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- Calculated Risk: MBA: Mortgage Refinance Applications down, Purchase Applications Up in Recent Survey
by Bill McBride on 8/28/2013 07:01:00 AM
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 2.5 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 23, 2013. …
Read the source article … http://www.calculatedriskblog.com/2013/0 8/mba-mortgage-refinance-applications_28 .html
- India's Rupee Plunges Most in 20 Years to Record; Bonds Decline – Bloomberg
India's rupee plummeted the most in two decades to a record as a surge in oil prices threatened to worsen the current account and push the economy toward its biggest crisis since 1991. Bonds fell.
"The market is in a super-panic stage," said Samir Lodha, senior partner at QuantArt Market Solutions Pvt. in Mumbai.
The rupee slumped 3.9 percent to an unprecedented 68.8450 per dollar in Mumbai, the biggest drop since 1993, according to prices from local banks compiled by Bloomberg. The currency lost 13.7 percent this quarter and 20.1 percent this year, headed for the worst annual loss since a balance of payments crisis in 1991 forced the nation to pawn gold to pay for imports.
- Why $3.4tn in foreign reserves is not China's escape hatch | FT Alphaville
Very interesting observation:
By Paul J. Davies, the FT's Asia financial correspondent.
Between August 2008 and March 2012, these [foreign reserves] grew by $1.56tn, according to Kevin Lai at Daiwa Capital Markets in Hong Kong. In other words, China accumulated foreign exchange assets not much faster than it accumulated FDI [Foreign Direct Investment] liabilities.
Mr Lai makes a broader point about Asian foreign exchange reserves as a whole. Betweeen [sic] 2008 and 2012, the total accumulated by China, India, Korea, Taiwan, Hong Kong, Singapore, Indonesia, Malaysia, Thailand and The Philippines almost exactly matches the growth in the US federal [sic] Reserve's balance sheet due to quantitative easing. As he says, the correlation appears very high.
What this suggests – and what is backed up by data from Hong Kong banks in particular – is that along with FDI, China has recently drawn in a lot of cheap credit from overseas. This also amounts to an external liability against the forex [foreign exchange] assets.
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