PRE-MARKET CHINESE STOCKS NEWS: Chinese House Prices and activity data are scheduled today
The credit recap shows a broad shortfall across new loans, total social financing and money growth against expectations, the kind of across-the-board miss that in past episodes of this kind has sharpened focus on the policy response rather than on the prints themselves.
PBoC sets USD/CNY mid-point at 6.7670 vs Exp. 6.7051 (prev. 6.7698)
Polish Armed Forces launch air operations amid Russian drone strikes across Ukraine
PRE-MARKET CHINESE STOCKS NEWS: Chinese House Prices and activity data are scheduled today
China's MIIT and NDRC jointly issued the "15th Five-Year Plan" for electronic information manufacturing, directing full-chain breakthroughs in China's integrated circuit sector
PRE-MARKET TAIWAN AND SINGAPORE STOCKS NEWS: SATS (SATS SP) signed a memorandum of understanding with KLN Logistics to advance temperature-controlled and time-critical shipments
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GAC Group (2238 HK) - Co. reached a stake acquisition agreement with unlisted FAW Group that would make FAW its second-largest shareholder with strategic influence, as the two state-owned automakers seek to integrate industrial resources amid Beijing’s push to rein in excess capacity. (Nikkei)
Tech
China's MIIT and NDRC jointly issued the "15th Five-Year Plan" for electronic information manufacturing, directing full-chain breakthroughs in China's integrated circuit sector. (Newswires)
Other News
PBoC is reportedly set to add macroprudential assessment metrics for banks, tightening scrutiny of bond durations and fund investment ratios, according to sources. (Newswires)
Chinese Foreign Minister held a call with his French counterpart and said protectionism will push up inflation and hamper the green transition, according to Xinhua. (Newswires)
Germany will lobby EU countries on a new China policy and may seek additional tariffs. (Newswires)
Data Recap
- Chinese New Yuan Loans (Aug) 60.0bln vs. Exp. 400bln (Prev. -340.0bln)
- Chinese Total Social Financing (Aug) 1.66trln vs. Exp. 2.04trln (Prev. 1.41trln)
- Chinese Outstanding Loan Growth (Aug Y/Y) 4.9% vs. Exp. 5.1% (Prev. 5.1%)
- Chinese M2 Money Supply (Aug Y/Y) 7.5% vs. Exp. 7.6% (Prev. 7.7%)
- Hong Kong Industrial Production (Q2 Y/Y) 2.3% (Prev. 3.2%)
- Hong Kong PPI (Q2 Y/Y) 13.1% (Prev. 17.7%)
The distinction worth drawing is between weak demand for credit and deliberate restraint: the reported PBoC move to add macroprudential metrics on bond durations and fund investment ratios points to the latter, tighter scrutiny of where bank balance sheets are taking duration risk, and has historically weighed on the long end of the CGB curve and on bank-share performance in the near term. House price and activity data scheduled for today sit alongside this as the test of whether the property drag is stabilising; misses there have tended in comparable stretches to pull forward speculation of targeted easing rather than broad stimulus. The GAC-FAW stake arrangement fits the established pattern of state-directed consolidation in sectors flagged for excess capacity, automakers having been named in that context repeatedly. On the external side, German lobbying for a harder EU line on China and possible additional tariffs adds to a sequence of trade-friction headlines that has historically pressured the China-exposed European equity complex more than the onshore tape. Watch whether officials frame the credit weakness as seasonal or structural, and any follow-through commentary from the PBoC on the macroprudential changes.
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