The Traderszone Network

Carlyle Group’s nominee on the board of China Fishery Group (CNFG.SI) has stepped down, a few months after the U.S. private equity firm declined to take part in the Singapore-listed company’s rights issue. Carlyle’s stake in China Fishery fell from 11.1 percent to 6.2 percent following a rights issue earlier this year.

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Australian data – July Private Sector Credit
0.6%m/m
– expected 0.5%, prior was 0.4%
6.1y/y
– expected 5.9%, prior was 5.9%
–
Housing loans +0.6% m/m and +7.4% y/y

Opening indications for Chinese stockmarkets:
– Shanghai Comp to open down 0.9%
– CSI300 index to open down 1.0%

More from China’s press (via MNI):
– Xiao Gang, chairman of the China Securities Regulatory Commission, met with 50 brokerage houses on Saturday
– Called for them to hand over more funds, as a percentage of their net assets, to the CSFC 
(MNI note that the CSFC is the main vehicle that Beijing has used for stock market intervention and the move is aimed at providing it with more ammunition)

The volatility of last week will continue for these three companies because they’re heavily shorted and reporting earnings.

People’s Bank of China (PBOC) sets the USD/CNY mid-point reference rate
– Prior close 6.3895
– Friday’s mid point was set at 6.3986

A strengthening of the yuan today by the People’s Bank of China

Goldman Sachs cuts China growth forecasts
–  6.4% for 2016 (prior 6.7%)
– 6.1% for 2017 (prior 6.5%)
– 5.8% for 2018 (prior 6.2%)
Bloomberg with the headlines