All of this happened in China this week. A thread. 1/10
Huge cyberattack. Unknown hackers claimed to have data on as many as a billion Chinese residents after breaching a Shanghai police database. China’s cabinet stressed the need to bolster data security (without directly addressing the incident). 2/10
bloomberg.com/news/articles/…
A rare backdown. Beijing cancels China's first Covid vaccine mandate after less than 48 hours. The capital's residents had called the requirement an illegal limitation on their freedom and questioned how effective the vaccines are against omicron. 3/10
bloomberg.com/news/articles/…
Stimulus ramps up. China may allow its cash-strapped local governments to sell $220b worth of bonds earlier than planned - one way to boost growth this year without expanding the central government's balance sheet. Commodities rallied on the news. 4/10
bloomberg.com/news/articles/…
China-US update. Biden's team is considering easing tariffs on Chinese goods due to inflation. Washington asked the Dutch to bar ASML from selling chipmaking gear to China. The FBI says China aims to “ransack” Western companies' intellectual property. 5/10
bloomberg.com/news/articles/…
Credit drama. Property developer Shimao defaults on a public bond for the first time - a big one at $1b. China Great Wall misses a June deadline to publish its 2021 results, reminding everyone of a similar delay by Huarong last year. 6/10
bloomberg.com/news/articles/…
Funding boost. Russia pocketed $24b from selling energy to China and India in the three months after its invasion of Ukraine. Russia is offering steep discounts to both countries and is accepting payments in local currency. 7/10
bloomberg.com/news/articles/…
Liquidity management. China's central bank is withdrawing cash from the financial system this month to keep risks in check. The cheap funding was encouraging bond traders to lever up, rather than helping spur lending in the real economy. 8/10
bloomberg.com/news/articles/…
PE money will go elsewhere. Carlyle aims to have about 20%-40% of China exposure in its new $8.5b Asia fund, versus 40%-50% on average for previous funds. Carlyle has been one of the biggest foreign investors in China for the past decades. 9/10
bloomberg.com/news/articles/…
HK welcomes a big share sale after a months-long drought. Tianqi Lithium raises $1.7b, with trading to begin July 13. HK's exchange chief says the financial hub is waiting for more homecomings from Chinese companies listed elsewhere. 10/10
bloomberg.com/news/articles/…
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