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Read the latest issue of The Context, our Financial Intelligence newsletter. The Context contains a selection of thought leadership articles from around the globe, spanning a host of asset classes to give you value-added insight into key themes affecting macroeconomics, markets and fund flows. Click here for The Context pdf.

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Recommended Articles

  • IGM FX and Rates

    Viewpoint: CBRT raises Lira prospects, but will policy shift be sustained?

    25 Nov 2020

    Whilst the CBRT's efforts looks to have offered some light at the end of the tunnel for the Lira, the recent breather suggests it may still take some time to restore confidence back into the Turkish currency... read on for more...

    Topics Industry News

  • IGM Credit, IGM FX and Rates

    The Context 11.23.20

    23 Nov 2020

    Read more from The Context and subscribe to have it delivered to your inbox each week!

    Topics Industry News

  • IGM Credit, IGM FX and Rates

    China Insight: Eyes on bond defaults and tightening liquidity

    23 Nov 2020

    While COVID remains well under control in mainland China, we have seen a surge in credit defaults there since the beginning of Q4. So far this quarter, we have seen four major bond defaults in China: 1. Huachen Auto Group, 2. Yongcheng Coal & Electricity Group, 3. Tsinghua Unigroup, 4. Fujian Fusheng Group. With credit quality in selected sectors worsening, interbank liquidity is going tighter regardless of less supply of government bonds in this quarter (chart 1) than the previous one. In interbank market, 1-month and 3-month repo are back at 3.00% and 3.20% respectively, the upper-end of their trading ranges since the middle of 2019 (chart 2). That means regardless of the counter-pandemic monetary easing across the globe since some 9 months ago, financing costs in mainland China, as represented by interbank repo rates, some how are back at their pre-pandemic levels.

    Topics Industry News

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