Annonce

Log ud Log ind
Log ud Log ind
Formue

Kina i aktiepanik > pensionskasser må ikke sælge aktier

Morten W. Langer

mandag 06. juli 2015 kl. 20:54

According to Caijing, the country’s national social security fund is now forbidden from selling (but is welcome to buy). Here’s more,via Caijing (Google translated):

 

Social Security informed the public fund social security portfolio not only buy sell stock

“Financial” reporter learned that the Social Security Council on Monday (July 6) Call each raised funds, social security portfolio is not allowed to sell their holdings of stock.

 

Sources said that Social Security Council has just informed all social security portfolio can only buy stocks can not sell the stock; and it is not defined as the net selling, but completely unable to sell the stock.

And a bit more from FT:

 

Financial magazine Caijing reported on Monday that the National Social Security Fund had told its external fund managers they could buy stocks but were not permitted to sell them.

Central Huijin, a unit of China’s sovereign wealth fund, also said on Sunday it was supporting the market by buying blue-chip exchange traded funds.

As mentioned above, and as discussed at length over the weekend (here and here), China is scrambling to counter an unwind in the country’s various unofficial margin lending channels which have combined to pump between CNY500 billion and CNY1 trillion in borrowed funds into the country’s previously red-hot equity market.

The pension selling ban comes just days after China moved to curtail margin calls in a similary ridiculous attempt to stop the bleeding by simply making selling against the rules.

For their part, Moody’s says the “lack of compulsory liquidiation” in margin accounts is probably a very dangerous idea:

Lack of compulsory liquidation rules in unmet margin call is credit negative for securities cos. because it weakens controls against losses, allows industry to increase risk.

 

Moody’s expects some cos. to aggressively incentivize clients to buy stocks on margin and allow value of collateral to fall below safe level to avoid damaging customer relationships, putting themselves in riskier position.

The takeaway: this is simply one more example (the insolvent US shale space and HY bond funds being two others) of forestalling the inevitable and in the process allowing already precarious situations to mushroom into speculative bubbles that have the potential to wreak untold havoc when the inevitable unwind finally comes. We’ll close with the following quote (again from Moody’s):
New rules [in China] appear to be attempt to stabilize market, [but] less discipline around liquidating positions and risk taking with securities cos. underwriting leveraged positions will sow seeds for greater market peril.

Få dagens vigtigste
økonominyheder hver dag kl. 12

Bliv opdateret på aktiemarkedets bevægelser, skarpe indsigter
og nyeste tendenser fra Økonomisk Ugebrev – helt gratis.

Jeg giver samtykke til, at I sender mig mails med de seneste historier fra Økonomisk Ugebrev.  Lejlighedsvis må I gerne sende mig gode tilbud og information om events. Samtidig accepterer jeg ØU’s Privatlivspolitik. Du kan til enhver tid afmelde dig med et enkelt klik.

[postviewcount]

Relaterede nyheder

Jobannoncer

Vi søger to studentermedhjælpere til Dansk Sygeplejeråds Økonomiafdeling
Region Hovedstaden
Økonomi- og administrationschef til Søfartsstyrelsens Administrationssekretariat
Region Sjælland
Dansk Sygeplejeråd søger regnskabskonsulent med erfaring i regnskabsprocessen fra A-Z
Region Hovedstaden
Strategisk Finans Partner i Forca
Region Hovedstaden
Finance Manager
Region Syddanmark
Financial Controller
Region Nordjylland
Contract manager til Finans Danmark
Region Hovedstaden
Rigspolitiet søger en administrationschef til Bornholms Politi
Bornholms Regionskommune
Udløber snart
Chef for Digitalisering og Økonomi
Region Sjælland
Dansk Erhverv søger skattepolitisk fagchef
Regiopn Hovedstaden
Er du vores nye regnskabscontroller i Team Regnskab Erhvervsstyrelsen?
Region Hovedstaden

Mere fra ØU Formue

Log ind

Har du ikke allerede en bruger? Opret dig her.

FÅ VORES STORE NYTÅRSUDGAVE AF FORMUE

Her er de 10 bedste aktier i 2022

Tilbuddet udløber om:
dage
timer
min.
sek.

Analyse af og prognoser for Fixed Income (statsrenter og realkreditrenter)

Direkte adgang til opdaterede analyser fra toneangivende finanshuse:

Goldman Sachs

Fidelity

Danske Bank

Morgan Stanley

ABN Amro

Jyske Bank

UBS

SEB

Natixis

Handelsbanken

Merril Lynch 

Direkte adgang til realkreditinstitutternes renteprognoser:

Nykredit

Realkredit Danmark

Nordea

Analyse og prognoser for kort rente, samt for centralbankernes politikker

Links:

RBC

Capital Economics

Yardeni – Central Bank Balance Sheet 

Investing.com: FED Watch Monitor Tool

Nordea

Scotiabank