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- khonglimkhonglim
  ·2022-08-22
  $Tesla Motors(TSLA)$Gogogo
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- khonglimkhonglim
  ·2021-04-07
  Cool!
  Archegos: Snowflake That Triggers the Avalanche?
  Archegos was not a household name until about two weeks ago when it made headlines all over the worl
  Archegos: Snowflake That Triggers the Avalanche?
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- khonglimkhonglim
  ·2021-04-07
  Great!
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- khonglimkhonglim
  ·2021-04-07
  Interesting
  China’s Epic Battle With Capital Flows Is More Intense Than Ever
  (Bloomberg) -- In 2020, China’s efforts to lure foreign funds into its borders finally paid off. Inv
  China’s Epic Battle With Capital Flows Is More Intense Than Ever
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href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>Gogogo","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>Gogogo","text":"$Tesla Motors(TSLA)$Gogogo","images":[{"img":"https://community-static.tradeup.com/news/8825e8657bf7e6890cd2856f9039866d","width":"1125","height":"4068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9996873669","isVote":1,"tweetType":1,"viewCount":118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":341968458,"gmtCreate":1617771906974,"gmtModify":1704702929002,"author":{"id":"3559040477576070","authorId":"3559040477576070","name":"khonglim","avatar":"https://static.tigerbbs.com/56d64d0d3ea6ecf4bdafaeed7007f8fb","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559040477576070","idStr":"3559040477576070"},"themes":[],"htmlText":"Cool!","listText":"Cool!","text":"Cool!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341968458","repostId":"1144215470","repostType":4,"repost":{"id":"1144215470","pubTimestamp":1617768314,"share":"https://ttm.financial/m/news/1144215470?lang=&edition=fundamental","pubTime":"2021-04-07 12:05","market":"us","language":"en","title":"Archegos: Snowflake That Triggers the Avalanche?","url":"https://stock-news.laohu8.com/highlight/detail?id=1144215470","media":"Daily Reckoning","summary":"Archegos was not a household name until about two weeks ago when it made headlines all over the worl","content":"<p>Archegos was not a household name until about two weeks ago when it made headlines all over the world.</p>\n<p>Archegos Capital Management is a family office controlled by Bill Hwang, a former hedge fund trader. Family offices can be conservative in their investment approach, but they can also be as highly leveraged and as risky as any hedge fund, or even more so. It’s up to the person managing the family office.</p>\n<p>In Hwang’s case, the money was mostly his own, so he ran his family office the way he used to run his hedge fund – with high leverage and almost no transparency. Hwang made huge bets in stocks, often buying as much as 10% of a company.</p>\n<p>He avoided legal reporting requirements on positions of 5% or more because they were mostly held through complicated financial instruments called derivatives. Instead of actually owning the stock (which would require reporting), he bought equity swaps from big banks.</p>\n<p>That gives you the same economic exposure as owning the stock but without actual stock ownership and the regulatory reporting requirements that come with ownership.</p>\n<p><b>The Death Spiral</b></p>\n<p>Many of Hwang’s positions were in Chinese highfliers, including RLX Technologies and GSX Techedu. Chinese stocks started to decline due to a combination of the strong dollar and the internal efforts in China to reign in corporate oligarchs and reduce risk-taking by banks.</p>\n<p>This led to margin calls at Archegos, which caused Hwang to skip a new offering of Viacom-CBS stock in which he was also a large holder. That caused dumping in Viacom-CBS, which led to more margin calls on Archegos: a classic Wall Street death spiral.</p>\n<p>The big dealers such as Goldman, Morgan Stanley and Credit Suisse began closing out leveraged positions in Archegos at fire sales prices. The dealers lost billions of dollars, and Archegos lost even more as its cash and positions disappeared, and dealers made demands for balances due.</p>\n<p>All of this was a walk down memory lane for me.</p>\n<p><b>A Near Disaster</b></p>\n<p>I was on the front lines of the Long-Term Capital Management (LTCM) bailout in 1998. I negotiated the $4 billion rescue by 14 Wall Street banks, prompted by the Federal Reserve Bank of New York.</p>\n<p>The causes of the LTCM meltdown were the same as the Archegos meltdown – too much leverage and not enough transparency. Each bank knew what its individual exposures were, but none of the banks knew what the total risk in the fund was. The banks could see their slice of the risk, but not the big picture.</p>\n<p>Now that the financial meltdown is over, the regulatory crackdown begins. But don’t expect any changes soon. In 1998, there were immediate calls for regulation changes. Regulators wanted to limit leverage and require holders of equity derivative positions to provide transparency exactly as if they held the positions in outright stock form.