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On September 15th, data from the National Bureau of Statistics showed that in August, the year-on-year decline in new residential property prices in first-tier cities was 0.9%, a decrease of 0.2 percentage points compared to the previous month. Specifically, prices in Beijing, Guangzhou, and Shenzhen fell by 2.3%, 1.9%, and 2.3% respectively, while Shanghai saw an increase of 3.0%. In second- and third-tier cities, the year-on-year declines in new residential property prices were 2.7% and 4.1% respectively, both narrowing by 0.1 percentage points. In August, the year-on-year decline in existing residential property prices in first-tier cities was 2.7%, a decrease of 1.0 percentage point compared to the previous month. Specifically, prices in Beijing, Shanghai, Guangzhou, and Shenzhen fell by 3.5%, 0.8%, 3.8%, and 2.7% respectively. In second- and third-tier cities, the year-on-year declines in existing residential property prices were 4.9% and 5.6% respectively, both narrowing by 0.2 percentage points.New Residential Housing Prices: 1. Beijing: August new residential housing prices -0.2% month-on-month (previous value -0.3%), -2.3% year-on-year (previous value -2.3%). 2. Shanghai: August new residential housing prices +0.4% month-on-month (previous value +0.2%), +3.0% year-on-year (previous value +3.0%). 3. Guangzhou: August new residential housing prices +0.1% month-on-month (previous value +0.1%), -1.9% year-on-year (previous value -2.2%). 4. Shenzhen: August new residential housing prices +0.2% month-on-month (previous value +0.2%), -2.3% year-on-year (previous value -2.9%). Second-hand Residential Housing Prices: 1. Beijing: August second-hand residential housing prices -0.1% month-on-month (previous value 0.0%), -3.5% year-on-year (previous value -4.5%). 2. Shanghais existing home prices in August increased by 0.3% month-on-month (previous value +0.3%) and decreased by 0.8% year-on-year (previous value -2.0%). 3. Guangzhous existing home prices in August remained unchanged month-on-month (previous value +0.4%) and decreased by 3.8% year-on-year (previous value -4.7%). 4. Shenzhens existing home prices in August increased by 0.1% month-on-month (previous value +0.2%) and decreased by 2.7% year-on-year (previous value -3.6%).National Bureau of Statistics: Beijings second-hand housing prices in August decreased by 0.1% month-on-month (previous value +0%) and decreased by 3.5% year-on-year (previous value -4.5%).According to the National Bureau of Statistics, the price of second-hand residential properties in Shenzhen rose 0.1% month-on-month in August (up 0.2% in the previous month) and fell 2.7% year-on-year (down 3.6% in the previous month).September 15th - The 2026 China Carbon Market Conference was held in Wuhan, Hubei Province this morning, and the "National Carbon Market Development Report (2026)" was released at the conference. Reporters learned that as of the end of August, the national carbon emission trading market had accumulated transactions exceeding 900 million tons, with a transaction value exceeding 60 billion yuan. The national carbon market has grown from nothing to a significant stage, playing a crucial role in promoting the achievement of carbon peaking and carbon neutrality goals.

At the Tokyo open, the USD/JPY bulls pick up speed and aim for 138.00

Alina Haynes

Jul 14, 2022 12:00

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The USD/JPY pair is now trading at 138.00, up 0.44 percent from the day's beginning price of 137.28 and reaching a high of 137.96. The dollar is benefiting from central bank divergence at play.

 

The US dollar hit a 20-year high, according to the DXY index, which compares the dollar to a basket of currencies. After figures on Wednesday showed that US consumer price inflation hit a 40-and-a-half-year high in June, the euro dropped below parity. As gasoline and food costs continued to rise, the Consumer Price Index (CPI) increased to 3% last month, above the 1.1 percent forecast by the experts surveyed by Reuters.

 

However, "several Districts reported growing symptoms of a slowdown in demand, and contacts in five Districts voiced worries about the increased probability of a recession," according to data from the Fed's Beige Book on regional economic conditions. Bostic, the president of the Atlanta Fed, said that "everything is on the table" for the July policy decision, which may indicate a 100bp increase. The rising rate of inflation worries him.

 

Rates on the US bond market fluctuated after inflation data that was greater than expected. The long end increased while the short end decreased. The US 2-10yr curve is currently 22bps inverted, according to analysts at Westpac, "given the expectation of aggressive Fed tightening and the risks to the long-term economic outlook." While yields on 10-year government bonds declined from 2.95 percent to 2.90 percent, rates on 2-year bonds rose from 3.05 percent to 3.21 percent before leveling off at 3.13 percent.

 

Additionally, JPY net short positions increased significantly last week. The hawkish stances of other central banks have prompted speculation that the BoJ may have been obliged to alter its YCC policy as early as last month's meeting, according to Rabobank analysts. The BoJ kept its dovish approach, although there will probably be more talk of a shift in the coming months. This has given the JPY some support, along with inflows into safe havens.


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