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iShares China Large-Cap ETF (FXI)

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  • Apr. 28, 2014, 4:51 AM
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  • Apr. 27, 2014, 2:34 AM
    • China's State Administration of Foreign Exchange is widening a trial program to loosen currency controls in the country and will allow domestic and foreign firms with at least $100M in annual foreign-exchange income to transfer money more easily.
    • The move is part of China's plans to reform its economy and allow a bigger role for free markets.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, CNY, DSUM, YANG, MCHI, XPP, YAO, YXI, FXCH, CHXF, FCA, TCHI, CHLC
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  • Apr. 25, 2014, 4:23 PM
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  • Apr. 23, 2014, 2:17 AM
    • HSBC Chinese flash manufacturing PMI has indicated contraction for a fourth consecutive month, although the gauge has edged up to 48.3 in April from 48 in March. Consensus was for 48.4.
    • "Domestic demand showed mild improvement and deflationary pressures eased," said HSBC, "but downside risks to growth are still evident as both new export orders and employment contracted."
    • HSBC believes that the Chinese government will add to its recent stimulus measures and that the People's Bank of China "will keep sufficient liquidity."
    • The Shanghai Composite is -0.5%. (PR)
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, FXCH, CHXF, CHII, ECNS, CHIE, CHIM, FCA, KFYP, TCHI, CHLC, CHNA, KBA
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  • Apr. 18, 2014, 3:39 AM
    • China's new-housing inflation weakened to an eight-month low in March, with the average price of new homes in 70 major cities moderating to +7.7% on year from +8.7% in February.
    • On month, housing inflation slipped to 0.2% from 0.3%.
    • Home prices rose on a year-on-year basis in 69 of 70 cities, as in February.
    • The softening in prices reflects the government's attempts to cool the housing sector, although it also adds to concerns about the slowdown in the wider economy.
    • "There are definitely risks in the property market of China's smaller cities," says Standard Chartered's Lan Shen. "The property market will be a big factor that presses the country's economic growth this year."
    • The Shanghai Composite is -0.15%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, FXCH, CHXF, CHII, ECNS, CHIE, CHIM, FCA, KFYP, TCHI, CHLC, CHNA, KBA
    | 2 Comments
  • Apr. 16, 2014, 2:56 AM
    • China's GDP growth slowed to its lowest level in 18 months in Q1, moderating to 7.4% on year from 7.7% in Q4 but topping forecasts for 7.3%. The figure is below the government's target of 7.5%, although the country's leaders have indicated that the goal is flexible as they try to implement reform.
    • Falling momentum in investment and consumption, struggling real estate, and weak external demand were among the main factors that caused the slower expansion.
    • On quarter, GDP +1.4%, as expected, vs +1.8%.
    • The value of home sales fell 7.7% in Q1 to 1.1T yuan ($177B); new property construction -25% to 291M square meters (3.1B square feet).
    • Industrial production +8.8% in March +8.6% in previously and consensus of +9%.
    • Retail sales +12.2% vs +11.8% and +12.1%.
    • Urban fixed-asset investment +17.6% in Q1 vs +17.9% previously and forecasts of +18.1%.
    • MNI Business Sentiment Indicator 51.1 in March vs 50.2 in February.
    • "All the forward-looking indicators are weak - growth is going to continue to slow," says Standard Chartered's Stephen Green. "We expect a mix of moderate monetary easing over the next few months and more aggressive reform measures."
    • However, Credit Agricole economist Dariusz Kowalczyk expresses a bit of optimism. "The silver lining is that retail sales and industrial output both rebounded in March, suggesting that growth is bottoming out."
    • The Shanghai Composite is flat.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, TAO, CHIX, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, CHXF, FXCH, CHII, ECNS, CHIM, CHIE, FCA, KFYP, TCHI, CHNA, KBA
    | 1 Comment
  • Apr. 10, 2014, 4:25 AM
    • China intends to connect the Hong Kong and Shanghai bourses and enable total cross-border trading of 23.5B yuan ($3.8B) a day.
