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The PowerShares Chinese Yuan Dim Sum Bond Portfolio (the “Fund”) seeks investment results that generally correspond (before fees and expenses) to the price and yield performance of the Citigroup Dim Sum (Offshore CNY) Bond Index (the “Underlying Index”). The Fund normally will invest at least 90% of its total assets in Yuan-denominated bonds that comprise the Underlying Index. The Underlying Index includes fixed-rate securities issued by governments, agencies, supranationals, and corporations. The bonds within the Underlying Index generally have a fixed rate coupon (excluding zeros), a minimum maturity of one year and a minimum size outstanding of 1 billion Yuan.
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- In Your Portfolio: A Guide to International and Emerging Market Government Bond ETFs
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Saturday, Mar 242012, 4:51 PMBarron's Alan Abelson says China's showing unmistakable signs of economic fatigue. He joins JPMorgan's chief Asian strategist, Adrian Mowat, who is very concerned about the Chinese property market, and finds no evidence of policy moves that might reaccelerate the economy. |Saturday, Mar 242012, 4:51 PM| 11 Comments
Friday, Mar 232012, 12:18 PMThe PBOC is creating credit ratings for local governments as they prepare to enter the previously prohibited municipal bond market. Curious is the hope bond issuance - as opposed to bank loans - will improve the debt situation. Call if a bond or call it a loan - either way it ends up as a liability for the local government and an asset on banks' books. |Friday, Mar 232012, 12:18 PM| Comment!
Friday, Mar 232012, 11:59 AMThe risks to China's banks from local government loans are greater than thought as the country's banking regulator finds about 20% of loans have been misclassified as fully covered by cash flows. Properly accounting for them will mean lenders have to set aside greater reserves as well as demand more collateral from strapped governments. |Friday, Mar 232012, 11:59 AM| 1 Comment
Friday, Mar 232012, 7:10 AMThe Chinese futures exchange has started testing electronic trading of government bond futures, 17 after a scandal caused Beijing to shut it. With about $1T of sovereign bonds outstanding, China has the 5th largest market in the world, but no futures with which to hedge or speculate. Traders expect a functioning market before year's end. |Friday, Mar 232012, 7:10 AM| Comment!
Thursday, Mar 222012, 11:12 AMWhile China's weak PMI number may be the spark that started today's sell off, shares in Shanghai and Hong Kong, ended last night flat to positive. Both markets have already suffered declines of about 5% in the last month on top of more significant drops in 2011. Perhaps the washout in shares has already occurred, says Doug Kass. |Thursday, Mar 222012, 11:12 AM| 5 Comments
Thursday, Mar 222012, 7:15 AMMore on the weak China HSBC PMI: HSBC economist Hongbin Qu - who typically tries to spin a positive message from these reports - sounds gloomy. "Worryingly, employment recorded a new low from March 2009 ... external demand ... decline(d) at a slower pace, implying no improvements in the (domestic) demand outlook." (full report) |Thursday, Mar 222012, 7:15 AM| 1 Comment
Wednesday, Mar 212012, 10:31 PM
Monday, Mar 192012, 9:30 AM
Wednesday, Mar 142012, 9:10 AMMore on last night's remarks from China Premier Wen: He warns of "chaos" in the market if property curbs are relaxed. The chairman of property developer Soho China (SOHOF.PK) calls the remarks "bad news" for players with high levels of debt. In addition to a steep drop in Shanghai, Hong Kong shares give up big gains to close red. EWH -0.6% premarket. |Wednesday, Mar 142012, 9:10 AM| 1 Comment
Tuesday, Mar 132012, 7:21 AMLoan demand continues to be weak in China with the big 4 banks reportedly making less than ¥20B in loans in March's 1st 2 weeks due to "weak demand from large corporates." Slowing money supply growth is likely to slow even further unless "the government forces someone to borrow money." |Tuesday, Mar 132012, 7:21 AM| 2 Comments
Tuesday, Mar 132012, 7:15 AMNomura revises its 2012 GDP growth forecast for China to 8.2% from 7.9%, saying the economic prints for the year's first 2 months have been weak, but not as bad as the bank expected, and lower inflation leaves room for easier monetary policy. The revision is particularly noteworthy given Nomura's earlier prediction of a 33% chance of a hard landing. |Tuesday, Mar 132012, 7:15 AM| 1 Comment
Monday, Mar 122012, 7:56 AMThe yuan falls by the most in nearly 2 months as PBOC Governor Zhou says the exchange rate is linked to the balance of payments, and, well, it's deteriorating. No longer a one-way bet higher, the yuan has declined 0.5% this year, after slow, steady rises for the last 3. (also) |Monday, Mar 122012, 7:56 AM| Comment!
Monday, Mar 122012, 7:09 AMChina's trade deficit for the year's first two months was $4.1B, less scary than the (holiday-influenced) $31.5B for February reported over the weekend, but still the worst performance since 2004. Other data suggest continued slowing export growth. "The world's factory is running short of orders," writes Tom Orlik. |Monday, Mar 122012, 7:09 AM| 1 Comment
Saturday, Mar 102012, 7:17 AMChina posts a $31.5B trade deficit in February, surging past estimates of $4.9B (and whispers of $28B) as imports jumped 39.6% Y/Y vs. exports at 18.4%. For about the 10th week running, analysts caution against reading too much into the data thanks to the Lunar holiday. Whatever. China and Japan are posting trade deficits - the world is changing. |Saturday, Mar 102012, 7:17 AM| 20 Comments
Friday, Mar 92012, 12:22 AM
Thursday, Mar 82012, 12:25 PM"Vastly overblown," is how Stephen Roach (formerly MS, now a Yale prof) describes fears of a hard landing in China. A big fan of China's central planners, Roach says they've done yeoman's work controlling inflation and the next task is to wean the country off of a reliance on fixed-income investment at the expense of consumption. |Thursday, Mar 82012, 12:25 PM| 3 Comments