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Monday, October 8, 2012, 7:19 AM The Shanghai Composite fell 0.6% in its first action following a week-long holiday in China, bringing its YTD loss to about 13%. Nearing two years, the bear market has seen Shanghai shed 34% of its value. The Composite now trades at 11.3X earnings, its cheapest valuation since 1997, and well below that of fellow BRIC member Brazil at 18.8. Comment! [Global & FX]
Friday, September 28, 2012, 7:10 AM Shanghai posts another big gain to close the quarter - up 1.4%, which on top of yesterday's jump of 2.6%, narrows the index's quarterly loss to 6.3%. Wanting more state stimulus, the Chinese haven't figured out they must first sit on their hands as a PBOC adviser suggests the rebounding property market is holding Beijing back from further easing. Comment! [Global & FX]
Thursday, September 27, 2012, 7:20 AM Shanghai soars 2.6% overnight, with all of the gain coming after the Chinese Securities Regulatory Commission scheduled a press briefing at which hoped-for measures to support equities would be laid out. The early word is nothing of import - including an anticipated halt of IPOs - was announced. Comment! [Global & FX]
Thursday, September 20, 2012, 10:46 AM The size of the PBOC's balance sheet is shrinking ... rapidly. Far from being a conscious decision to tighten monetary policy, the shrinkage has more to with capital flows. To fix the price of the yuan, the PBOC is forced to print as money flows into the country, but must sell securities as capital reverses. The policy means the PBOC has a very large stimulus bullet in its chamber - letting the yuan go. 1 Comment [Global & FX]
Thursday, September 20, 2012, 7:40 AM "As a Western investor, I would take issue with any corporate accounting in China," Jim Chanos tells CNBC. "I wouldn't trust any company's accounting in China." Corporate profits there are imploding, he says, and now the country has to deal with capital flight. Doing "just fine" with his shorts, Chanos says he's done some covering of late. Comment! [U.S. Economy]
Thursday, September 20, 2012, 7:09 AM China leads an overnight tumble in Asia with weak (but expected) manufacturing numbers and the island dispute with Japan turning into something more than a war of words as good of excuses as any for selling. Shanghai -2.1%, Hong Kong -1.2%. Comment! [Global & FX]
Wednesday, September 19, 2012, 3:21 PM His father the victim of a $1K mail-order scam, Whitney Tilson calls China "completely uninvestable." Instead of cracking down on fraud, says the man who lost money shorting, and then buying, and then buying more Netflix, Beijing goes after those who try to shine a light on it. Comment! [Global & FX]
Wednesday, September 19, 2012, 12:08 PM Noting Chinese indices are loaded far too much with financial stocks, WisdomTree launches its ex-financials China Dividend ETF (CHFX). To the the question of why one would want to invest in a country where the financial sector may be weak going forward, Jeremy Siegel says look no further than the U.S., where stocks have proven they can do just fine as financials sag. Comment! [Global & FX]
Thursday, September 13, 2012, 8:32 AM More signs Chinese shares are closer to a bottom than a top, U.K. insurer Avvia becomes the latest to exit the country's mutual fund industry. Once the must-go destination for global asset managers, China's mutual fund assets are down 25% over 5 years despite a tripling in fund offerings. A 60% decline in shares will do that. 2 Comments [Global & FX]
Thursday, September 13, 2012, 7:24 AM Shanghai goes its own way again, off 0.8%, with the entirety of the decline coming near the end of trading after state media downplays the odds of a 2008-style stimulus. "A massive stimulus plan is not only unlikely, but would be detrimental to the country's sustainable growth." 1 Comment [Global & FX]
Wednesday, September 12, 2012, 7:05 AM "Be it monetary or fiscal, we still have ample strength," says Chinese Premier Wen Jiabao, trying to assure Beijing has the bullets necessary to support the economy. No one doubts the government has the necessary tools, but some question whether leadership has the appetite to use them. Shanghai +0.3%, Hong Kong +1.1%. 1 Comment [Global & FX]
Sunday, September 9, 2012, 11:03 PM One-third of publicly listed Chinese companies suffered negative cash flow in Q2, according to the FT, as the slowdown spreads from construction, machinery and chemicals to those industries expected to lead the supposed rebalancing of the economy - retail, healthcare, electronics. While non-performing bank loans have yet to be affected by the cash crunch, those classified as overdue leapt 29%. 4 Comments [Global & FX]
Friday, September 7, 2012, 7:02 AM When severely beaten-down markets get the slightest bit of good news, watch out. Shanghai soars nearly 4%, first getting a pop from yesterday's big rally in the West, and then a jolt from Beijing's roll-out of major road building plans. Chatter grows about further action - possibly a reserve ratio cut - over the weekend. FXI +2.1% premarket. 1 Comment [Global & FX]
Wednesday, September 5, 2012, 7:01 AM The Hang Seng, -1.5%, suffers its worst loss in 6 weeks, led by a 4% decline in China Minsheng Bank after a JPMorgan downgrade. Also hammered are coal producers amidst reports of sky-high inventories and a 10% dive in Shandong coking coal prices last week. Yanzhou Coal (YZC) fell 6.2%. 1 Comment [Global & FX]
Monday, September 3, 2012, 11:01 AM Markets are getting keyed up about possible Chinese stimulus, but China may stand fast. Its economy, though slowing, is still growing at a reasonable rate, and Chinese policymakers need to tread carefully with the economy ahead of this year's transition to new political leadership. 3 Comments [Global & FX]
Sunday, September 2, 2012, 7:54 AM It's always struck as curious the way capitalists (at least nominally so) put their faith in a group of Beijing Mandarins to guide the Chinese economy into just the right spot. Goldman's Paul O'Neill describes the government's muted response to the severe growth slowdown as maybe a clever way of achieving the vaunted rebalancing of the economy. (latest PMI data) 5 Comments [Global & FX]

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iShares MSCI China Index ETF