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May 17, 2024 14:17
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- I would blow Dane Cook
- Dec 26, 2008
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https://www.google.com/finance?cid=7521596&safe=on&safe=on
Look everyone, you can watch the SHCOMP poo poo itself in real time.
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Jan 28, 2016 02:37
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- namaste friends
- Sep 18, 2004
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by Smythe
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Honestly it's getting boring watching the shcomp tank.
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Jan 28, 2016 03:37
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- Cute n Popular
- Oct 12, 2012
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Have they considered becoming a liberal democracy to cure their massive corruption and inefficiency? They could probably take over the world real quick if they did that.
Wouldn't solve the corruption at all.
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Jan 28, 2016 04:27
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- Ponsonby Britt
- Mar 13, 2006
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I think you mean, why is there silverware in the pancake drawer? Wassup?
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What kind of market crash would the U.S. see if the head of the BEA was arrested shortly after releasing highly suspect GDP information?
We'll never know, because Barry Hussein would never apply the law against himself.
https://twitter.com/jack_welch/status/254198154260525057
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Jan 28, 2016 04:59
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- mila kunis
- Jun 10, 2011
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I'm permabanned poster chinastomper38. I first started reading foreign policy when i was 12. by age 14 i got really obsessed with the concept of "hegemony" until my thought process got really bizarre and I would repeat stuff like "western values" and "liberal democracy" in my head for hours, basically prodormal schizophrenia.
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Jan 28, 2016 06:00
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- Huge_Midget
- Jun 6, 2002
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I don't like the look of it...
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The rats can't flee the sinking ship fast enough.
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Jan 29, 2016 01:13
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- My Imaginary GF
- Jul 17, 2005
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by R. Guyovich
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So much loving USD flooding back home. I love it. God bless America. Couldn't be happening to a worse set of communists.
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Jan 29, 2016 01:19
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- I would blow Dane Cook
- Dec 26, 2008
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One intriguing theory I heard was that China might use the New Year's holiday to do a one off 15% devaluation of the yuan, sound plausible?
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Jan 29, 2016 02:58
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- Goatse James Bond
- Mar 28, 2010
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If you see me posting please remind me that I have Charlie Work in the reports forum to do instead
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Uh oh.
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Jan 29, 2016 03:50
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- fishmech
- Jul 16, 2006
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by VideoGames
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Salad Prong
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Does capital flight to the US count as reducing our trade deficit with China?
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Jan 29, 2016 03:51
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- BabelFish
- Jul 20, 2013
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Fallen Rib
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Why are people moving their money from soon-to-be superpower and dominant nation of the future China to has-been declining power of yesterday America
We might not be looking amazing right now, but everyone else is doing way worse.
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Jan 29, 2016 10:33
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- My Imaginary GF
- Jul 17, 2005
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by R. Guyovich
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The state news outlet of a Chinese puppet state is bullish on China? Wow!
The concept of "signalling" is lost on China. I don't know if I've ever heard of a Chinese institution signalling its intentions before it took action.
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Jan 30, 2016 01:51
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://blogs.wsj.com/chinarealtime/2016/01/31/another-type-of-factory-gate-indicator-dumpling-sales/
quote:
Another Type of Factory-Gate Indicator: Dumpling Sales
Whether it is the cold drizzle, factory economics or the annual exodus of migrant laborers ahead of Lunar New Year, Lin Xinge is selling fewer dumplings.
Ms. Lin is chief dumpling wrapper, waitress, cashier and dishwasher for Fujian One Thousand Li Fragrant, a tiny restaurant she owns with her husband in an industrial zone of Shanghai. Just over a fence, her neighbors include iPhone maker Foxconn Technology Group and other giant industrial groups that employ legions of workers she counts as customers.
“The workers earn less salary so fewer people come here and our restaurant isn’t doing well,” says Ms. Lin. She says that during the three years she has run One Thousand Li Fragrant, she’s had periods when every seat at her eight tables has been filled. Not lately.
Like her customers who come for $1.50 bowls of noodles and dumplings, Ms. Lin is a migrant worker. On a recent day she was sitting on an orange chair in the restaurant gripping a hand-warmer and thinking of her native Fujian province, where as a young woman she sang opera in the local dialect.
