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  • September 22, 2014
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  1. Business - Comment - MONITOR

    Ratings are not credit- and a new agency won't change that

    Posted Oct 11th 2013, 12:00am by Tom Holland

    ... Tom Holland Investors from the developing world should base their risk assessment on their own research and the interest rates in the open market Ratings are not credit- and a new agency won't change that You can be pretty sure someone is clueless about finance if they start blaming the 2008 crisis on the Big Three credit rating agencies. Sure, Standard & Poor's, ...

  2. Business - Comment - MONITOR

    Beijing sends clear message to banks to slow credit creation

    Posted Jun 25th 2013, 12:00am by Tom Holland

    ... credit creation must slow China's central bank eased the liquidity squeeze in mainland money markets yesterday, but only after it made sure the financial system had got the message: credit ... of new credit. That's more new credit than China created in the whole of 2007 at the height of its Olympic investment boom. As a result, the total amount of outstanding credit in the Chinese ...

  3. Business - Comment - MONITOR

    China is getting a diminishing growth bang for its credit buck

    Posted Apr 16th 2013, 12:00am by Tom Holland

    ... Tom Holland First-quarter GDP figures seem at first blush to be in sustainable territory but credit creation numbers show a different story China is getting a diminishing growth bang for its credit buck Yesterday's release of China's first-quarter growth figures came as a shock to the financial markets. Gross domestic product in the first three months of the year ...

  4. Business - Comment - MONITOR

    Fears growing about Chinese credit bubble

    Posted Apr 11th 2013, 12:00am by Tom Holland

    ... credit bubble On Tuesday, credit agency Fitch downgraded China's local-currency rating from AA-minus to A-plus. That demotes the creditworthiness of China to the level of Japan, where total ... financial stability have grown," Fitch warned in its statement, pointing out that domestic credit has ballooned from 125 per cent of GDP in 2008 to an estimated 198 per cent at the end of last ...

  5. Business - Comment - MONITOR

    Commodity bears should look again at China's credit growth

    Posted Feb 18th 2013, 12:00am by Tom Holland

    ... at China's credit growth There's been a lot of chatter over the past couple of weeks that the 10-year-old "super-cycle" in commodities may have peaked and that prices are now set ... is powered by a combination of investment and speculation. And both are driven by credit. When credit is freely available, local governments and state-backed companies embark on orgies ...

  6. Business - Comment - MONITOR

    By avoiding a small crisis now China risks a big one in future

    Posted Jan 29th 2014, 05:02am by Tom Holland

    ... now China risks a big one in future Yesterday the 700 investors in China's "Credit Equals Gold No 1 Trust" were able to breathe a collective sigh of relief after their stricken ... investors their principal and avoid a default. Market participants point the finger at various suspects: ICBC, which sold the Credit Equals Gold notes to its customers; Huarong Asset Management, ...

  7. Business - China Business - MONITOR

    It's tough, but China must let trust company products fail

    Posted Jan 27th 2014, 04:23am by Tom Holland

    ... let trust company products fail The 700 investors in China's "Credit Equals Gold No1 Trust" are hoping that Industrial and Commercial Bank of China will bail them out. ... scheme should be allowed to fail. Come the end of the month, the Credit Equals Gold1 product was supposed to mature, returning investors their capital plus a 10 per cent yield. That's ...

  8. Business - Banking & Finance - MONITOR

    The encouraging signs behind China's record funding figures

    Posted Feb 17th 2014, 04:47am by Tom Holland

    ... economic growth for the rest of 2014. On the other hand, if you fret that the mainland has become dependent on credit-fuelled investment to power growth, then you will see last month's surge ... is overinvested and that returns on capital are falling dangerously, then you will worry that last month's surge in new credit heightens the chances of a nasty financial crisis further down the road. ...

  9. Business - Comment - MONITOR

    Beijing's financial reforms will push up interest rates

    Posted Jan 16th 2014, 11:41pm by Tom Holland

    ... Tom Holland The mainland's plan to let market forces set lending costs and allocate credit will be worth it despite the pain endured by some, like state firms Beijing's financial ... last remaining regulatory controls and finally allowing market forces to set interest rates and allocate credit in China's real economy. When it does, banks will begin competing to attract ...

  10. Business - Comment - MONITOR

    Fears over a 'tail risk' hard landing in China are growing

    Posted Feb 20th 2014, 01:10am by Tom Holland

    ... 90 per cent of Mongolia's exports bought by China, but in recent years the country has seen a massive boom in credit funded by foreign capital inflows; inflows which would quickly vanish ...




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