BloombergBusiness
China Said to Consider PBOC Lending Tool to Help Local Debt
Photo:
PBOC Governor Zhou Xiaochuan has overseen a variety of innovations at the central bank to channel liquidity where policy makers want. Photographer: Tomohiro Ohsumi/Bloomberg
7:01 PM AEST
April 28, 2015
China’s central bank is considering expanding a new lending tool in an effort to bolster demand for local-government bonds, as policy makers seek to develop a municipal debt market and avoid a credit crunch.
The People’s Bank of China is discussing letting banks tap its Pledged Supplementary Lending program to buy local-authority debt along with other favored purposes, according to people familiar with the matter who asked not to be named as the talks are private. The PBOC last year channeled 1 trillion yuan ($161 billion) through the PSL facility to China Development Bank for redevelopment of shantytowns.
The PBOC has stepped up support for China’s slowing economy, adding monetary easing to targeted moves that add liquidity while avoiding the kind of lending binge unleashed in 2008 and 2009. The PSL move would offer support for a Finance Ministry initiative to expand the market for municipal bonds and bring transparency to borrowing by provinces and cities, much of which was done off public balance sheets.
“The loosening trend is clear because the risks are high,” said Xu Gao, Chief economist at Everbright Securities Co. in Beijing. This time the PSL “has been expanded to infrastructure and local governments, so the boost to the real economy will be quite effective,” he said.
PBOC Governor Zhou Xiaochuan has overseen a variety of innovations to channel liquidity where policy makers want it.
The PSL was used last year for extending credit to China Development Bank, the nation’s biggest policy lender, for low-cost housing. While the PBOC didn’t specify the term of that loan, local media reported it as three years. The interest rate was about 1 percentage point below the market rate.
Expanded PSL
China’s overnight money rate fell to its lowest in more than a year, a sign banks are flush with cash after the stepped up monetary easing of the past six months.
An expanded PSL could also be used for offering funds to banks for reconstruction of dilapidated housing and in connection with China’s Silk Road economic development campaign, the people familiar with the matter said.
Banks would submit collateral including local government bonds under the plan, they said.
Another step would have the PBOC broaden a so-called re-lending facility that lets some banks use outstanding loans as collateral for PBOC funding, they said.
“This is still a targeted measure,” said Zhu Qibing, economist at China Minzu Securities Co. in Beijing. “Because the central bank can control which projects and which banks it gives the loans to, the effects on liquidity will be relatively limited.”
Bond Market
The PBOC didn’t immediately respond to a faxed request for comment on the plans. It’s not unusual for the central bank to stay silent for months on its actions. In the case of the PSL, reports on the program in mid-2014 weren’t publicly substantiated until December. A Medium-term Lending Facility that the PBOC has used to pump three-month credit to banks went officially unrecognized for weeks last year.
Developing a transparent local government bond market is one of Premier Li Keqiang’s key reforms, part of a broader effort to reduce leverage in an economy that over-relied on investment for growth in recent years. Provincial authorities estimated they had 16 trillion yuan ($2.6 trillion) in liabilities in a review earlier this year, the China News Service said April 25, citing a Ministry of Finance official -- a 47 percent jump from June 2013.
In a bid to break regional governments’ habit of borrowing off their balance sheets, policy makers last month announced a program that will convert as much as 1 trillion yuan of such debt into municipal notes this year. Finance Minister Lou Jiwei said March 27 the limit may be expanded.
Local governments are planning to sell more than 1.7 trillion yuan in municipal bonds this year, up from 400 billion yuan in 2014.
***
Chân thành cám ơn Quý Anh Chị ghé thăm "conbenho Nguyễn Hoài Trang Blog".
Xin được lắng nghe ý kiến chia sẻ của Quý Anh Chị trực tiếp tại Diễn Đàn Paltalk: 1Latdo Tapdoan Vietgian CSVN Phanquoc Bannuoc .