“Our Putian is more comfortable,” she says referring to the ancient city in Fujian where she was born. Though only 34 years old, Ms. Lin said singing in a traveling opera troupe is for the young and made less sense for someone like her, a mother of two.
In the Shanghai factory zone called Songjiang, One Thousand Li Fragrant was among the few restaurants that remained open ahead of the Feb. 8 Lunar New Year. Wind and cold rain whipped across tables placed on the sidewalk that would have been inviting in balmier times. Ms. Lin said the other dozen or so restaurants, also run by migrants and for migrants, had shut a few days before, as their owners departed for the holidays.
China’s mass people movement for Lunar New Year officially began a week ago. Beijing predicts 2.91 billion trips between January 24 and March 3. Ms. Lin’s family will join the throng in coming days.
Economists will be watching how China’s slowdown affects the mass migration. During past years of economic boom in China, until the mid-2000s, cash-rich factory workers returned to interior villages for the holidays, but quickly flooded back to the industrialized east, often along with family members willing to work for low pay. But in more recent years, the monotony of factory work has proved less of a draw, leaving employers to scramble to hold workers, with higher salaries or benefits. This year, jobs themselves are the concern.
Migrants interviewed outside factories in southern Shanghai and northern Zhejiang province this past week provided a mixed picture. Some suggested the economic slowdown is hitting factories. Some noted that workers were sometimes being encouraged to leave for holidays earlier this year while some factories shut outright. Truck traffic in the zones appeared light and some facilities were shut.
Speaking outside some factories, many veteran workers used the word for nothing special, “chabuduo,” to dismiss any suggestion they see dramatic changes this holiday season.
As heavy rain fell in the Zhejiang province industrial city Jiaxing on Friday, a group jostled and pushed an assortment of fancy suitcases, canvas bags and industrial buckets into the hold of a bus. The group was embarking on a 10-hour drive back home to the Henan province city of Nanyang. The mood was upbeat.
One woman, who works in a garment factory, said she was toting gifts for her family, including 100 rice balls. A worker, who said he drives on a construction site, reported he had a pretty good year. They said bonuses had been paid as usual.
Outside a Japanese electronics factory, a young woman from Sichuan province said, while buying pan-fried potatoes, she planned to spend the holiday in Jiaxing, since the trip home was too far and much of her family had settled nearby. A security guard for the industrial complex where she worked said most of the businesses were operating normally, but that a Philippine-run electronics company had already closed for the holiday.
Back in Ms. Lin’s restaurant, two men and a woman popped in for dumpling soup. The group, traveling salespeople from the city of Wuxi, just west of Shanghai, was making the rounds to Foxconn and other electronics factories one last time before the upcoming holiday. In the past, their chief said, the factories would close for only three days during the holiday break. But this year, many will shut for seven full days, he said.
Ms. Lin said she’s looking forward to time off. She’s normally at One Thousand Li Fragrant from breakfast time to after midnight. This week, she’ll take an eight-hour trip by high-speed train back to her hometown. “I’m too tired. I’m going to relax. I’m not going to do anything,” she says.
But the economics of Ms. Lin’s life also dictate a shorter break for the Lunar New Year holiday.
Almost two years ago, she had a son, her second child. She doesn’t feel she can afford to keep One Thousand Li Fragrant shut for a full month as in past years, so will return after 15 days. “I want to earn more money,” she says.
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Feb 1, 2016 04:29
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- I would blow Dane Cook
- Dec 26, 2008
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Let's check in with the SHCOMP guys:
quote: 2,688.87 -48.73 (-1.78%)
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Feb 1, 2016 04:33
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://www.wsj.com/articles/chinas-workers-fall-back-on-the-countryside-they-left-1454078273
quote:
By CHUN HAN WONG
Jan. 29, 2016 9:37 a.m. ET
9 COMMENTS
As workers across China have started returning to their families in recent days to celebrate the Chinese New Year, which falls on Feb. 8, a palpable anxiety has shrouded the festivities. Jobs are drying up in the cities, and workers are returning to rural homes that offer even worse prospects.
