to Clinch Trade Deal (WSJ) 'We don't have a magic wand', says ECB's Constancio (Reuters) Tokyo Inflation Quickens to Fastest Since 1992 (BBG) Demand for Home Loans Plunges (WSJ) EU banks urged to grasp chance to raise capital (FT)
The growing risk of default by Shanghai Chaori Solar Energy Science & Technology Co. may become China’s “Bear Stearns moment,” prompting investors to reassess credit risks as they did after the U.S. securities firm was rescued in 2008, according to Bank of America Corp.
China’s Finance Minister Lou Jiwei said growth as low as 7.2 percent would meet this year’s target of “about” 7.5 percent as he tried to moderate expectations for an economy at risk from swelling debt.
While stock investors initially cheered the Bank of Japan's decision to increase two lending programs on Tuesday, bond traders pointed to possible success for the BOJ on another front: avoiding negative interest rates.
China's traditionally underdeveloped provinces have long faced debt pressures. Increasingly, though, they are being joined by more-developed provinces that overreached, betting on resources or property investment as their paths to prosperity.
While the eyes of the world were focused on the now infamous "Credit Equals Gold #1" Chinese wealth management product - it's imminent default and last-minute bailout by 'investors' unknown - the coal industry in China continued to collapse (as we noted here). We noted at the time how bailing out current high-yield product investors would merely amplify the problems down the line and it seems that Chinese authorities have heard that message. As Reuters reports, a high-yield investment product backed by a loan to a debt-ridden coal company failed to repay investors when it matured last Friday, state media reported on Wednesday.
Credit in China is growing at a breakneck pace, raising serious concerns about the level of risk in the financial system. The government now must determine how to balance the economy’s liquidity needs with protecting the system's solvency.
UBS' George Magnus believes the next global economic "crisis"' lightning rod will be the emerging markets and as Jim Rogers tells BoomBust's Erin Ade in this brief interview, "the emerging market crisis has only just begun." While Rogers is careful to add that there are lots of emerging markets - "some better than others;" he warns that "there are some serious problems out there and they are going to get worse." Who is to blame? The Fed, of course - "by driving rates so low and providing as much liquidity as anyone in the world could want, the EMs have borrowed to cover up their real problems... be worried."
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