{"id":12072,"date":"2015-07-15T21:02:41","date_gmt":"2015-07-16T01:02:41","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=12072"},"modified":"2015-07-15T21:02:41","modified_gmt":"2015-07-16T01:02:41","slug":"chinas-stock-market-falling-off-a-cliff-why-and-why-care-alicia-garcia-herrero-at-bruegel-org","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2015\/07\/15\/chinas-stock-market-falling-off-a-cliff-why-and-why-care-alicia-garcia-herrero-at-bruegel-org\/","title":{"rendered":"China’s stock market falling off a cliff: Why, and why care? | Alicia Garc\u00eda-Herrero at Bruegel.org"},"content":{"rendered":"

Great insight from Alicia Garc\u00eda-Herrero:<\/p>\n

….The need for Chinese corporations and banks to avail themselves of fresh equity cannot be underestimated. On the one hand, corporate debt has grown sixfold from 2005 levels. On the other hand, Chinese banks are not only heavily exposed to these corporates, being still their main source of financing, but also to local governments whose huge borrowing from banks is starting to be restructured. To make a long story short, China\u2019s governments needed a bull stock market to transfer part of the cost of cleaning up its corporates\u2019 and banks\u2019 balance sheets from the state to private investors, including foreigners. The PBoC danced to the Government\u2019s tune, easing monetary policy since November last year. This was done through several interest rate cuts and by lowering the liquidity ratio requirements. The problem with all of this liquidity is that it only fueled additional leveraging, including for gambling on the stock market…..<\/p>\n

The sudden collapse of the Chinese stock market had two triggers. First, the was a wave of profit taking after the Shanghai benchmark index broke through 5 000 in early June and doubts emerged about further easing from the PBoC. At that very same moment, China\u2019s securities regulator announced measures to cool down the market, which amounted to banning brokerage firms from providing unregulated margin funding to investors. This was more of a shock to the system than one might imagine, as margin financing in China is much larger than in other stock markets.<\/p><\/blockquote>\n

Japan had zombie banks, looks like China could end up with a zombie stock market.<\/p>\n

Read more at China's stock market falling off a cliff: Why, and why care? | Alicia Garc\u00eda-Herrero at Bruegel.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Great insight from Alicia Garc\u00eda-Herrero: ….The need for Chinese corporations and banks to avail themselves of fresh equity cannot be underestimated. On the one hand, corporate debt has grown sixfold from 2005 levels. On the other hand, Chinese banks are not only heavily exposed to these corporates, being still their main source of financing, but … <\/p>\n

Continue reading “China’s stock market falling off a cliff: Why, and why care? | Alicia Garc\u00eda-Herrero at Bruegel.org”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,41,45],"tags":[663,676,1601,2624,3254],"class_list":["post-12072","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-china-hk","category-debt-levels","tag-china","tag-chinese-banks","tag-government-intervention","tag-pboc","tag-stock-market-collapse"],"yoast_head":"\nChina's stock market falling off a cliff: Why, and why care? | Alicia Garc\u00eda-Herrero at Bruegel.org - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China's stock market falling off a cliff: Why, and why care? | Alicia Garc\u00eda-Herrero at Bruegel.org - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Great insight from Alicia Garc\u00eda-Herrero: ….The need for Chinese corporations and banks to avail themselves of fresh equity cannot be underestimated. 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The four banks include the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC)\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43889,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/09\/06\/chinas-debt-and-implications-for-australia\/","url_meta":{"origin":12072,"position":4},"title":"China’s debt and implications for Australia","author":"Colin Twiggs","date":"September 6, 2023","format":false,"excerpt":"China remains Australia's biggest export market despite a rapid fall in exports during the COVID pandemic -- in retaliation for Morrison government calls for an inquiry into the cause of the outbreak. Value of LNG exports to Japan have surged, after Russia's 2022 invasion of Ukraine, but China remains our\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Australian Exports by Country","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-09-05-aus-exports-country.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":19585,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/12\/20\/cracks-are-showing-in-chinas-debt-markets\/","url_meta":{"origin":12072,"position":5},"title":"Cracks are showing in China’s Debt Markets","author":"Colin Twiggs","date":"December 20, 2019","format":false,"excerpt":"\"You only learn who has been swimming naked when the tide goes out\u2026\" ~ Warren Buffett Beijing's de-leveraging campaign, to set the economy on a sustainable path, is starting to expose some of the excesses in financial markets. Local Government Local governments owe some 49 trillion yuan (about $7 trillion\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=12072"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12072\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=12072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=12072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=12072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}