Qian Yuqing, a migrant from the northern region of Inner Mongolia, is among the millions journeying home ahead of China’s most important holiday. After some 32 hours and nearly 1,300 miles in a cramped train seat, the 55-year-old cut a bedraggled figure as he settled into the back of a packed minibus for the final leg of his long journey home.
He had arrived in Beijing from the southwestern city of Chengdu, where he had just ended a three-month stint as a watchman at a construction site. He is bringing back about 10,000 yuan ($1,500) in wages, enough to tide over his family for three months or so.
“Work is getting harder to find and wages harder to earn,” said the father of two. Prices for the crops that he grows back home, which contribute roughly half of his annual income, have fallen too. He isn’t sure there will be city jobs for him in the summer.
Such worries are clouding the festive mood for many migrant workers, who are bearing the brunt of the downturn as factories, restaurants and construction sites across China’s cities slash wages and shed jobs. The countryside, their home, is their final fallback.
In years past, China’s rural economy has soaked up unemployed returnees as they bided their time for another urban stint. This time, however, Beijing is struggling to prop up growth that has sputtered to its slowest pace in a quarter century. Worse, as China has pushed to urbanize, rural areas are no longer able to absorb so many returnees. Roughly 55% of China’s 1.37 billion people now live in cities, compared with just under 18% in 1978.
Older workers say that they can’t live off the unproductive farmland they still own and have neither the skills to switch jobs nor the capital to start businesses. Younger migrants have long aspired to escape the countryside—their dreams are in the cities.
The disparity between rural realities and urban dreams has “created a peculiar dilemma for migrant workers,” said Wu Guijun, a migrant worker turned labor activist in the industrial city of Shenzhen. “They find themselves caught between cities that are too costly to live in and villages that are impossible to return to.”
One consequence is rising worker unrest. Job losses and unpaid wages, particularly in China’s construction and manufacturing sectors, have fueled thousands of protests over the past year. The turmoil has worsened in the weeks before the New Year as migrant workers press their deadbeat employers for unpaid wages before heading home.
For China’s Communist Party, which rose to power on a tide of rural discontent, large pools of disgruntled workers across the countryside pose a real threat. Even while muzzling labor activism, officials have responded to worker grievances by vowing to crack down on unpaid wages and protect worker rights. They are pushing state-owned enterprises and major private employers to keep unneeded workers on the books in return for subsidized loans and other financial support, an effort that scholars describe as “buying stability.”
Beijing is also trying longer-term efforts to narrow economic imbalances among cities and the countryside. Officials are encouraging entrepreneurship among returning workers, offering credit for new businesses and cutting red tape. This week, the government unveiled plans to modernize the agricultural sector.
But these efforts aren’t expected to pay off soon. For the foreseeable future, many of China’s restless migrants will still find few opportunities in rural economies that lack industrial depth.
“In this day and age, it’s impossible to just live off the land,” said Yu Dengliang, a 43-year-old construction worker from a small village in central Henan province, whose earnings have fallen by more than two-thirds in the past year. His small cornfield typically yields a few thousand yuan in revenue a year—grossly insufficient for his family of four.
“We have no pensions, no savings. What business can we start? Who would lend us the money?” said Mr. Yu as he waited outside a railway station in Beijing for a 10-hour train ride home. “Jobs are hard to come by, but I’ve got to take what I can get.”
I had no idea there was civil unrest. Can any of the chigoons confirm?
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Feb 1, 2016 05:41
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://qz.com/606786/nearly-one-million-investors-were-fleeced-in-chinas-latest-ponzi-scheme/
quote:
Nearly one million investors may have been fleeced in China’s latest Ponzi scheme
Twenty one executives from China’s largest peer-to-peer money lending platform have been arrested, on suspicion of fleecing investors of 50 billion yuan ($7.6 billion).
Police allege that the senior management of Ezubao stole that much from 900,000 investors nationwide, which would make it China’s largest-ever case of investor fraud, by both cash value and the number of victims. By number of victims, it would be the largest Ponzi scheme in the world.
At least two suspects have already confessed in police detention centers, according to a report by Xinhua (link in Chinese), China’s state-run news wire. Zhang Min, the former president of Yucheng Group, the lending scheme’s parent company, reportedly described the business as “a complete Ponzi scheme.”