</p>\n<p>Those regulatory changes never happened in 1998, and I don’t expect them to happen now. Wall Street makes enormous profits by selling derivatives, and hedge funds can make even bigger profits by trading them.</p>\n<p><b>Don’t Expect Changes</b></p>\n<p>The occasional meltdown may appear, but Wall Street still comes out ahead even if an individual hedge fund or family office melts down. Despite the public hearings and calls for regulation, Wall Street controls Washington. And what Wall Street wants, Wall Street gets. That’s not some wild conspiracy theory; it’s just the way things work.</p>\n<p>The problem for everyday investors is this: What happens when a future meltdown spirals out of control to the point that no rescue is possible, and the entire global system of exchanges and banks begins to collapse?</p>\n<p>That did not happen in the Archegos case (yet), but it did almost happen in the case of LTCM.</p>\n<p>How long will banks, investors and hedge funds keep rolling the dice? It appears they’re continuing to roll the dice in other ways since they’re pouring money into stocks when it looks like we’re near a market top…</p>\n<p><b>You Don’t Want to Short a Bubble</b></p>\n<p>Calling a market top or bottom is difficult. Even when you see sure signs of a bubble (they are easy to spot on price charts), there’s no assurance that the bubble won’t continue.</p>\n<p>The 1999 dot.com bubble was seen for what it was at the time, but investors couldn’t get enough of Pets.com (remember the sock puppet spokesperson?) or Space.com (it’s still around but only after a nasty stock price crash in 2000).</p>\n<p>The same was true of the Nikkei Stock Index in Japan. As it pushed to 40,000 in late 1989, it was widely viewed as a bubble, but the momentum continued. Finally, it crashed and bottomed at 7,570 in 2009. It only recently made it back to 30,000 after a 30-year recovery.</p>\n<p>You don’t want to short a bubble because if momentum continues, you can lose a lot of money being right. There’s usually plenty of money to be made on the way down once the bubble bursts. Still, there are certain indicators of a market nearing a top that are more reliable than others.</p>\n<p>One such indicator is called “distribution” by Wall Street insiders. It refers to a process of insiders and banks dumping stock on unsuspecting retail investors. The retail investors often don’t have access to the best deals, such as IPOs, so they snap up any such Wall Street offerings readily.</p>\n<p><b>Lambs to Slaughter</b></p>\n<p>Little do they know that the insiders see the crash coming and are dumping high-priced stocks on the little guy so they can escape the collapse with profits in hand…</p>\n<p>You’ve probably heard of Robinhood by now. Robinhood is an online trading platform available as a mobile phone app that is favored by many retail investors, especially first-time traders and millennials using government handout checks to place leveraged bets using options.</p>\n<p>RobinHood has announced that their platform will now be available for IPOs, which are among the most prized offerings and often soar in price on the first day of trading.</p>\n<p>Because of that first-day dynamic, Wall Street generally keeps the IPO allocations for their most favored clients, especially large institutions. If IPOs are now being distributed to small retail accounts, it means that the Wall Street banks don’t expect them to perform particularly well.</p>\n<p>They just want to get the IPOs done so entrepreneurs can get rich, and the banks can collect fees. If retail investors get burned, well that’s just too bad for them. Distribution is most common near market tops.</p>\n<p>And that may be just where we are right now. It’s a good time to reduce your exposure to equities and increase your cash holdings.</p>\n<p>There will be plenty of opportunities to profit on the way down.</p>\n<p>Again, I’m not definitively calling a market top right now. But it’s better to get out a little too early than a little too late.</p>","source":"lsy1615905701595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Archegos: Snowflake That Triggers the Avalanche?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nArchegos: Snowflake That Triggers the Avalanche?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-07 12:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dailyreckoning.com/archegos-snowflake-that-triggers-the-avalanche/><strong>Daily Reckoning</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Archegos was not a household name until about two weeks ago when it made headlines all over the world.\nArchegos Capital Management is a family office controlled by Bill Hwang, a former hedge fund ...</p>\n\n<a href=\"https://dailyreckoning.com/archegos-snowflake-that-triggers-the-avalanche/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://dailyreckoning.com/archegos-snowflake-that-triggers-the-avalanche/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144215470","content_text":"Archegos was not a household name until about two weeks ago when it made headlines all over the world.\nArchegos Capital Management is a family office controlled by Bill Hwang, a former hedge fund trader. Family offices can be conservative in their investment approach, but they can also be as highly leveraged and as risky as any hedge fund, or even more so. It’s up to the person managing the family office.