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PowerShares Golden Dragon China Portfolio ETF (PGJ)

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  • Sep. 16, 2014, 7:34 AM
    • A four-year low in foreign direct investment - which fell 14% Y/Y in August to $7.2B - makes for a convenient excuse for Shanghai's 1.8% decline overnight. Hong Kong fell 0.9%. Combined with the slow economic data is a continuing rush of IPOs which investors fear will suck up funds - eleven more were approved yesterday.
    • FDI's 14% drop in August follows June's 17% decline - it's the first back-to-back double-digit losses for the gauge since 2009.
    • FXI -0.3% premarket
    • ETFs: FXI, EWH, PGJ, GXC, YINN, FXP, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, CN, EWHS, FCHI, FCA, CNXT, ASHS, CHNA, KBA, FHK
    | Sep. 16, 2014, 7:34 AM | Comment!
  • Sep. 15, 2014, 11:18 AM
    • Many China-related ETFs rely on a quota system - the renminbi qualified foreign institutional investor (RQFII) scheme - through which China allows access to its stocks traded on the mainland. High inflows into RQFII funds - AUM have nearly doubled this year to $12.6B - are rapidly exhausting the quotas, and Deutsche Bank is rationing U.S. access to those China ETFs - ASHR and ASHS - using the RQFII, and has temporarily closed similar funds to new money from European clients.
    • Synthetic ETFs which track Chinese stocks using derivatives have not been affected.
    • Hong Kong-based CSOP Asset Management says more than 96% of its quota has been used up and it's no longer taking money for its flagship China equities fund, the largest RQFII ETF.
    • China A-shares ETFs: ASHR, PEK, CNXT, ASHS, CHNA, KBA
    • Broad China ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA
    | Sep. 15, 2014, 11:18 AM | 1 Comment
  • Sep. 10, 2014, 8:28 AM
    • “There’s already a lot of money in the pool, and we can’t rely on monetary stimulus to spur economic growth,” said China Premier Li Keqiang overnight after the M2 money supply rose 12.8% in August, down from 13.5% in July. His comments, says one money manager, suggests the economy isn't in good shape, but that the government will be focusing on reform rather than short-term boosts.
    • The Hang Seng closed lower by 1.9%, while the Hang Seng China Index (H-Shares) dove 2.6%. The Shanghai Composite fell 0.4%. Prior to last night, the H-Shares had rallied 21% since mid-March.
    • ETFs: FXI, EWH, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, EWHS, FCHI, FCA, FHK
    | Sep. 10, 2014, 8:28 AM | Comment!
  • Sep. 2, 2014, 7:22 AM
    • Last night's 1.4% gain was led by military-related names amid speculation the government is set to boost defense spending after weekend comments from President Xi Jinping.
    • Over the weekend, China's HSBC PMI fell to a 3-month low of 50.2 in August, about inline with a preliminary read of 50.3. China's official PMI of 51.1 fell from July's 51.7 and came in vs. expectations of 51.2.
    • ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA
    | Sep. 2, 2014, 7:22 AM | Comment!
  • Aug. 26, 2014, 7:51 AM
    • Making a convenient excuse for Shanghai's biggest decline in two weeks is a heavy slate of IPOs (10) set to begin marketing this week. "IPO share sales will put pressure on market liquidity," says a money manager. "The market may need a breather and consolidation here before finding a direction."
    • Chinese IPOs have been popular this year, sporting an average 94% gain from their issue price.
    • ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA
    | Aug. 26, 2014, 7:51 AM | Comment!
  • Aug. 22, 2014, 11:57 AM
    • An estimated $1.4B, or 45% of portfolio inflow into emerging markets went into China - which represents only 20% of the MSCI Emerging Markets Index (ETF: EEM) - according to EPFR Global.
    • It's the 4th straight week of inflows for the country, and comes amid a 3rd quarter bull market, with FXI up 9%, MCHI up 8.4%, and EWH ahead 6.8%. The EEM rose just 2.8% and the iShares MSCI Asia ex-Japan ETF (NASDAQ:AAXJ) gained only 3.7%.
    • ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA, ASHR, PEK, CHNA, KBA
    | Aug. 22, 2014, 11:57 AM | Comment!
  • Aug. 13, 2014, 7:28 AM
    • Hong Kong extended its winning streak to three overnight, the Hang Seng rising 0.8% to 24,890 - a level last seen nearly 4 years ago.
    • Economic data released ahead of last night's session showed further slowing in China's economy, with industrial production slumping to 9% growth from 9.2% previously, and retail sales growing 12.2% vs. June's 12.4% and expectations for 12.4%.
    • Shanghai closed with marginal gains.
    • ETFs: FXI, PGJ, GXC, YINN, FXP, YANG, MCHI, XPP, YAO, YXI, CHXF, CN, FCA
    | Aug. 13, 2014, 7:28 AM | Comment!
  • Jul. 28, 2014, 8:04 AM
    • "Sentiment has turned in favor of growth and cheap valuations in the Chinese market," says a Hong Kong-based fund manager. Shanghai "has been lagging for a long time so [it's catching] up with world markets. The policy changes in China are favorable.”
    • Among the more recent measures are the cutting of reserve requirements, accelerated infrastructure spending, and loosened property curbs.
    • In Hong Kong, the Hang Seng rose for a fifth straight session, up 0.9% amid reports the so-called "through train" scheme - which would allow direct stock trading between Hong Kong and Shanghai - will launch in October.
    • ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, EWHS, CN, FCHI, FCA, CHNA, FHK, KBA, ASHS, CNXT
    | Jul. 28, 2014, 8:04 AM | Comment!