Investor fraud has become a huge problem in China, where low bank deposit rates, shaky housing prices and a weak stock market have prompted citizens to look for alternate places to put their cash. Last year, financial scams raked in more than $24 billion in China, as Quartz reported earlier.
Many of these scams involved peer-to-peer lending, in which individual investors are matched with people who need cash for a project, business, or to pay down more expensive debt. Companies in the sector act as matchmakers, and often claim their fees are lower than traditional banks.
Ezubao promised annual returns of between 9% and 14.6%. But as many as 95% of the projects listed on the company’s website (now inaccessible) were made up, according to a confession from Yong Lei, the company’s risk controller, Xinhua said. Instead, the company used new cash to repay old customers.
In December, police opened an investigation into the company and froze its assets. Lenders, unable to get their cash back, protested outside Ezubao’s offices:
https://www.youtube.com/watch?v=JPruo_sfT-w
Authorities believe that Ezubao raised a total of 70 billion yuan since its launch in June 2014, the vast majority of which was misappropriated. According to one economic newspaper (link in Chinese) Ding Ning, Yucheng’s chairman, spent over 1 billion yuan on gifts, many of which—including a 12-million yuan diamond ring and 550 million yuan in cash—went to Zhang Min. Ding also allegedly paid his brother 1 million yuan per month ($1.8 million per year).
Analysts have been critical about the lack of regulation in China’s peer-to-peer lending sector for some time. By the end of 2015, more peer-to-peer lending schemes in China were failing than starting up:
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Feb 1, 2016 06:11
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- My Imaginary GF
- Jul 17, 2005
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by R. Guyovich
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China Economy Megathread: Everything's A Ponzi
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Feb 1, 2016 06:19
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- namaste friends
- Sep 18, 2004
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by Smythe
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How do I get a thread title changed these days anyway?
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Feb 1, 2016 06:28
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- AllanGordon
- Jan 26, 2010
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by Shine
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The Chinese government steals foreign companies product IP and pretty much anything else they can get their hands on.
Why the gently caress can't they steal the idea that corruption leads to terrible terrible things. Jesus I wonder what % of all that stolen yuan gets turned into bribes for government officials.
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Feb 1, 2016 07:14
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- ocrumsprug
- Sep 23, 2010
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by LITERALLY AN ADMIN
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The Chinese government steals foreign companies product IP and pretty much anything else they can get their hands on.
Why the gently caress can't they steal the idea that corruption leads to terrible terrible things. Jesus I wonder what % of all that stolen yuan gets turned into bribes for government officials.
Not enough considering there are charges.
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Feb 1, 2016 07:27
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- Grundulum
- Feb 28, 2006
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How do I get a thread title changed these days anyway?
PM a mod or admin with the requested new title.
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Feb 1, 2016 07:34
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- Trammel
- Dec 31, 2007
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http://www.cnbc.com/2016/02/01/china-takes-on-hedge-fund-bosses-ackman-bass-tepper-in-yuan-battle.html
CNBC posted:
As far as financial market duels go, China versus some of the world's most storied hedge funds is as big as it gets.
Money managers making bearish bets against the yuan, including top investors Kyle Bass, David Tepper and Bill Ackman, are pitted against Chinese policymakers who are trying to manage a more orderly decline of the currency, the Wall Street Journal (WSJ) reported at the weekend.
According to the WSJ report, some of the traders are penciling in a decline in the yuan of as much as 40 percent.The currency has already fallen about 5.6 percent against the dollar since August
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Confidence in the ability of policymakers to handle the crisis has also wavered amid several policy missteps, helping create a toxic mix has emboldened investors to bet that the yuan is heading for a precipitous fall.
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China's efforts to defend currency have come at a cost though. China's foreign exchange reserves, the world's largest, fell by more than $500 billion last year to stand at $3.33 trillion at the end of 2015 as the central bank intervened aggressively.
"The $3 trillion mark is an important psychological level and if reserves fall below this mark, that would encourage the yuan bears," said Khoon Goh, currency strategist at ANZ.
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Additional capital restrictions could also be put in place, although that would represent a somewhat embarrassing reversal given the International Monetary Fund only added the yuan to its exclusive group of reserve currencies late last year because the yuan fit the requirement that it be "freely traded."
