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  • September 24, 2014
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  1. Business - Money - MONITOR TOM HOLLAND

    Dual-currency IPO breaks cardinal rule of capital markets

    Posted Aug 15th 2012, 12:00am by Tom Holland

    ... Tom Holland Two-track yuan and Hong Kong dollar listing plan is one bad idea, despite surface appeal of being first off the block and tapping more pools of liquidity Dual-currency IPO ... to launch a dual-currency yuan and Hong Kong dollar share offering on the city's stock market. It's a lousy idea. You can see why someone thought a dual-currency listing might be a clever ...

  2. Business - Economy - MONITOR TOM HOLLAND

    Five years after crisis began, we still can't see the elephant

    Posted Aug 17th 2012, 12:00am by Tom Holland

    ... crisis began, we still can't see the elephant The global financial crisis is five years old- more or less. There is some disagreement over when precisely it began. A lot of newspapers now seem to have fixed on August 9, 2007, as the fateful day. But looking back through the archives, I see the South China Morning Post warned US credit markets were in crisis on August 3, a week ...

  3. Business - China Business - MONITOR TOM HOLLAND

    Worrying economic parallels between China and India

    Posted May 21st 2013, 12:00am by Tom Holland

    ... investment, but too much, raising the threat of over-capacity, declining returns on assets and a possible debt crisis. To switch the economy towards a more sustainable, more consumption-driven, growth ...

  4. Business - Comment - MONITOR TOM HOLLAND

    Blame greed, not the yuan, for Hong Kong's food price rises

    Posted Nov 07th 2012, 12:00am by Tom Holland

    ... Tom Holland The strengthening of the mainland currency is more of an excuse than a real reason for shopkeepers to charge more for a bite to eat in the city Blame greed, not the yuan, ... quoted a clutch of importers and retailers, all saying much the same thing. With the Chinese currency testing its strongest levels against the Hong Kong dollar since 1993, they all warned ...

  5. Business - Comment - MONITOR TOM HOLLAND

    Cyclically bullish on China's market but a structural bear

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

    ... growth relative to GDP growth, Kapur prefers to look at the total amount of bank loans outstanding relative to the size of China's monetary base (currency in issue plus the banking ... on will lead to overcapacity. Combined with government policies aimed at pushing up wages and a currency that has appreciated 25 per cent in real effective terms over the past five years, ...

  6. Business - Comment - MONITOR TOM HOLLAND

    Some surprising new recruits join the ranks of China bears

    Posted Dec 05th 2012, 12:00am by Tom Holland

    ... product. Instead China piled on the investment ahead of the Beijing Olympics and in response to the financial crisis. As a result, the researchers reckoned that over the last five years China has ... before the 1997 Asian crisis. "Credit growth (particularly post-crisis) and the cost of capital in China in recent years also appear to be in dangerous territory compared to these other ...

  7. Business - Comment - MONITOR TOM HOLLAND

    Don't hold your breath for big bang China financial reform

    Posted Nov 13th 2012, 12:00am by Tom Holland

    ... the official rate. Meanwhile corporate bond issuance has increased markedly. As the first chart illustrates, data released yesterday shows that local currency bank lending in October was just 505 ... excitement is premature. Senior officials have been pledging to develop China's bond market, liberalise its interest rate regime, and make the currency convertible "within five years" ...

  8. Business - Comment - MONITOR TOM HOLLAND

    Hu betrays muddled thinking about China's economic future

    Posted Nov 09th 2012, 12:00am by Tom Holland

    ... interest rates would entirely wipe out the profits of the state sector companies that make up the Communist Party's economic power base. A major currency revaluation is equally unlikely. ...

  9. Business - Comment - MONITOR TOM HOLLAND

    The other big shift going on in the global economy

    Posted Nov 14th 2012, 12:00am by Tom Holland

    ... on in theglobal economy Ever since the financial crisis, we have heard a great deal about how the world's economic centre of gravity is shifting. The United States and Europe are in decline, ... the financial crisis erupted in 2007, the share of energy imports in the US trade deficit has doubled, with oil imports now accounting for 60 per cent of the overall deficit. If those oil imports now ...

  10. Business - Comment - MONITOR TOM HOLLAND

    Mainland buyers don't share enthusiasm for China shares

    Posted Nov 28th 2012, 12:00am by Tom Holland

    ... the depths of the financial crisis in February 2009. The index is now down 16 per cent over the last 12 months. To put that drop into perspective, it's a worse performance than either of the crisis-hit markets of Spain or Greece. Over the period, Madrid's benchmark Ibex index has fallen by just 3 per cent, while the Athens ASE index has actually managed to climb 26 per cent. ...




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