\nIn Hwang’s case, the money was mostly his own, so he ran his family office the way he used to run his hedge fund – with high leverage and almost no transparency. Hwang made huge bets in stocks, often buying as much as 10% of a company.\nHe avoided legal reporting requirements on positions of 5% or more because they were mostly held through complicated financial instruments called derivatives. Instead of actually owning the stock (which would require reporting), he bought equity swaps from big banks.\nThat gives you the same economic exposure as owning the stock but without actual stock ownership and the regulatory reporting requirements that come with ownership.\nThe Death Spiral\nMany of Hwang’s positions were in Chinese highfliers, including RLX Technologies and GSX Techedu. Chinese stocks started to decline due to a combination of the strong dollar and the internal efforts in China to reign in corporate oligarchs and reduce risk-taking by banks.\nThis led to margin calls at Archegos, which caused Hwang to skip a new offering of Viacom-CBS stock in which he was also a large holder. That caused dumping in Viacom-CBS, which led to more margin calls on Archegos: a classic Wall Street death spiral.\nThe big dealers such as Goldman, Morgan Stanley and Credit Suisse began closing out leveraged positions in Archegos at fire sales prices. The dealers lost billions of dollars, and Archegos lost even more as its cash and positions disappeared, and dealers made demands for balances due.\nAll of this was a walk down memory lane for me.\nA Near Disaster\nI was on the front lines of the Long-Term Capital Management (LTCM) bailout in 1998. I negotiated the $4 billion rescue by 14 Wall Street banks, prompted by the Federal Reserve Bank of New York.\nThe causes of the LTCM meltdown were the same as the Archegos meltdown – too much leverage and not enough transparency. Each bank knew what its individual exposures were, but none of the banks knew what the total risk in the fund was. The banks could see their slice of the risk, but not the big picture.\nNow that the financial meltdown is over, the regulatory crackdown begins. But don’t expect any changes soon. In 1998, there were immediate calls for regulation changes. Regulators wanted to limit leverage and require holders of equity derivative positions to provide transparency exactly as if they held the positions in outright stock form.\nThose regulatory changes never happened in 1998, and I don’t expect them to happen now. Wall Street makes enormous profits by selling derivatives, and hedge funds can make even bigger profits by trading them.\nDon’t Expect Changes\nThe occasional meltdown may appear, but Wall Street still comes out ahead even if an individual hedge fund or family office melts down. Despite the public hearings and calls for regulation, Wall Street controls Washington. And what Wall Street wants, Wall Street gets. That’s not some wild conspiracy theory; it’s just the way things work.\nThe problem for everyday investors is this: What happens when a future meltdown spirals out of control to the point that no rescue is possible, and the entire global system of exchanges and banks begins to collapse?\nThat did not happen in the Archegos case (yet), but it did almost happen in the case of LTCM.\nHow long will banks, investors and hedge funds keep rolling the dice? It appears they’re continuing to roll the dice in other ways since they’re pouring money into stocks when it looks like we’re near a market top…\nYou Don’t Want to Short a Bubble\nCalling a market top or bottom is difficult. Even when you see sure signs of a bubble (they are easy to spot on price charts), there’s no assurance that the bubble won’t continue.\nThe 1999 dot.com bubble was seen for what it was at the time, but investors couldn’t get enough of Pets.com (remember the sock puppet spokesperson?) or Space.com (it’s still around but only after a nasty stock price crash in 2000).\nThe same was true of the Nikkei Stock Index in Japan. As it pushed to 40,000 in late 1989, it was widely viewed as a bubble, but the momentum continued. Finally, it crashed and bottomed at 7,570 in 2009. It only recently made it back to 30,000 after a 30-year recovery.\nYou don’t want to short a bubble because if momentum continues, you can lose a lot of money being right. There’s usually plenty of money to be made on the way down once the bubble bursts. Still, there are certain indicators of a market nearing a top that are more reliable than others.\nOne such indicator is called “distribution” by Wall Street insiders. It refers to a process of insiders and banks dumping stock on unsuspecting retail investors. The retail investors often don’t have access to the best deals, such as IPOs, so they snap up any such Wall Street offerings readily.\nLambs to Slaughter\nLittle do they know that the insiders see the crash coming and are dumping high-priced stocks on the little guy so they can escape the collapse with profits in hand…\nYou’ve probably heard of Robinhood by now. Robinhood is an online trading platform available as a mobile phone app that is favored by many retail investors, especially first-time traders and millennials using government handout checks to place leveraged bets using options.