Kính chúc Sức Khỏe Quý Anh Chị .
conbenho
Tiểu Muội quantu
Nguyễn Hoài Trang
01052015
___________
Cộng sản Việt Nam là TỘI ÁC
Bao che, dung dưỡng TỘI ÁC là ĐỒNG LÕA với TỘI ÁC
Thursday, April 30, 2015
WORLD_ This map proves that Iran doesn't really want to defeat ISIS in Iraq and Syria
BUSINESS INSIDER
AUSTRALIA
Briefing This map proves that Iran doesn't really want to defeat ISIS in Iraq and Syria
Armin Rosen Today at 5:44 AM
Friday, 1 May 2015
Iraq and Syria no longer exist as coherent unitary states.
By now, followers of events in the Middle East have grown used to maps that show how ISIS, Al Qaeda, the Free Syrian Army, the Assad regime, the Baghdad government, the Kurdistan Regional Government (KRG), Sunni tribes, Iranian-backed militia groups, and various other actors have filled the vacuum in the countries still officially known as Iraq and Syria.
Michael Pregent, an analyst and former US Army intelligence officer, created a map that greatly clarifies this mess by showing the “priority” and “secondary” defensive front lines for Iran, the Kurds, and the Assad regime, showing the areas that are most vital to the sides’ war objectives.
The map shows that the strategic fault-lines in Iraq and Syria have nothing to do with the country’s internationally recognised borders, or even with the “borders” of ISIS’s “Caliphate.” And it reveals something important about the coming fight against ISIS.
As the map demonstrates, the jihadist group’s domain lies beyond both Iran and the Iraqi Kurdistan Regional Government’s priority defensive boundary. As Pregent told Business Insider, the map shows that “Iran has no intent of defeating ISIS.”
As Pregent notes, ISIS has been defeated nearly everywhere the group has been fought on the ground. “The map tells a story,” he told Business Insider. “ISIS is able to maintain territory because it’s unopposed. But where it’s opposed it loses territory, in both Iraq and Syria.”
The black ring cutting through central Iraq and Syria is there because the region’s military actors just aren’t interested in challenging hte group in those areas.
Iran wants to preserve its proxies’ control over Baghdad and Damascus, while the KRG wants to defend its territory in northern Iraq. But as Pregent says, the Kurds are more worried about defending Kirkuk from a potential offensive from the Iraqi government and its militia allies than they are about removing ISIS from Mosul, Iraq’s second-largest city.
Photo: Iraqi Shiite militia fighters raise up their weapons as they celebrate pushing back ISIS militants on Sept. 3, 2014, on the road between Amerli and Tikrit, in Iraq.
And Iran actually has something to gain from keeping the ISIS problem going. As long as the group survives, Iran can claim that their allies in both countries are the only thing preventing a jihadist takeover — an argument that raises Tehran’s prestige and ensures a degree of international support for their allies in both countries. (It’s also an argument that seems to be working.)
“Iran needs the threat of ISIS and Sunni jihadist groups to stay in Syria and Iraq in order to become further entrenched in Damascus and Baghdad,” Pregent told BI.
Recent events in Iraq make a lot more sense once it’s clear that Iran and its allies don’t see much of a need to advance its red lines deep into Sunni areas. For instance, Ramadi, which is right outside of Baghdad, was only reinforced with around 3,000 troops as ISIS moved against the town in late April, according to Pregent.
The city is so sparsely reinforced because it ‘s primarily Sunni, and falls along a populated, Sunni-heavy, hard-to-defend axis that includes Fallujah and the Sunni Baghdad suburb of Abu Ghraib.
The “red line” is drawn at the Shi’ite neighbourhoods that lie beyond a defensible position near Abu Graihb. Shi’ite Iran and its militia partners in Iraq aren’t as willing to fight and die for a place that sits beyond their primary line of defence — yet another reason Iran might not actually be that committed to defeating ISIS.