    • Investors will be able to trade 10.5B yuan of Hong Kong-listed shares via Shanghai and 13B yuan of mainland stocks through Hong Kong.
    • The plan is part of China's attempts to liberalize its economy, with Premier Li Keqiang saying it will "further improve the opening and healthy development of capital markets in China and Hong Kong."
    • News of the plan helped Chinese and Hong Kong stocks rise despite weak trade figures.
    • The Shanghai Composite ended +1.4% and the Hang Seng gained 1.7%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, YANG, MCHI, XPP, YAO, YXI, CHXF, FCA, TCHI
    • ETFs: EWHS
    | 5 Comments
  • Apr. 10, 2014, 2:04 AM
    • Chinese exports tumbled 6.6% on year in March, which represented an improvement from an 18.1% plunge in February, although consensus was for growth of 4%.
    • Imports slumped 11.3% after climbing 10.1% and missed expectations of +2.4%, with the decline partly due to falling commodity prices.
    • The trade balance swung to a surplus of $7.71B from a deficit of $22.98B and easily topped forecasts for a surplus of $900M.
    • Economist Hu Yifan says that "investors don't have to be worried" about the trade numbers, as the declines were partly due to artificially high export data a year earlier and the severe winter in the U.S.
    • Still, the figures follow other numbers which show that the economy is slowing, although Premier Li Keqiang ruled out more stimulus to add to measures that were announced recently. China "won’t adopt short-term and strong stimulus policies in response to temporary fluctuations in the economy," Li said. "Instead, we will focus more on healthy growth in the medium-to-long term and will make efforts to achieve sustainable and healthy development."
    • The Shanghai Composite +0.2% and the Hang Seng is +0.65%, aided by the dovish FOMC minutes yesterday.
    • ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, FXCH, CHXF, CHII, ECNS, CHIM, CHIE, EWHS, FCHI, KFYP, FCA, TCHI, CHLC, CHNA, FHK, KBA
    | 1 Comment
  • Apr. 3, 2014, 9:01 AM
    • Sotheby's (BID) stock price does a pretty good job tracking speculative bubbles, says Jim Chanos appearing on Squawk Box with this chart to explain his short of the name.
    • On China: The government is "panicking" over the economic slowdown. "One has to keep in mind, if you're a Western investor in stocks and bonds in China, you are investing in a scheme, not a market ... You are basically providing capital to them and you might not see any profits or dividends from them."
    • On the Dow's best-performing stock of the year: Chanos says he's still short Caterpillar (CAT).
    • Multi-level marketers, i.e. Herbalife (HLF): It's "no secret we side with the bears on this one."
    • On the round-trip in Greek bond yields (they're back to pre-crisis levels): "I find that stunning ... and scary."
    • China ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, HAO, ASHR, CHIQ, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHNA, KBA
    | 38 Comments
  • Apr. 3, 2014, 2:26 AM
    • China's State Council has unveiled another mini-stimulus package as part of an attempt to stabilize slowing growth even as the government looks to reform the economy so that it relies less on the state sector.
    • "There's a balance," says Mark Williams of Capital Economics. "The leadership wants to push ahead with reform, but it's aware that it has to maintain confidence."
    • The program includes selling 150B yuan ($24.6B) in bonds for railway construction and creating a development fund of 200-300B yuan a year for a similar purpose, improved housing for those on low incomes, and tax relief for struggling small companies.
    • The measures had already been announced but not as a package to boost GDP, while the program is a bit of a re-run of a mini-stimulus that China introduced last year to lift flagging growth.
    • The State Council didn't say whether monetary policy would be loosened - the dilemma for the government is that it's also trying to rein in soaring lending.