\nRobinHood has announced that their platform will now be available for IPOs, which are among the most prized offerings and often soar in price on the first day of trading.\nBecause of that first-day dynamic, Wall Street generally keeps the IPO allocations for their most favored clients, especially large institutions. If IPOs are now being distributed to small retail accounts, it means that the Wall Street banks don’t expect them to perform particularly well.\nThey just want to get the IPOs done so entrepreneurs can get rich, and the banks can collect fees. If retail investors get burned, well that’s just too bad for them. Distribution is most common near market tops.\nAnd that may be just where we are right now. It’s a good time to reduce your exposure to equities and increase your cash holdings.\nThere will be plenty of opportunities to profit on the way down.\nAgain, I’m not definitively calling a market top right now. But it’s better to get out a little too early than a little too late.","news_type":1},"isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341968622,"gmtCreate":1617771879366,"gmtModify":1704702928346,"author":{"id":"3559040477576070","authorId":"3559040477576070","name":"khonglim","avatar":"https://static.tigerbbs.com/56d64d0d3ea6ecf4bdafaeed7007f8fb","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559040477576070","idStr":"3559040477576070"},"themes":[],"htmlText":"Great!","listText":"Great!","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341968622","repostId":"1137161656","repostType":4,"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341961293,"gmtCreate":1617771797912,"gmtModify":1704702927205,"author":{"id":"3559040477576070","authorId":"3559040477576070","name":"khonglim","avatar":"https://static.tigerbbs.com/56d64d0d3ea6ecf4bdafaeed7007f8fb","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559040477576070","idStr":"3559040477576070"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341961293","repostId":"1127077125","repostType":4,"repost":{"id":"1127077125","pubTimestamp":1617769158,"share":"https://ttm.financial/m/news/1127077125?lang=&edition=fundamental","pubTime":"2021-04-07 12:19","market":"sh","language":"en","title":"China’s Epic Battle With Capital Flows Is More Intense Than Ever","url":"https://stock-news.laohu8.com/highlight/detail?id=1127077125","media":"Bloomberg","summary":"(Bloomberg) -- In 2020, China’s efforts to lure foreign funds into its borders finally paid off. Inv","content":"<p>(Bloomberg) -- In 2020, China’s efforts to lure foreign funds into its borders finally paid off. Investors from New York to London clamored for its stocks and bonds, cementing the nation’s position on the global stage.</p><p>Against the wreckage of the global economy and with unprecedented stimulus unleashed by central banks, China’s resilience to the coronavirus and its higher-yielding assets looked attractive. The result was a 62% increase in overseas holdings of local stocks from a year earlier to 3.4 trillion yuan ($520 billion), a 47% fillip for the bond market to 3.3 trillion yuan, and the Chinese currency’s best quarter in more than a decade. Foreign investors bought another net $53.5 billion worth of Chinese debt in January and February this year, according to Gavekal Dragonomics.</p><p><img src=\"https://static.tigerbbs.com/201cb319f512f9220085e0c590a6966a\" tg-width=\"696\" tg-height=\"400\"><img src=\"https://static.tigerbbs.com/035cdcd504116389994767a02b508b02\" tg-width=\"757\" tg-height=\"421\"></p><p>But that influx -- and influence -- is now creating a headache for the Communist Party. China has long been paranoid about the risks posed by capital flows, especially after a messy currency devaluation in 2015, which is why authorities maintain strict controls on money entering and leaving the country. The scale of the inflows places the country at risk of asset bubbles, which would burst were that money to start pouring out.</p><p>“The moment this demand becomes too big to manage and starts to pressure financial stability -- or create a threat or risk to financial stability -- it will be curbed,” said Paola Subacchi, professor of International Economics at the University of London’s Queen Mary Global Policy Institute and author of ‘The People’s Money: How China Is Building a Global Currency.’</p><p>Foreign presence in modern China’s capital markets has never been so great: Beijing has in recent years carved out channels to let funds in, opening stock and bond trading links via Hong Kong and pushing for the inclusion of yuan-denominated assets in major global benchmarks. The overarching goal was to help make markets more efficient and powerful. Institutions such as pension funds would provide stability to a stock market reliant on speculators, while boosting liquidity in a moribund sovereign bond market.</p><p>Global pandemic stimulus has in some ways made China a victim of its own success. This was illustrated by a November report compiled by the Asian Consultative Council of the Bank for International Settlements, which looked at the impact of capital flows. The People’s Bank of China, one of 12 central banks in the working group, noted that “sharp exchange rate fluctuations and large capital flows would threaten financial stability and have negative real economic consequences.”