
More recent developments

Alibaba pledges bigger AI infrastructure spend
What happened: At the annual Apsara Conference on September 24, Alibaba CEO Eddie Wu said the company will further ramp up AI infrastructure spending. No specific amount was given, but Wu hinted that AI spending increases would be continual to… Read More »

Beijing weighs who should repay special treasury bonds
Policymakers are still undecided over whether to have local governments share repayment responsibilities for ultra-long special treasury bonds (STBs) – a key fiscal tool for stimulating the economy. The evidence: In a September 15 report, the legislature (NPCSC) noted: “The… Read More »

PBoC updates reverse repo bidding to improve yield curve transmission
On Friday, China’s central bank (PBoC) changed the bidding process for 14-day reverse repos to give the market a greater role in shaping the yield curve. Some context: The PBoC’s main policy rate is the interest rate on funds issued… Read More »