  • Jul. 24, 2014, 12:46 PM
    • The big mover in Asia overnight was China up 1.3% after the flash PMI read for July from HSBC showed a rise to 52 from June's final read of 50.7. Expectations had been for a slight gain to 51.
    • “The cumulative impact of mini-stimulus measures introduced earlier is still filtering through,” says Qu Hongbin, HSBC’s chief China economist. “We expect policy makers to maintain their accommodative stance over the next few months to consolidate the recovery.”
    • FXI +1.6%
    • ETFs: FXI, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, CHIM, CN, FCA, KFYP, CHNA, KBA
    | Jul. 24, 2014, 12:46 PM | Comment!
  • Jul. 16, 2014, 11:06 AM
    • GDP rose 7.5% in Q2 from a year earlier, according to China's statistics bureau. Estimates were for 7.4% growth. On a sequential basis, GDP grew 2% vs. 1.8% forecast, and 1.5% in Q1. Industrial production grew 9.2% vs. forecasts for 9%, and retail sales increased 12.4% vs. 12.5% estimates. Fixed-asset investment increased 17.3% vs. forecasts for 17.2%.
    • ANZ Banking Group boosts their 2014 GDP estimate to 7.5% from 7.2%, but calls for continued monetary easing to help hit that number.
    • The statistics bureau also reported the value of June home sales as rising 33% from May, though the value for the year's first half fell 9.2% from the same period in 2013.
    • Stocks in Shanghai slipped 0.15% overnight, their first decline in four sessions.
    • ETFs: FXI, EWH, PGJ, GXC, KWEB, FXP, YINN, HAO, ASHR, CHIQ, YANG, TAO, CQQQ, CHIX, MCHI, QQQC, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, ECNS, CHIE, CHIM, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, ASHS, KBA
    | Jul. 16, 2014, 11:06 AM | 1 Comment
  • Jun. 26, 2014, 11:00 AM
    | Jun. 26, 2014, 11:00 AM | Comment!
  • Jun. 23, 2014, 7:37 AM
    • The HSBC flash PMI for June rises to 50.8 from May's final read of 49.4. Expectations for the print were 49.7.
    • Both JPMorgan and Barclays boosted estimates for Q2 GDP growth after the number, JPMorgan to 7.2% from 6.8% and Barclays to 7.4% from 7.2%.
    • “It is a very good number,” says Credit Suisse's Dong Tao. “It is a surprise, too, as most people are focusing on infrastructure investment and the property market.” He nevertheless leaves his Q2 GDP growth forecast at 7.3%
    • Stocks were not buoyed by the news as Shanghai slipped 0.1% and Hong Kong 1.7%.
    • ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, KBA
    | Jun. 23, 2014, 7:37 AM | Comment!
  • Jun. 19, 2014, 10:44 AM
    | Jun. 19, 2014, 10:44 AM | Comment!
  • Jun. 16, 2014, 9:59 AM
    • China's bank sector (CHIX) was boosted overnight after a number of midsize banks won inclusion into a PBOC move to cut reserve ratios - now a larger program than analysts expected when the central bank unveiled it last week.
    • For the PBOC's part, it says the action isn't an expansion of the reserve ratio cut, but that any company is eligible for eased ratios as long as a significant portion of boosted lending goes to agricultural and smaller companies.
    • Shanghai closed higher by 0.75%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, CN, FCA, CHNA, KBA
    | Jun. 16, 2014, 9:59 AM | Comment!
  • Jun. 9, 2014, 8:30 AM
    • China's central bank on June 16 will cut the reserve ratio by 50 basis points for some banks focusing on lending to the rural sector and smaller companies, with the move also applying to financial leasing and auto financing firms.
    • The action follows a promise two months ago by the State Council to take action to boost economic growth.
    • In other news, land sales plunged in May, with 1,767 deals over 300 surveyed cities down 45% from a year ago and 19% from April. May is traditionally a big month for sales, but developers, says real estate website Soufun, are in "wait-and-see" mode.
    • Property developer stocks (TAO) slipped in Hong Kong (EWH) overnight, including Poly Property off 7.7%, Shimao Property down 4.3%, and Fantasia Holdings off 2.3%.
    • ETFs: FXI, PGJ, GXC, FXP, YINN, YANG, MCHI, XPP, YAO, YXI, CHXF, FCA, CN
    | Jun. 9, 2014, 8:30 AM | 1 Comment
  • Jun. 3, 2014, 8:12 AM
    • The HSBC PMI for May rises to 49.4 from 48.1, a 4-month high, but below forecasts for 49.7. This print follows the weekend release of the official PMI gauge which rose to 50.8, a 5-month high.
    • “The final PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector,” says HSBC's chief China economist Qu Hongbin. "We expect both monetary and fiscal policy to be loosened gradually over the coming months."
    • Previously: China PMI rises to 5-month high
    • ETFs: FXI, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXF, CHII, FCA, CN, CHNA, KBA
    | Jun. 3, 2014, 8:12 AM | Comment!
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PGJ Description
The PowerShares Golden Dragon China Portfolio (Fund) is based on the Halter USX China Index (Index). The Fund will normally invest at least 90% of its total assets in equity securities that comprise the Index. The Index is comprised of the U.S.-listed securities of companies that derive a majority of their revenue from the People's Republic of China. The Index is designed to provide insight and access to the unique economic opportunities taking place in China while still providing investors with the transparency offered with U.S.-listed securities. The Fund is rebalanced and reconstituted quarterly.
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Country: China
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