• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

People's Bank Of China

Tyler Durden's picture

China Launches Yuan Gold Fix To "Exert More Control Over Price Of Gold"





Overnight a historic event took place when China, the world's top gold consumer, launched a yuan-denominated gold benchmark on Tuesday as had been previewed here previously in what Reuters dubbed "an ambitious step to exert more control over the pricing of the metal and boost its influence in the global bullion market."

 
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"The Buttonwood SPV": The Striking Details Of How China's Central Bank Is Directly Buying Stocks





As of this moment, the three main government bodies - including  the People's Bank of China - that run China's economy, the financial system or regulate the market all have a direct stake in the market, literally.

 
Tyler Durden's picture

S&P Revises China's Credit Outlook To Negative On Growth, Debt Concerns - Full Text





Ripley's believe it or not world continues. Earlier today, Hong Kong's Hang Seng market entered a bull market, rising 20% from its February lows, just as Hong Kong retail sales plunged 20.6%, the bigest drop since 1999 and then moments ago, in a move that pushed the Chinese Yuan stronger at least initially, S&P revised its Chinese outlook to negative, saying the economic rebalancing is likely to proceed more slowly than had expected over next 5 years and warning about China's debt load.

 
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Hugh Hendry: "If China Devalues By 20% The World Is Over, Everything Hits A Wall"





"Tomorrow we wake up and China has devalued 20%, the world is over. The world is over. Euro breaks up. The world is over. The euro breaks up. Everything hits a wall. There's no euro in that scenario. The US economy, I mean everything hits a wall! Everything hits a wall! It's a 'Mad Max' movie, right. OK, China gets to be the king in 'Mad Max' world. How appealing is that?"

 
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G-20 Needs To "Man Up" Or Risk Sparking Market Chaos, Citi Warns





“Keeping the previous language would be very disappointing and would be viewed as either complacent or reflecting policy paralysis. [They need to] man up and tell member countries that monetary policy should be accompanied by fiscal expansion.”

 
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Frontrunning: February 18





  • Oil extends rally towards $35 after Iran welcomes output freeze (Reuters)
  • Overproduction Swamps Smaller Chinese Cities, Revealing Depth of Crisis (WSJ)
  • House Flipping Is Making a Comeback in Las Vegas (BBG)
  • Trump leads Republican field nationally by more than 20 points (Reuters)
  • Turkey blames Kurdish militants for Ankara bomb, vows response in Syria and Iraq (Reuters)
 
Tyler Durden's picture

Hedge Funds Fight The PBOC: There Can Be Only Yuan





With every Tom, Dick, and Harry hedge fund manager now taking on The People's Bank of China (in various ways), it is no surprise that the spread between offshore Yuan and onshore Yuan blew out to its widest in 3 weeks this morning. They are not getting it all their way for now though.

 
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So It Begins: Bloomberg Op-Ed Calls For An End Of Cash





"Cash had a pretty good run for 4,000 years or so. These days, though, notes and coins increasingly seem declasse: They're dirty and dangerous, unwieldy and expensive, antiquated and so very analog.... Much depends on the details, of course. But this is a welcome trend. In theory, digital legal tender could combine the inventiveness of private virtual currencies with the stability of a government mint."

 
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"This Is Much Larger Than Subprime" - Here Are The Legendary Hedge Funds Fighting The Chinese Central Bank





Who are the brave souls who have decided to very openly fight the People's Bank of China? Here is a sample: Soros, Bass, Ackman, Druckenmiller, Tepper, Schreiber, Einhorn, Scogging, and Carlyle, Nexus and many more.

 
Tyler Durden's picture

Markets Spooked After China Central Bank Announces More Rate Liberalization, Yuan Internationalization





U.S. STOCK INDEX FUTURES PAIR GAINS SLIGHTLY AFTER CHINA'S CENTRAL BANK SAYS IT WILL FURTHER LIBERALIZE INTEREST RATES - RTRS

Translated: even more devaluation + even less intervention = bad for risk.

 
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Zimbabwe Becomes Beijing's First African Colony With Adoption Of Chinese Yuan





On Monday, Zimbabwe announced that this small, economically devastated country would officially make the Chinese Yuan its legal tender as it seeks to increase trade with Beijing. In exchange for becoming not only a military but also financial colony of China, $40 million of its debts to Beijing would be canceled.  China was delighted it cost it only a $40 million debt write off to acquire its first official African colony.

 
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Global Stocks Slump As Mining Rout Accelerates, Concerns Grow About Chinese "Stealth Devaluation"





Overnight market action has largely been a continuation of Tuesday's key themes with European stocks falling as a selloff in mining companies extended to a 7th day, even as metals prices rose and crude oil rallied modestly from a six-year low after yesterday's API crude inventory draw. U.S. equity futures have rebounded from modest declines, as emerging-market shares extended their losing streak to a 6th day while Asian stocks dropped to 2 month lows.

 
GoldCore's picture

Gold Buying Surges In November - China Buys 21 Tonnes In November Alone





Sales of American Eagle gold coins at the U.S. Mint surged in November, with gold demand nearly tripling month-over-month. China's gold reserves rose by another 21 tonnes in November, the biggest bout of gold buying since China began disclosing monthly data on it's gold reserves in June

Despite these very high levels of demand, gold prices fell sharply in November - from $1,141/oz to $1,070/oz or 6.6%.

 
GoldCore's picture

Gold Demand in China Heading For Record and Reserves Increase 14 Tonnes In October





While gold prices continue to languish in the doldrums and are on course for their worst month since 2013, global demand and especially Chinese retail, investor and official demand continues to remain very robust. Indeed, China looks likely to see a new record demand for gold annually again in 2015.

 
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