    • State Council statement
    • Meanwhile, China's official non-manufacturing PMI slipped to 54.5 in March from 55 in February, while the HSBC services PMI rose to 51.9 from 51.
    • The Shanghai Composite is -0.95%, while the Hang Seng is +0.2%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, FXCH, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | 4 Comments
  • Apr. 1, 2014, 2:02 AM
    • As expected, Chinese official manufacturing PMI, which focuses on larger state-owned enterprises, edged up to 50.3 in March from 50.2 in February. (PR)
    • The HSBC index, which gives more weight to smaller private companies, slipped to 48 (flash 48.1) from 48.5. Output and new orders contracted at faster rates, although new export orders returned to growth. Input costs and output charges fell sharply.
    • HSBC says that its reading confirms the weakness of domestic demand. "This implies that 1Q GDP growth is likely to have fallen below the annual growth target of 7.5%. We expect Beijing to fine-tune policy sooner rather than later to stabilize growth," HSBC says. (PR)
    • The Shanghai Composite is +0.5%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, CYB, HAO, CNY, ASHR, CHIQ, DSUM, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, FXCH, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | 1 Comment
  • Mar. 28, 2014, 4:23 PM
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  • Mar. 27, 2014, 4:53 AM
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  • Mar. 26, 2014, 8:30 AM
    • “The apparent deterioration in productivity and diminishing returns to leverage are not as severe as the consensus thinks when one takes into account true activity," writes the team, arguing China's consumption and services are larger than officially reported. If true, it gives the economy more room to cope with slowing productivity growth. Plus, there's Beijing's "formidable" financial resources.
    • Higher overnight, the MSCI China Index is off 7.6% on the year - heading for its worst quarter since 2008. The index trades at 9x reported earnings, a 23% discount to the MSCI Emerging Markets Index.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, KWEB, HAO, ASHR, CHIQ, TAO, CHIX, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, CHII, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHNA, KBA
    | 1 Comment
  • Mar. 26, 2014, 4:42 AM
    • Hundreds of people have rushed to take their money out of Jiangsu Sheyang Rural Commercial Bank, a small bank in the troubled Jiangsu province, following a rumor that the firm was close to collapsing.
    • The event, while localized, highlights the increasing nervousness about the viability of soaring debt in China. It also comes not long after the failure of co-operatives in the region and after the first ever default in the domestic corporate-bond market.
    • The bank run also emphasizes the need for bank-deposit insurance in China, which the government has said it plans to introduce.
    • Meanwhile, struggling firms are being asked to pay more for smaller loans, Reuters reports. The trend shows how banks, as per the desire of regulators, are being more discerning with their loans.
    • The Shanghai composite is -0.2%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, CHIX, YANG, MCHI, XPP, YAO, YXI, CHXF, FCA, TCHI
    | 2 Comments
  • Mar. 24, 2014, 2:24 AM
    • HSBC Chinese flash manufacturing PMI has indicated contraction for a fifth consecutive month, slipping to 48.1 in March from 48.5 in February and missing consensus of 48.7.
    • New orders, employment and output shrank, although new export orders grew for the first time in four months.
    • The reading adds to other data which indicate that China's economy is slowing.
    • "Weakness is broadly based with domestic demand softening further," says HSBC. "We expect Beijing to launch a series of policy measures to stabilize growth."
    • Hopes of such stimulus have helped push the Shanghai Composite up 1%, while the Hang Seng is +1.7%. (PR)
    • ETFs: FXI, PGJ, GXC, FXP, YINN, CYB, KWEB, HAO, CNY, ASHR, CHIQ, DSUM, CHIX, TAO, YANG, CQQQ, MCHI, PEK, QQQC, XPP, YAO, CHXX, YXI, FXCH, CHII, CHXF, ECNS, CHIM, CHIE, KFYP, FCA, TCHI, CHLC, CHNA, KBA
    | 6 Comments
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The iShares FTSE China 25 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE China 25 Index.
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