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IGm credit| Data analysis tools | Financial intelligence

IGM Credit が対象とする範囲の広さと深さに匹敵するものはありません。当社の他に類を見ない専門家によるグローバルなクレジット市場データ分析と最新情報は、市場で何が起きているかについての完全な状況を提供します。

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  • IGM Credit, IGM FX and Rates

    China Insight: Politburo Re-affirmed Bias in Favour of Less Dovish Policy

    Xinhua News Agency reported the Politburo held a meeting on the economy on 30 July (Thursday). The CCP also held a meeting with non-CCP political parties and non-political representatives. President Xi chaired both meetings. Compared to the meeting held on 17 April, we note some changes in wording were made to the remarks on monetary and fiscal policies in the 30 July meeting. 30 July meeting (as per Xinhua News Agency): - "While requiring full implementation of macro policies, the meeting called for pursuing a more proactive and effective fiscal policy that delivers solid outcomes, and a more flexible and appropriate monetary policy that targets sound results, according to the meeting". 17 April Meeting (as per Xinhua News Agency): - "Monetary policies should be more flexible and balanced and instruments such as reserve requirement ratio cuts, interest rate reductions and reloans should be fully leveraged to ensure reasonable and sufficient liquidity and a lower interest rate in the loan market, the meeting said, stressing the need to channel capital into the real economy, especially medium-sized, small and micro enterprises".

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    The Context 08.03.20

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    Topic Industry News

  • IGM Credit, IGM FX and Rates

    China Insight: Xi Has Strong Preference For Monetary Policy Normalisation

    In a key speech delivered at a symposium with corporate leaders in Beijing on Tuesday (21 July). President Xi (as per China Daily) urged better implementation of aid packages for businesses, with steps to enforce a more proactive fiscal policy and more prudent and flexible monetary policy to ensure macro policies are more targeted and effective, adding that China will continue with measures to cut taxes, fees, rents and interest rates and ensure its various aid measures can be channeled directly to the grassroots and benefit market players. Before that, President Xi at a meeting on 22 Feb (5 months ago) pledged to exercise more flexibility in monetary easing. The word "prudent" re-appeared in Xi's speech on Tuesday, echoing PBOC's bias in favour of a normalisation of the monetary policy.

    Topic Industry News

  • IGM Credit, IGM FX and Rates

    The Context 07.27.20

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    Topic industry-news

  • IGM Credit, IGM FX and Rates

    China Insight: Strong Q2 GDP growth signals no more monetary easing

    China's GDP growth jumped to +3.2% y/y in Q2, from -6.8% y/y in Q1. The print was well above market expectations. Before the data was released, PBOC held a press conference on 10 July. At the conference, PBOC officials defined appropriate monetary policy as: 1. quantity of credit supply should not be too large; 2. interest rate should not be too low.

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    The Context 07.20.20

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    Topic industry-news

  • IGM Credit, IGM FX and Rates

    China Insight: A look back at 2015 for clues on A-shares' next move

    After trading lackluster in a 500-point range for 12 months, the Shanghai Composite Index (SHCOMP) finally made an upside breakthrough at the beginning of this month on the back of high trading volumes. Suddenly, the market was flooded with optimism. Interbank repo rates have been creeping upwards over the past few days on the back of surging demand for borrowing (financing) associated with IPO subscriptions. Meanwhile, bond yields have been heading upwards as investors switch out of bonds into equities. The whole picture reminds us of the equity boom during November 2014 to June 2015 and the bust afterwards.

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    The Context 07.13.20

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    Topic industry-news

  • IGM Credit, IGM FX and Rates

    China Insight: IRS Curve Steepener is Favoured After Latest Rate Cut

    PBOC announced on the night of 30 June that it will cut the re-lending and re-discount rates by 25bp, effective from 1 July, aimed at reducing funding costs for smaller firms and rural sectors. This narrow-based monetary easing echoed CBRC chairman Guo Shuqing's and PBOC governor Yi Gang's views in favour of a timely withdrawal of the counter-pandemic stimulus. In fact, our observation is PBOC has been very cautious about pumping liquidity into the system via OMO since May.

    Topic Industry News

  • IGM Credit, IGM FX and Rates

    The Context 07.06.20

    The Context

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    Topic industry-news

  • IGM Credit, IGM FX and Rates

    China Insight: Implications of a Sustained Rise in Repo Rates

    China onshore interbank CNY repo rates (chart 1 and 2) have been creeping upward since CBRC chairman Guo Shuqing at the beginning of the month openly stressed the importance of financial risk control.

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    The Context 06.29.20

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    Topic Industry News

  • IGM Credit, IGM FX and Rates

    China Insight: Policymakers Give Hawkish Signals

    The 12th Lujiazui Forum, a gathering of senior government officials in economic and financial areas, was held on 18 June in Shanghai. At the forum, the remarks by CBIRC Chairman Guo Shuqing and PBOC Governor Yi Gang drew a lot of attention. - CBIRC Chairman Guo Shuqing: "China will neither adopt flood-like stimulus nor negative rates". He also urged major global economies to consider how to exit from massive easing. - PBOC Governor Yi Gang: "we should consider the timely withdrawal of policy tools (the counter-pandemic) financial support in advance". Interestingly, Guo's and Yi's remarks came after Premier Li Keqiang at a State Council meeting on 17 June emphasized the need for further cuts in the reserve requirement ratio and relending facilities to bring borrowing costs downward and support the real economy as well as small/micro enterprises (chart 1) but did not mention the possibility of interest rate cuts.

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    The Context 06.22.20

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    Topic Industry News

  • IGM Credit, IGM FX and Rates

    China Insight: Deleveraging Again?

    After bonds were sold off continuously for almost four weeks, CBRC chairman Guo Shuqing on 3 June surprisingly talked about the importance of financial risks control in a conference. Shortly after that, MOF on 8 June expressed its concerns over financial risk management in a statement after holding a conference with local government finance bureau heads. The statement highlighted the need to strengthen scrutiny over officials who borrowed local debt in a way inconsistent with laws and regulations and warned local officials not to ignore debt risks. The statement did not provide specific numbers, but the tone was strong enough to make many people recall the policy theme of financial deleveraging that the President pushed for during 2017-2018. With the economy still struggling to recover from the recession caused by COVID-19, we are quite surprised by the central government being in such a hurry to stress financial risks control. In our view, besides the upcoming issuance of a large amount of central government special bonds, there should be two things at least making the policymakers worried about a deterioration of the leverage outlook of the whole system. Chart 1 shows that the leverage rate of the deposit taking institutions and financial institutions is back at around 11% after reaching as low as 10% in the summer last year. However, bear in mind, it was only at around 12% when President Xi first talked about the importance of financial risks control in March 2017 and then pushed for financial deleveraging over the following 18 months. With many enterprises being in liquidity/financial stress post the COVID-19, we think policymakers are aware of the risk of a strong bounce in the leverage rate in foreseeable future.

    Topic industry-news

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