</p><p>After last year’s vast inflows, those concerns are now starting to resonate in China’s onshore markets. Expectations of strong growth in the U.S. economy have begun driving Treasury yields higher, narrowing the premium offered by Chinese debt by about 1 percentage point since a record in November. They’re also buoying the dollar and punishing the yuan, which in March weakened about 1.3%. The CSI 300 Index of stocks has fallen more than 10% from this year’s high. The risk of a comeuppance is building.</p><p>“Outflows are always an important worry,” said David Qu, an economist at Bloomberg Economics. “Authorities may also be worried that inflows, particularly hot money, may become outflows once market conditions change.”</p><p>Official comments have only grown louder in recent months. In a March 20 speech, top securities regulator Yi Huiman said large flows of “hot money” into China must be strictly controlled. In unusually blunt comments in early March, banking regulator Guo Shuqing said he was “very worried” that asset bubbles in overseas markets would burst soon, posing a risk to the global economy. Li Daokui, a former central bank adviser, blamed the potential for instability on U.S. pandemic relief.</p><p>To manage and counterbalance the inflows, China has steadily granted an additional quota for onshore funds to invest in securities overseas, in March boosting it to $135 billion -- the highest ever. Other measures include encouraging mutual funds to invest in Hong Kong stocks, which led to record flows into the city in January, and asking financial institutions to limit the amount of offshore financing. Hong Kong in December said it was discussing plans to allow mainland investors to trade bonds in the city, which would also encourage outflows.</p><p>But those steps are incremental, showing policy makers are wary of going too far the other way. China may struggle to open its financial borders without in some way being at the mercy of Federal Reserve actions, like other emerging economies. The U.S.’s easy monetary policy in the wake of the 2008 global financial crisis fueled bubbles in countries from Indonesia to Thailand, which burst when the Fed prepared to raise interest rates.</p><p>The Fed responded to the pandemic with similar policies to those of 2008 but far faster -- and further. Its balance sheet is now near $7.7 trillion, compared to $4 trillion early last year and the previous peak of $4.5 trillion in 2015. That’s equivalent to about 36% of the country’s gross domestic output, a record.</p><p>There are few economies that can absorb that kind of money. China’s $10.9 trillion equity market and $18 trillion bond market make the country an obvious target.</p><p>“China is going to be a very attractive place for capital,” said Wen-Wen Lindroth, lead cross-asset strategist for Fidelity International. “The long term growth rate – the gap they have with income – versus developed markets means they have lot more scope to develop,” she said.</p><p>The question now is how China deals with this issue, which will become even more pressing as the weighting of yuan assets in global benchmarks increases, drawing in billions of extra dollars. Allowing more outflows will reduce the risk of bubbles, but increases the potential for money to flood out too quickly -- as the country witnessed in the wake of the 2015 currency devaluation.</p><p>“China has long been very careful about opening its capital account, and that cautious approach is still the most probable one,” Wei He, China Economist at Gavekal, wrote in a March 31 report.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China’s Epic Battle With Capital Flows Is More Intense Than Ever</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina’s Epic Battle With Capital Flows Is More Intense Than Ever\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-07 12:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/china-epic-battle-capital-flows-200000789.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- In 2020, China’s efforts to lure foreign funds into its borders finally paid off. Investors from New York to London clamored for its stocks and bonds, cementing the nation’s position on...</p>\n\n<a href=\"https://finance.yahoo.com/news/china-epic-battle-capital-flows-200000789.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://finance.yahoo.com/news/china-epic-battle-capital-flows-200000789.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127077125","content_text":"(Bloomberg) -- In 2020, China’s efforts to lure foreign funds into its borders finally paid off. Investors from New York to London clamored for its stocks and bonds, cementing the nation’s position on the global stage.Against the wreckage of the global economy and with unprecedented stimulus unleashed by central banks, China’s resilience to the coronavirus and its higher-yielding assets looked attractive. The result was a 62% increase in overseas holdings of local stocks from a year earlier to 3.4 trillion yuan ($520 billion), a 47% fillip for the bond market to 3.3 trillion yuan, and the Chinese currency’s best quarter in more than a decade. Foreign investors bought another net $53.5 billion worth of Chinese debt in January and February this year, according to Gavekal Dragonomics.But that influx -- and influence -- is now creating a headache for the Communist Party. China has long been paranoid about the risks posed by capital flows, especially after a messy currency devaluation in 2015, which is why authorities maintain strict controls on money entering and leaving the country. The scale of the inflows places the country at risk of asset bubbles, which would burst were that money to start pouring out.