NOW WATCH: Here’s what happens when you get bitten by a black widow
Follow Business Insider Australia on Facebook, Twitter, and LinkedIn
***
Chân thành cám ơn Quý Anh Chị ghé thăm "conbenho Nguyễn Hoài Trang Blog".
Xin được lắng nghe ý kiến chia sẻ của Quý Anh Chị trực tiếp tại Diễn Đàn Paltalk: 1Latdo Tapdoan Vietgian CSVN Phanquoc Bannuoc .
Kính chúc Sức Khỏe Quý Anh Chị .
conbenho
Tiểu Muội quantu
Nguyễn Hoài Trang
01052015
___________
Cộng sản Việt Nam là TỘI ÁC
Bao che, dung dưỡng TỘI ÁC là ĐỒNG LÕA với TỘI ÁC
AUSTRALIA
Briefing This map proves that Iran doesn't really want to defeat ISIS in Iraq and Syria
Armin Rosen Today at 5:44 AM
Friday, 1 May 2015
Iraq and Syria no longer exist as coherent unitary states.
By now, followers of events in the Middle East have grown used to maps that show how ISIS, Al Qaeda, the Free Syrian Army, the Assad regime, the Baghdad government, the Kurdistan Regional Government (KRG), Sunni tribes, Iranian-backed militia groups, and various other actors have filled the vacuum in the countries still officially known as Iraq and Syria.
Michael Pregent, an analyst and former US Army intelligence officer, created a map that greatly clarifies this mess by showing the “priority” and “secondary” defensive front lines for Iran, the Kurds, and the Assad regime, showing the areas that are most vital to the sides’ war objectives.
The map shows that the strategic fault-lines in Iraq and Syria have nothing to do with the country’s internationally recognised borders, or even with the “borders” of ISIS’s “Caliphate.” And it reveals something important about the coming fight against ISIS.
As the map demonstrates, the jihadist group’s domain lies beyond both Iran and the Iraqi Kurdistan Regional Government’s priority defensive boundary. As Pregent told Business Insider, the map shows that “Iran has no intent of defeating ISIS.”
As Pregent notes, ISIS has been defeated nearly everywhere the group has been fought on the ground. “The map tells a story,” he told Business Insider. “ISIS is able to maintain territory because it’s unopposed. But where it’s opposed it loses territory, in both Iraq and Syria.”
The black ring cutting through central Iraq and Syria is there because the region’s military actors just aren’t interested in challenging hte group in those areas.
Iran wants to preserve its proxies’ control over Baghdad and Damascus, while the KRG wants to defend its territory in northern Iraq. But as Pregent says, the Kurds are more worried about defending Kirkuk from a potential offensive from the Iraqi government and its militia allies than they are about removing ISIS from Mosul, Iraq’s second-largest city.
Photo: Iraqi Shiite militia fighters raise up their weapons as they celebrate pushing back ISIS militants on Sept. 3, 2014, on the road between Amerli and Tikrit, in Iraq.
And Iran actually has something to gain from keeping the ISIS problem going. As long as the group survives, Iran can claim that their allies in both countries are the only thing preventing a jihadist takeover — an argument that raises Tehran’s prestige and ensures a degree of international support for their allies in both countries. (It’s also an argument that seems to be working.)
“Iran needs the threat of ISIS and Sunni jihadist groups to stay in Syria and Iraq in order to become further entrenched in Damascus and Baghdad,” Pregent told BI.
Recent events in Iraq make a lot more sense once it’s clear that Iran and its allies don’t see much of a need to advance its red lines deep into Sunni areas. For instance, Ramadi, which is right outside of Baghdad, was only reinforced with around 3,000 troops as ISIS moved against the town in late April, according to Pregent.
The city is so sparsely reinforced because it ‘s primarily Sunni, and falls along a populated, Sunni-heavy, hard-to-defend axis that includes Fallujah and the Sunni Baghdad suburb of Abu Ghraib.
