Chinese Investors Sell Equities, Buy Money Market Funds

SHANGHAI (Reuters) – Chinese investors are reducing their exposure to stock markets and investing in safe-haven money market funds (MMFs) as stock markets decline from multi-year highs on worries over policy tightening and lofty valuations.

The trend since mid-February marks a reversal in the risk-seeking behaviour seen between April 2020 and Jan 2021, and caused the country’s blue-chip index to post its worst monthly performance in a year in March.

Foreign investors also turned cautious, their buying via the Hong Kong-China Stock Connect slumping in March as the yuan also depreciated against a buoyant dollar.

(Graphic: China’s major stock indexes down since mid-Feb, https://fingfx.thomsonreuters.com/gfx/buzz/jbyvrwjqzpe/China’s%20major%20stock%20indexes%20down%20since%20mid-Feb.jpg)

MMFs are traditionally considered low-risk and liquid as they invest in higher quality assets, including government bonds.

The Hwabao WP Listed Money Market ETF, the largest money market ETF listed on the Shanghai Stock Exchange, saw its total units increase 21% to 1.77 billion on April 8, from 1.46 billion on Feb 18.

Analysts said the stock market correction since mid-February was mainly driven by fears over frothy valuations after Beijing set a conservative economic growth target that implied policymakers wanted room to rein in financial market bubbles.

The Yinhua Money Market EFF, another major money market ETF listed on the Shanghai Stock Exchange, saw its total units increase 30% to 1.3 billion on April 8, from 1 billion on Feb 18.

Units of the largest ETF tracking China’s blue-chip index declined to 7.8 bln on April 8, from 8.6 bln at the start of the year.

(Graphic: China’s MMF ETFs grow, https://fingfx.thomsonreuters.com/gfx/buzz/gjnvwdeadpw/China’s%20MMF%20ETFs%20grow.jpg)

“I don’t see big opportunities now, and investors will not be happy to buy stocks at this moment without a further correction which could give them more safety margin and upside room,” said Fu Yanping, a strategist at wealth management headquarters of China Galaxy Securities.

Fu said MMFs were a good choice for investors as China tightens policy gradually.

Meanwhile, margin lending in the stock market, a gauge of investor sentiment, dropped as markets pulled back.

(Graphic: China’s margin lending drops, https://fingfx.thomsonreuters.com/gfx/buzz/oakvewzobvr/China’s%20margin%20lending%20drops.jpg)

While foreign investors have bought less mainland equities, they have turned to more defensive sectors such as banks. They purchased 12.5 billion yuan ($1.91 billion) worth of China’s banking shares in March via the Stock Connect, CITIC Securities analysts said in a report.

“China’s economic recovery momentum has been quite robust. However, there are worries, in particular among foreign investors, about a shift in China’s monetary policy if the momentum gets too strong,” said Hu Yunlong, a Beijing-based hedge fund manager.

(Graphic: Foreign inflows slowed in March, https://fingfx.thomsonreuters.com/gfx/buzz/bdwpkbgylvm/Foreign%20inflows%20slowed%20in%20March.jpg)

(Graphic: China’s yuan weakens against the dollar, https://fingfx.thomsonreuters.com/gfx/buzz/xegpbxnxjpq/China’s%20yuan%20weakens%20against%20the%20dollar.jpg)

(Reporting by Luoyan Liu and Andrew Galbraith; Editing by Vidya Ranganathan and Kim Coghill)

Copyright 2021 Thomson Reuters.

Source: https://money.usnews.com/investing/news/articles/2021-04-09/chinese-investors-sell-equities-buy-money-market-funds

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Wasilla wins financial reporting award | Local News Stories

WASILLA — The Wasilla Metropolis Council heard their annual audit presentation from the Complete Annual Monetary Report, which gained the certificates of accomplishment for excellence in monetary reporting from the Governmental Monetary Officers Affiliation for the second straight 12 months. The audit of Wasilla’s CAFR for FY 20 was offered by BDO USA LLC. Audit Director Sam Thompson, who mentioned that BDO had issued an unmodified opinion, the very best stage of assurance that might professionally be rendered.

“We encountered no difficulties with administration. The entire data that we required was supplied to us in a well timed method, all our questions had been answered and the cooperation we obtained was excellent,” mentioned Thompson.

Thompson detailed the numbers on monetary statements for Wasilla and famous main bills, thanking Wasilla Finance Director Troy Tankersly and his division for cooperation in aiding with the audit each in individual and nearly. The CAFR submitted by Wasilla just isn’t required to be submitted.

“We’re required to report if we come throughout important deficiencies or materials weaknesses in inside controls over monetary reporting and I’m completely satisfied to report we got here throughout none over total. Town’s controls associated to e the monetary statements are very robust, sturdy and in accordance with skilled requirements,” mentioned Thompson. “There are only a few cities throughout the nation a lot much less in Alaska that tackle this problem and do put together the monetary statements and go after this award so hats off to the finance dept.”

Town’s solely remaining debt is to an AEDC clear ingesting water challenge for $661,800 and the $34 million in unrestricted free web place is an enchancment over 2019. Wasilla spent $8.8 million in public security, which has historically been the very best expense for the town. Of that funding, $3.3 million was from working grants such because the CARES Act. The Normal Fund Steadiness has a complete fund steadiness of over $24 million with over $9 million in unassigned fund steadiness out there for the council and administration to make use of as they see greatest match.

“Anytime the change in web place is constructive, that’s good. Meaning your revenues exceeded your expenditures for the 12 months once more this as you’re properly conscious, the town’s primary supply of funding is gross sales taxes and gross sales tax income for FY 20 was simply over $20 million. Expenditures for the 12 months totaled $25 mil and this contains depreciation and sure pension objects which don’t really symbolize a money outflow,” mentioned Thompson.

Thompson additionally mentioned the objects within the Enterprise Fund. Whereas the water utility fund was the one one to have an working revenue of virtually $100,000, the Sports activities Middle misplaced $420,000.

“Nonetheless you’ll see particularly for the sports activities middle fund there was funding supplied from different funds that got here in to assist cowl a part of these losses and total all of the funds had a constructive change in web place or fairness for the 12 months apart from the sports activities middle,” mentioned Thompson.

“We’re required to report if we come throughout important deficiencies or materials weaknesses in inside controls over monetary reporting and I’m completely satisfied to report we got here throughout none over total. Town’s controls associated to e the monetary statements are very robust, sturdy and in accordance with skilled requirements,” mentioned Thompson. “There are only a few cities throughout the nation a lot much less in Alaska that tackle this problem and do put together the monetary statements and go after this award so hats off to the finance dept.”

Source: https://newszhit.com/2021/02/13/wasilla-wins-financial-reporting-award-local-news-stories/

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