Pubblicato in: Banche Centrali, Cina

Cina. Luglio21. Investimenti diretti esteri aumentati del 25% sul luglio20.

Giuseppe Sandro Mela.

2021-09-0.12

2021-09-06__ Cina Investimenti 001

Nel luglio 2021 gli investimenti esteri in Cina sono cresciuti del +25%, paragonati al luglio 2020.

Questo dato di fatto sembrerebbe lasciare stupiti gli economisti ed i commentatori economici occidentali, che ritenevano che le turbolenze interne dei mercati cinesi avrebbero allontanato gli investitori.

* * * * * * *

«Multiplying crackdowns haven’t stopped cash pouring into China»

«Yet money from around the world is flowing into mainland China – testament to its gravitational pull on global investors and long-term confidence in its economy»

«Amid the turmoil in the markets, foreign investors have increased their holdings of shares in Shanghai and Shenzhen via trading links every month since November»

«International investors seeking additional yields have increased their portfolios of yuan-denominated government debt to a record low, according to central bank data during July»

«For every pundit declaring the dangers of investing money in Chinese assets, there is another ready to “buy the dip”»

«We feel that the recent regulations are targeted to streamline the future structure of economic growth toward higher quality growth and more balanced growth»

«To be sure, investors have suffered significant losses this year, and there may be more to come»

«The country’s benchmark CSI 300 index is down nearly 16% from its February high»

«shock waves that wiped $1 trillion from the value of Chinese stocks globally»

«there has been a sharp reversal even during the 10-month inflow. While foreign investors bought 26.9 billion yuan ($4.2 billion) worth of mainland shares in August, the most in three months, they sold a net 11 billion yuan on both August 19 and 20.»

«After two months of withdrawals, inflows into China-focused equity-related exchange traded funds have also turned positive»

«By acting as a natural hedge for investors seeking long-term bets, the strength of China’s currency is playing a role in the attractiveness of the country’s stocks and bonds»

«With China’s benchmark 10-year yield more than twice that of the US Treasury, and its debt playing a greater role in global indices, foreign buyers increased their holdings of the country’s sovereign debt to 2.18 trillion yuan, according to data from ChinaBonds»

* * * * * * *

Economisti ed i commentatori economici occidentali riportano come gli Investimenti Diretti Esteri in Cina siano aumentati del 25% sul luglio20. Questo nonostante le turbolenze sui mercati cinesi.

A nostro personale avviso, opinabilissimo, oltre alla attrazione di tassi di interessi maggiori, gioca un alto peso il clima di fiducia verso il sistema economico cinese, sul lungo  termine.

Se però la Cina esercita una grande attrattiva, sarebbe altrettanto vero ricordarsi che i capitali fuggono dall’enclave liberal occidentale, divenuto oramai ambiente ostile a denaro ed investimenti.

Usa. Nonfarm Payrolls 253,000. La débâcle economica di Joe Biden.

Le banche centrali occidentali irrorano i sistemi di allucinanti quantità di liquidità, che in ultima analisi finiscono a sostenere la crescita cinese. Gran bel risultato!

* * * * * * *

Multiplying Crackdowns Haven’t Stopped Cash Pouring Into China

Canceled share sales. The ruined business model. Tech moguls were brought to heel. Barely a day goes by without more news about the wide scope of Beijing’s crackdown on private enterprises.

Yet money from around the world is flowing into mainland China – testament to its gravitational pull on global investors and long-term confidence in its economy.

Amid the turmoil in the markets, foreign investors have increased their holdings of shares in Shanghai and Shenzhen via trading links every month since November, according to Businesshala calculations based on data from the Hong Kong Stock Exchange.

Only then could he be expected to back down, as officials blocked the Ant Group company’s initial public offering, triggering a regulatory attack.

Buying last month more than doubled compared to July, and it is a similar picture in China’s bond market. International investors seeking additional yields have increased their portfolios of yuan-denominated government debt to a record low, according to central bank data during July.

For every pundit declaring the dangers of investing money in Chinese assets, there is another ready to “buy the dip”. The idea driving this is that for all the short-term pain and disruption, President Xi Jinping’s campaign for “shared prosperity” could help China maintain long-term expansion.

“We feel that the recent regulations are targeted to streamline the future structure of economic growth toward higher quality growth and more balanced growth,” said Chris Liu, a senior portfolio manager for China Equities at Invesco Hong Kong Ltd. “China is only playing catch-up with the developed world after years of loose regulatory oversight,” he said.

To be sure, investors have suffered significant losses this year, and there may be more to come.

The country’s benchmark CSI 300 index is down nearly 16% from its February high, making it one of the worst-performing major gauges in Asia this year. And the move to make tutoring a non-profit sector in July sent shock waves that wiped $1 trillion from the value of Chinese stocks globally.

According to data based on the Hong Kong Stock Exchange’s Businesshala calculations, there has been a sharp reversal even during the 10-month inflow. While foreign investors bought 26.9 billion yuan ($4.2 billion) worth of mainland shares in August, the most in three months, they sold a net 11 billion yuan on both August 19 and 20.

The offloading came amid signs that the Federal Reserve may launch a series of comments and reports in China’s state media for encouragement and calls for tighter oversight to protect consumers.

Analysts at Everbright Securities Co., including Annie Mack, said this exemplified the risks that remain, even though they expect corporate earnings growth to continue to support the market.

Data from Businesshala shows that the CSI 300 is now trading near its lowest ratio compared to the S&P 500 index since 2007, which supports the possibility of further buying.

After two months of withdrawals, inflows into China-focused equity-related exchange traded funds have also turned positive. The rally in the market by influential funds like Kathy Wood’s Arch Investment Management has further supported the sentiment.

Businesshala data shows inflows to Hong Kong-focused passive funds have been positive this year. An ETF that tracks the Hang Seng Tech Index, which includes China’s largest technology companies, is the most popular of these Hong Kong-focused vehicles on the market this year.

loan case

By acting as a natural hedge for investors seeking long-term bets, the strength of China’s currency is playing a role in the attractiveness of the country’s stocks and bonds.

Although the yuan has moved significantly sideways in recent months, it advanced about 1% against the dollar in 2021 and about 6% over the past three years.

With China’s benchmark 10-year yield more than twice that of the US Treasury, and its debt playing a greater role in global indices, foreign buyers increased their holdings of the country’s sovereign debt to 2.18 trillion yuan, according to data from ChinaBonds. Is. July.

According to the Businesshala Global Treasury Benchmark Index, this has helped it deliver the best returns to investors on a year-over-year basis among debt-market rivals.

Analysts expect yield gains on the US to be lower due to the Federal Reserve reducing its bond purchases, but not enough to curb demand given the entry of Chinese bonds into the global index.

“Despite further lowering, the onshore yuan’s interest rate premium remains heavy, and will continue to reduce foreign investment in Chinese bonds,” said Becky Liu, head of China macro strategy at Standard Chartered plc in Hong Kong.

For Pascal Blanc, chief investment officer of Amundi SA, whose firm oversees $2.1 trillion globally, the shakeup in China is opening new doors.

“On China, we retain our long-term positive call and believe the recent weakness has opened up interesting opportunities,” Pascal and his colleagues said in a note this month. “Investors can take advantage of the selloff to increase their allocation to Chinese equities in the global portfolio.”