Strategists widely expect the yuan to weaken, though the pace at which the currency will fall is less clear. Kotecha at Barclays forecasts the dollar/yuan rate at 6.8 by mid-year and 6.9 by the end of 2016, while Goh said it was difficult to call a likely winner.
"What it all boils down to is who has more firepower and who is willing to hold out," Goh said.
I'm sure Xi Dada still has plenty of ways to discourage people from moving their money offshore, but each time the authorities crack down, it makes people more nervous. Surely each time there's a news article about new restrictions on transfers of cash out of China, normal people start wondering, why, and whether they should be squirrelling away some of their savings overseas?
And it's not like he can lock up hedge fund managers in New York or London. Hedge fund managers in Thailand and Hong Kong might find themselves taking unwanted trips into the Mainland and confessing their sins on CCTV.
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Feb 1, 2016 08:11
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- Murgos
- Oct 21, 2010
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Well, betting against the government could certainly be construed as treason in a certain light.
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Feb 1, 2016 16:09
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- BabelFish
- Jul 20, 2013
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Fallen Rib
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http://www.theglobeandmail.com/glob...rticle28482136/
Apparently IPOs are so hot it was causing issues of liquidity in the market.
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Feb 2, 2016 03:24
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- MikeCrotch
- Nov 5, 2011
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I AM UNJUSTIFIABLY PROUD OF MY SPAGHETTI BOLOGNESE RECIPE
YES, IT IS AN INCREDIBLY SIMPLE DISH
NO, IT IS NOT NORMAL TO USE A PEPPERAMI INSTEAD OF MINCED MEAT
YES, THERE IS TOO MUCH SALT IN MY RECIPE
NO, I WON'T STOP SHARING IT
more like BOLLOCKnese
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Corruption is literally the glue that holds the CCP together
I thought that was the rendered glue made from the bones of 'disappeared' book shop owners?
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Feb 2, 2016 15:13
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- namaste friends
- Sep 18, 2004
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by Smythe
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http://qz.com/614921/chinas-coming-...campaign=buffer
quote:
China is heading for further financial chaos. In the near future the yuan could lose a third of its value against the dollar, the government would need to print more than $10 trillion to keep banks liquid, and financial institutions are set lose trillions of dollars in equity value.
That’s according to a forecast by Kyle Bass, a US hedge fund manager who predicted the 2008 subprime mortgage crisis. In the end, he’s betting, China’s banking system will suffer a loss four times greater than that suffered by US banks during the great recession.
“What we are witnessing is the resetting of the largest macro imbalance the world has ever seen,” Bass wrote in a note to clients, seen by Bloomberg. “The problems China faces have no precedent… They are so large that it will take every ounce of commitment by the Chinese government to rectify the imbalances.”
Bass, who founded and runs Dallas-based Hayman Capital Management, said that the risk to China comes from its banking system, which he says has used off-balance-sheet lending to grow its assets to more than three times the size (paywall) of the country’s GDP.
The expected number of non-performing loans—that is, loans that borrowers are not expected to be able to pay back—is so high that Bass anticipates $3.5 trillion being wiped from banks’ balance sheets. The government may then be required to print as much as $10 trillion to keep those banks liquid.
Foreign currency shortfall
In the letter, the hedge fund manager also outlined his opinion that China’s foreign currency reserves are much smaller than they appear. That’s because much of the $3.2 trillion China has in foreign currencies is tied up in other products or has been lent out, meaning it is not immediately retrievable. Ultimately, only around $2.2 trillion of that figure is on hand to the central bank, Bass wrote.
That matters a great deal because the central bank has been spending its foreign currency reserves at a pace of around $100 billion per month lately. It’s doing this largely to prop up the value of the yuan. Should the value fall, businesses are expected to export their cash out of China, in turn devaluing the yuan further and supporting a vicious free-fall.
Even with a war chest of $3.2 trillion, that kind of spending couldn’t last forever. But with about a third of it tied up and out of reach, Bass suggests, the point at which the central bank can no longer support the economy the way is has been will arrive much sooner.
OH WELL
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Feb 11, 2016 19:49
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- Adbot
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May 17, 2024 14:17
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Jan 27, 2016 19:06
