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- The New York Times Misunderstands China's Reserve Data
- Marc Chandler submits: The NY Times claims that "Reversing its role as the world's fastest-grower buyer of United States Treasuries and other foreign bonds, the Chinese government actually sold bonds heavily in January and February before resuming purchases in March..." It cites Chinese data released over the weekend. ...
- External links 2009-04-14
- How Does $9000 Gold Sound?
- Marc Chandler submits: In recent days the Canadian and Swedish central banks have joined the majority of other G10 central banks by indicating that they too may engage in quantitative easing now that the interest rates have been reduced to 25 and 50 basis points respectively. The ECB is...
- External links 2009-04-26
- Yuan Legislation Being Resurrected by Congress
- Marc Chandler submits: Washington contacts report that there is a bipartisan group in the Congress that is attempting to resurrect legislation that would punish China for not appreciating the yuan faster. The Democrat Senator from Michigan Stabenow and the Republican Senator from Kentucky Bunning are leading the move in the...
- External links 2009-05-13
- G8 Meeting: In the End, No Big Surprises
- Marc Chandler submits: The G8 meeting is wrapping up and there have been no surprises to speak of. The global economies and financial systems appear too fragile to begin reversing the emergency measures. There were the usual platitudes about completing the Doha trade round and promises to avoid protectionism. Of...
- External links 2009-07-09
- China Monetary Developments
- Marc Chandler submits:Chinese banks have signaled the intention to cut back on new loan issuance, but the PBOC has not changed its declaratory or operational policy. It is not imposing new and lower loan quotas. It appears to be using its moral suasion. This initially weighed on Chinese stocks. July-Aug...
- External links 2009-08-14
- China Finally Recognizes Its Excess Capacity
- Marc Chandler submits:Official Chinese news is reporting that the State Council is studying curbs on industries that are plagued with over-capacity, including steel and cement. Separately, the Aluminum Corp of China ACH, warned that Chinese smelters, traders and warehouses hold as much as 600k metric tons of inventories because of...
- External links 2009-08-26
- China Update: Recovery Intact, But Little Incentive for Yuan Appreciation
- Marc Chandler submits:The combination of broad based US dollar weakness, especially pronounced since the start of the month, and expectations that China's export contraction is bottoming is helping send 12-month non-deliverable forward to its best level in 3 months this week. The PBOC has been fairly generous in their money...
- External links 2009-09-11
- Canadian Reserves: Country's Best Practices Show Will and Alternatives
- Marc Chandler submits: Canada reports its international reserves on a weekly basis. It just reported its reserves as of Sept 13. They stood at $57.9 bln, up about $635 mln in the past week, which appear largely to be a reflection of valuation. The swings in currency valuation often are...
- External links 2009-09-25
- All Signs Point to Recovery in China
- Marc Chandler submits:A flurry of Chinese data will be reported in the next 12-24 hours. The general picture that will be depicted by the data is of an economy that continues to recover from the global financial and economic shock of last year. There are three elements that will command...
- External links 2009-11-09
- Asian Currencies: Expect More of the Same
- Marc Chandler submits:There may be much back-slapping over the fact that Asian-Pacific finance ministers have endorsed market-oriented exchange rates, consistent with the op-ed piece in Thursday's Wall Street Journal by the US Treasury Secretary and the finance ministers from Indonesia and Singapore.But actions will speak louder than words, and there...
- External links 2009-11-12
Additional Resources
- China Wants More Talk About the U.S. Dollar
- Marc Chandler submits: News wires report that China has announced it wants to talk about reform of the international monetary order at next week's G8 meeting in Italy. The dollar has been hit in a knee-jerk reaction to the news headlines, but we are skeptical of the merits. First, China...
- External links 2009-07-02
- Update: Brazil and Mexico Currency Outlook
- Marc Chandler submits: With the recent stream of macro-economic news, leaving aside Monday's Empire State survey, has been disappointing that this has helped trigger a dramatic wave of profit-taking. Last week, China reported exports are still falling and on Monday it reported that direct investment inflows extend their decline into...
- External links 2009-08-18
- Euro Options and the Spot Market
- Marc Chandler submits:The options market can often shed light on spot market activity. Indicative pricing in the options market suggests that while the euro is nearing the highs for the year, many participants seem unusually nervous. Often the options market moves in tandem with spot, so in a rising market...
- External links 2009-11-11
- Why the SDRs Are DOA
- Marc Chandler submits: The recent discussions of the IMF's Special Drawing Rights needs to be placed within the context of the current profound crisis and calls for a new financial architecture. At least four months ago George Soros and others proposed an increase in SDRs to help provide sufficient...
- External links 2009-03-28
- Taiwan Pulls a Brazil
- Marc Chandler submits:Taiwan's Financial Supervisory Commission on Tuesday announced that, effective immediately, foreign investors were banned from parking funds in time deposits. Moreover, foreign investors cannot extend their existing time deposits when they mature.The ostensible reason for the ban is to curb currency speculation, according to officials. As of the...
- External links 2009-11-10
- Import Prices Continue to Trend Higher
- Marc Chandler submits:Although the market was expecting an increase closer to 1%, US import prices rose 0.7% in October. The underlying trend, however, is clear: Import prices have risen in all but two months thus far in 2009.The fact that import prices are still off 5.7% from a year ago...
- External links 2009-11-13
- The Potential Impacts of Dubai's Financial Crisis
- Marc Chandler submits:A storm broke out last week, emanating from the part of the world that is widely seen as a major beneficiary of the rise in oil prices. Yet Dubai’s story is not about oil. Indeed it is precisely the absence of oil and natural gas (less than 6%...
- External links 2009-11-30
- A New 2009 High for the Mexican Peso
- Marc Chandler submits:An upward revision in the central bank of Mexico's inflation forecasts announced Wednesday propelled the peso to new highs for the year on ideas that the new forecasts are a signal of a rate hike early next year. We suspect that the market is seeing what it wants...
- External links 2009-12-03
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