“China sees surge in CDS on slowdown fears”. China is now the 10th most actively traded credit default swap… EUR/USD continues to run into resting sell orders above 1.3380 and is delinking from the resurgent risk trade.
Says Ohio Senator Brown. Scary stuff. As much as China’s currency policies are unfair, starting a trade war amid a global slowdown is a recipe for depression, Smoot-Hawley Style…
More from Reuters. This story isn’t getting much airtime at the moment but it has the potential to become very important indeed.
Revised higher to 49.9 and at the same level as August. “There’s little need to worry about a sharp slowdown,” HSBC economist.
SAFE took down the Q2 current account surplus to $59.0B from $69.6B. Meanwhile, the capital and financial account surplus was bumped up to $97.7B from $67.0B. Huge revisions make everyone even more skeptical about Chinese data.
The China PMI from MNI will be released in a few minutes and the more-influential HSBC PMI an hour afterwards. Sentiment about a slowdown in China may be a touch extreme at the moment after the highly-publicized report from Merrill … Continue reading
Ambrose Evans-Pritchard’s take on the German vote and the state of the crisis in Europe in the Telegraph. It includes a great interactive map and notes that Chinese help is unlikely. Jin Liqun, head of China Investment Corporation, told an … Continue reading
Brainard to tell China CNY is substantially undervalued, more progress needed