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LATEST INSIGHTS
Leland Miller on U.S, China Trade Negotiations
Leland Miller discusses U.S, China trade negotiations.
@ChinaBeigeBook
"Chinese courts listed 831 local govts in default 1st 10 mos of 2019, vs 100 all of '18. Overdue payments grew >50% from 4.1B yuan to 6.9B & that does not take into acct the amt owed by LGFVs, >1K of which have been listed as defaulters over past 3yrs"
https://www.ft.com/content/36a1115a-002b-11ea-b7bc-f3fa4e77dd47
Right. And it also doesn't accord w/what medium & large firms are saying. Most interesting: a jump in co's reporting ⬆️ loans from "state-owned non-banks"
It's not that TSF =lying, it's just woefully behind the curve in tracking credit flows & where they're actually coming from
"Over-bidding in part reflects quirks in the way debt & equity are issued. But also reflects a surge in issuance—helped by an unusual embrace by policymakers. So far in '19, Chinese cos have issued a record $40B of convertibles, ⬆️80% YoY"
@KangHexin @FT
https://www.ft.com/content/4a524ca6-007f-11ea-b7bc-f3fa4e77dd47
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CBB IN THE News
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