In
a time when China is losing between a third and half of its pig herds
as a result of the unprecedented decimation unleashed by African swine
fever - less affectionately known as pig ebola - which has sent wholesale pork prices in China soaring to all time highs...
... China is increasingly finding itself at America's mercy.
・・・中国は米国の慈悲に頼らざるを得ないという状況におちいりつつある。
As Bloomberg reports, as China's hog herd is collapsing, Beijing's imports of U.S. pork exploded to a weekly record.
ブルームバーグによると、中国の養豚は崩壊状態だ、米国から中国への豚肉輸入は爆発的に増えている。
According to USDA data, in the week ended Oct. 3, pig imports soared
to 142,200 metric tons, more than 7 times greater than September's total
shipments of 19,900 tons.
China signaled it may import as much as 400,000 tons to stem a
domestic shortfall, and it now appears that the US may be the easiest
source of said pigs, which needless to say grants the US substantial
leverage in the ongoing trade talks. The swine fever outbreak killed
millions of pigs. The country also appeared poised to boost purchases of
agriculture products as a good-will gesture before talks between
Washington and Beijing on easing trade tensions.
Meanwhile, as BBG notes, volatility in hog futures in Chicago has
surged to a record, spurred by speculation on exactly when Chinese
demand would finally surface. The answer: right now.
Amazonで買物をしてContrarianJを応援しよう Albert Edwards: This Was The Final Recessionary Shoe, And It Has Now Fallen by Tyler Durden Thu, 06/27/2019 - 12:45 Exactly three months ago, in late March, the 3 month-10 year spread inverted for the first time since 2007... ちょうど3か月前の3月遅くのことだ、3M10Yスプレッドが2007年以来初めて反転した・・・・ ... an event which sparked near-panic in the market as historically curve inversion has preceded the last 7 recessions. ・・・市場は準混乱状態になった、というのも歴史的に見てイールドカーブ反転が過去7回の景気後退の前兆となっているからだ。 However, while the inversion was certainly a memorable event, the question on everyone's lips is how do risk assets perform once the curve flattens and/or inverts. According to backtests from Goldman, since the mid-1980s, significant stock drawdowns (i.e. market crashes) began only when term slope started steepening after being inverted. ...
China Injects Gargantuan 1.1 Trillion In Liquidity This Week by Tyler Durden Wed, 01/16/2019 - 22:19 Following what Bloomberg calculated was a record net reverse repo liquidity injection on Wednesday, when the PBOC injected a whopping 560 billion yuan of liquidity into the financial system via open market operations, the Chinese central bank has done it again and in Thursday's open market operation, it sold 250BN yuan in 7 Day repos (slightly below yesterday's record 350BN), and 150BN in 28 Day repos, which net of maturities resulted in a whopping net 380BN yuan ($56.2BN) liquidity injection. ブルームバーグの算出によると水曜に記録的なリバースレポ流動性注入が行われた、PBOCがなんと公開市場操作で金融システムになんと560B人民元を注入した、中国中央銀行は再び木曜に公開市場操作を行った、250B人民元の7日決済レポを売却した(昨日の350B人民元よりも少し少ない)、そして28日決済のレポを150B人民元注入した、結果としてなんと380B人民元($56.2B)の流動性注入となる。 (訳注:なんか足し算すると辻褄が合いません、ブルーム...