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分享 China's Red Flags: insight 2013-6-20 11:24; China's Red Flags Submitted by Tyler Durden on 06/19/2013 22:49 -0400 China Copper default Government Stimulus Gross Domestic Product Money Supply Newspaper Recession Shadow Banking Yield Curve UPDATE: China 7-day repo +374bps to 12%! China Flash PMI 48.2 (49.1 exp) - lowest in 9 months; worst 3-month plunge since Feb 2011. Via Market News International: HSBC chief China economist Qu Hongbin on June flash PMI (48.3 vs 49.2): "The HSBC China Flash Manufacturing PMI dropped to a nine-month low of 48.3 in June, following on the sequential reduction in both production and demand. Manufacturing sectors are weighed down by deteriorating external demand, moderating domestic demand and rising destocking pressures. Beijing prefers to use reforms rather than stimulus to sustain growth. While reforms can boost long-term growth prospects, they will have a limited impact in the short term. As such we expect slightly weaker growth in 2Q ." All these major liquidiaty problems do make us think a little about the end of CCFDs and as we warned "The Bronze Swan" as financing via copper collateral is under pressure and the bank that 'own; the warehoused copper have no need to hold (and in fact are willing sellers as the carry costs rise)... Following the hushed-up default by Everbright Bank last week , the liquidity situation in China has gone from bad to worse - with 1Y IRS now at all-time record highs. Many are now questioning whether the dramatic elevation in short-term financing rates is "here to stay," and with the Chinese yield curve now inverted... ...in a similar fashion as the US Treasury market prior to the US recession in 2007... and for a similar period before the US recession... the clarion call for government stimulus is loud from the addicts. However, as HSBC notes today, since the government is now putting more emphasis on balanced growth and market reforms , it will tolerate GDP growth in the 7-7.5% range and will therefore take no strong measures to boost growth unless there is a risk of growth slowing to 7%. The markets, even though the Shangahi Composite is trading at near-seven-month lows... ...will be disappointed; and we suspect, as the FT notes , that "the central bank wants to send a warning signal to commercial banks and other credit issuers that unchecked credit expansion, particularly through the shadow banking system, will not be accommodated ." As the PBoC itself noted (via its state-owned newspaper) and we confirmed yesterday , " we cannot use fast money supply growth as in the past, or even faster, to promote economic growth , and must control the pace of money supply growth." But macro data is almost as bad as it has ever been... Simply put, as Stan Druckenmiller noted here previously , In essence, the frantic stimulus China put together at the end of 2008 sowed the seeds of slower growth in the future by crowding out more productive investments. Despite all efforts to slow inflation (and rein in the credit bubble ), the hot money imported from the Fed and the BOJ continues to push home prices ever higher which continues to be the key marginal variable for the PBOC - as long as the hot "carry" money is exported by the Fed and the BOJ , the Chinese economy will continue to suffer . Average: 5 !-- - advertisements - .AR_2 .ob_empty {display: none;} .AR_2 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_2 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_2 {float: left;width:50%} .AR_2 li {list-style: none outside none !important;font-size: 10px;padding-bottom: 10px;line-height: 13px;margin:0;} .AR_2 .ob_org_header {color: #000000;text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_3 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_3 .rec-src-link {font-size: 12px;} .AR_3 li {padding-bottom: 10px;list-style: none outside none !important;font-size: 10px;line-height: 13px;margin:0;} .AR_3 .ob_dual_left, .AR_3 .ob_dual_right {float: left;padding-bottom: 0;padding-left: 2%;padding-top: 0;} .AR_3 .ob_org_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .ob_ads_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} -- Login or register to post comments 4705 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: On The Fun (But Pointless) Debate Between Rick Santelli And Rich Bernstein On What The Yield Curve Indicates (In A Time Of Central Planning) Goldman Reveals The First 5 Of Its Top Trades For 2011 Guest Post: The Economic Death Spiral Has Been Triggered IMF Cuts Global Growth, Warns Central Banks, Whose Capital Is An "Arbitrary Number", Is Only Game In Town Financial Lexicon 101: Summary Of Key Terms; 个人分类: 中国经济|56 次阅读|0 个评论

分享价值1750元的新东方《4+1》flash全部教程: primmxz 2012-8-4 18:45; 4+1语音语调：帮您：把握 “ 语音 ” 和 “ 语调、节奏 ”双过关的宗旨，兼顾连续、缩读和弱读的音变，短期突破语音 4+1口语语汇：帮您：精通掌握日常生活听 4+1口语句型：帮您：熟练掌握句型，灵活运用。达到口语无障碍表达 4+1美语思维：帮您：学会用纯正、地道的美国英语进行思维与表达 4+1电影听说：帮您：获取国外文化背景知识，了解交流和沟通的表达手段，达到英语听说基本无障碍的境界课程特色：新：新东方自编教材，捕捉21世纪美国口语的最新发展，涵盖最新的时尚用语奇：授课老师侧重口语“内功修炼”，而非一般口语培训侧重于“剑招剑式” 异：比较中美思维的不同，通过比较，更深刻的了解美国人的思维实：思维并非抽象不可捉摸的，相反，美国人的思维非常实在，只要把握了方法，即可拥有学习效果：侧重中美文化差异的比较和思维方式的不同，指点中国学生学习美国口语的迷津，从思维方式的高度加以克服，短时间内卓有成效地学会用纯正、地道的美国英语进行思维与表达。; 42 次阅读|0 个评论

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