“The moment this demand becomes too big to manage and starts to pressure financial stability -- or create a threat or risk to financial stability -- it will be curbed,” said Paola Subacchi, professor of International Economics at the University of London’s Queen Mary Global Policy Institute and author of ‘The People’s Money: How China Is Building a Global Currency.’Foreign presence in modern China’s capital markets has never been so great: Beijing has in recent years carved out channels to let funds in, opening stock and bond trading links via Hong Kong and pushing for the inclusion of yuan-denominated assets in major global benchmarks. The overarching goal was to help make markets more efficient and powerful. Institutions such as pension funds would provide stability to a stock market reliant on speculators, while boosting liquidity in a moribund sovereign bond market.Global pandemic stimulus has in some ways made China a victim of its own success. This was illustrated by a November report compiled by the Asian Consultative Council of the Bank for International Settlements, which looked at the impact of capital flows. The People’s Bank of China, one of 12 central banks in the working group, noted that “sharp exchange rate fluctuations and large capital flows would threaten financial stability and have negative real economic consequences.”After last year’s vast inflows, those concerns are now starting to resonate in China’s onshore markets. Expectations of strong growth in the U.S. economy have begun driving Treasury yields higher, narrowing the premium offered by Chinese debt by about 1 percentage point since a record in November. They’re also buoying the dollar and punishing the yuan, which in March weakened about 1.3%. The CSI 300 Index of stocks has fallen more than 10% from this year’s high. The risk of a comeuppance is building.“Outflows are always an important worry,” said David Qu, an economist at Bloomberg Economics. “Authorities may also be worried that inflows, particularly hot money, may become outflows once market conditions change.”Official comments have only grown louder in recent months. In a March 20 speech, top securities regulator Yi Huiman said large flows of “hot money” into China must be strictly controlled. In unusually blunt comments in early March, banking regulator Guo Shuqing said he was “very worried” that asset bubbles in overseas markets would burst soon, posing a risk to the global economy. Li Daokui, a former central bank adviser, blamed the potential for instability on U.S. pandemic relief.To manage and counterbalance the inflows, China has steadily granted an additional quota for onshore funds to invest in securities overseas, in March boosting it to $135 billion -- the highest ever. Other measures include encouraging mutual funds to invest in Hong Kong stocks, which led to record flows into the city in January, and asking financial institutions to limit the amount of offshore financing. Hong Kong in December said it was discussing plans to allow mainland investors to trade bonds in the city, which would also encourage outflows.But those steps are incremental, showing policy makers are wary of going too far the other way. China may struggle to open its financial borders without in some way being at the mercy of Federal Reserve actions, like other emerging economies. The U.S.’s easy monetary policy in the wake of the 2008 global financial crisis fueled bubbles in countries from Indonesia to Thailand, which burst when the Fed prepared to raise interest rates.The Fed responded to the pandemic with similar policies to those of 2008 but far faster -- and further. Its balance sheet is now near $7.7 trillion, compared to $4 trillion early last year and the previous peak of $4.5 trillion in 2015. That’s equivalent to about 36% of the country’s gross domestic output, a record.There are few economies that can absorb that kind of money. China’s $10.9 trillion equity market and $18 trillion bond market make the country an obvious target.“China is going to be a very attractive place for capital,” said Wen-Wen Lindroth, lead cross-asset strategist for Fidelity International. “The long term growth rate – the gap they have with income – versus developed markets means they have lot more scope to develop,” she said.The question now is how China deals with this issue, which will become even more pressing as the weighting of yuan assets in global benchmarks increases, drawing in billions of extra dollars. Allowing more outflows will reduce the risk of bubbles, but increases the potential for money to flood out too quickly -- as the country witnessed in the wake of the 2015 currency devaluation.“China has long been very careful about opening its capital account, and that cautious approach is still the most probable one,” Wei He, China Economist at Gavekal, wrote in a March 31 report.","news_type":1},"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}