The “red line” is drawn at the Shi’ite neighbourhoods that lie beyond a defensible position near Abu Graihb. Shi’ite Iran and its militia partners in Iraq aren’t as willing to fight and die for a place that sits beyond their primary line of defence — yet another reason Iran might not actually be that committed to defeating ISIS.
NOW WATCH: Here’s what happens when you get bitten by a black widow
Follow Business Insider Australia on Facebook, Twitter, and LinkedIn
***
Chân thành cám ơn Quý Anh Chị ghé thăm "conbenho Nguyễn Hoài Trang Blog".
Xin được lắng nghe ý kiến chia sẻ của Quý Anh Chị trực tiếp tại Diễn Đàn Paltalk: 1Latdo Tapdoan Vietgian CSVN Phanquoc Bannuoc .
Kính chúc Sức Khỏe Quý Anh Chị .
conbenho
Tiểu Muội quantu
Nguyễn Hoài Trang
01052015
___________
Cộng sản Việt Nam là TỘI ÁC
Bao che, dung dưỡng TỘI ÁC là ĐỒNG LÕA với TỘI ÁC
WORLD_ SYRIA_ 25 IS militants killed in Syria weapon depot blast
INDIA.COM
25 IS militants killed in Syria weapon depot blast Last
Updated: Thursday, April 30, 2015 - 04:26
Dasmascus: At least 25 militants of Islamic State(IS) militant group were killed in powerful blasts at a weapon depot in eastern Syria killed on Wednesday, the Syrian Observatory for Human Rights reported
Several explosions rattled the city of Mayadeen in the eastern countryside of Deir al-Zour province, Xinhua news agency reported.
It said 20 others were wounded and the toll could rise due to the large number of severely wounded militants.
The Britain-based watchdog group said that it was not clear what caused the explosion, whether it was a result of a bombing or a technical malfunction.
The IS group has captured large swathes of the oil-rich province of Deir al-Zour.
IANS
First Published: Thursday, April 30, 2015 - 04:26
***
Chân thành cám ơn Quý Anh Chị ghé thăm "conbenho Nguyễn Hoài Trang Blog".
Xin được lắng nghe ý kiến chia sẻ của Quý Anh Chị trực tiếp tại Diễn Đàn Paltalk: 1Latdo Tapdoan Vietgian CSVN Phanquoc Bannuoc .
Kính chúc Sức Khỏe Quý Anh Chị .
conbenho
Tiểu Muội quantu
Nguyễn Hoài Trang
01052015
___________
Cộng sản Việt Nam là TỘI ÁC
Bao che, dung dưỡng TỘI ÁC là ĐỒNG LÕA với TỘI ÁC
25 IS militants killed in Syria weapon depot blast Last
Updated: Thursday, April 30, 2015 - 04:26
Dasmascus: At least 25 militants of Islamic State(IS) militant group were killed in powerful blasts at a weapon depot in eastern Syria killed on Wednesday, the Syrian Observatory for Human Rights reported
Several explosions rattled the city of Mayadeen in the eastern countryside of Deir al-Zour province, Xinhua news agency reported.
It said 20 others were wounded and the toll could rise due to the large number of severely wounded militants.
The Britain-based watchdog group said that it was not clear what caused the explosion, whether it was a result of a bombing or a technical malfunction.
The IS group has captured large swathes of the oil-rich province of Deir al-Zour.
IANS
First Published: Thursday, April 30, 2015 - 04:26
***
Chân thành cám ơn Quý Anh Chị ghé thăm "conbenho Nguyễn Hoài Trang Blog".
Xin được lắng nghe ý kiến chia sẻ của Quý Anh Chị trực tiếp tại Diễn Đàn Paltalk: 1Latdo Tapdoan Vietgian CSVN Phanquoc Bannuoc .
Kính chúc Sức Khỏe Quý Anh Chị .
conbenho
Tiểu Muội quantu
Nguyễn Hoài Trang
01052015
___________
Cộng sản Việt Nam là TỘI ÁC
Bao che, dung dưỡng TỘI ÁC là ĐỒNG LÕA với TỘI ÁC
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