中国财政部发行特别国债向八大金融机构注资

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YOU ARE WATCHING THE CHINA SHOW.

IN GREATER CHINA. BRENT CRUDE RISING TO ITS HIGHEST LEVEL IN WEEKS. WE WILL BE WATCHING CHINESE BANKS TODAY. ANNOUNCING AN INFUSION WORTH BILLIONS. TO BOOST LENDING AND ECONOMIC ACTIVITY. DAVID: SOURCES SAY THAT DEEPSEEK IS TRYING TO FILL A MASSIVE DATA CENTER. YVONNE: WE ARE SPEAKING WITH THE PHILIPPINE FINANCE SECRETARY. AS THE ECONOMY GRAPPLES WITH STICKY INFLATION AND A CURRENCY AT RECORD LOWS. ♪ DIFFERENT CROSSCURRENTS HAPPENING HERE TODAY.

GIVEN WHAT WE HAVE BEEN SEEING. YOU GET SOME TAILWINDS COMING THROUGH THE CHIPS SECTOR ONCE AGAIN. DAVID: IT REMINDS ME OF APRIL WHEN YOU HAVE OIL PRICES BECOMING LESS OF A PROBLEM. AFTER THEY STARTED TO TAKE OVER. LOOKING AT THAT TODAY. $97 IS THE HIGHEST IN WEEKS. CONTRAST THAT WITH A STRONG JOBS REPORT IN THE U.S. ALL OF THAT SEEMS TO BE TRUMPED TO RIGHT NOW BY THE AI RALLY TAKING PLACE IN THE REGION. THAT IS A VERY GOOD EXAMPLE OF STRONG DEMAND.

THE MONTHLY SALES OF 53%. YVONNE: WE ARE SHOWING THE JOBS REPORT. THERE IS SOME MORE REPRICING. AFTER THAT JOBS REPORT. WE WILL SEE WHAT SEPTEMBER BRINGS. WE ARE INTO THAT BLACKOUT TIME FOR THE FED THAT HAS STARTED THIS WEEK. SALES UP CLOSE TO 52%. THE STOCK IS STILL LOWER HERE TODAY. TAKE A LOOK AT THE REST OF THE TECH SECTOR. TSMC IS UP. SAMSUNG REALLY LIFTING THE KOSPI TODAY. DAVID: THAT IS THE LEADING BENCHMARK TODAY.

SOME OF THE TAILWINDS COMING FROM GOING HIGHER. SOME OF THE OTHER UNDERLYING THEMES ACROSS THE CHINESE TECH SPACE. WE WILL GET TO THAT IN A MOMENT. A REMINDER OF SOME OF THE BIG MOVES ON FRIDAY. BAIDU WAS ONE OF THE LEADING ON THE UPSIDE. GOLDEN DRAGON INDEX REALLY MASSIVE. ON FRIDAY. THAT GOES INTO SOME OF THE IDIOSYNCRATIC STORIES. GIVEN THE MASSIVE RECAP. THE TWO-YEAR BONDS ON YOUR SCREENS COMING THROUGH. WE TALKED ABOUT BRENT PRICES.

THE MACRO OUTLOOK. YVONNE: DO NOT FORGET WHEN IT COMES TO WHAT IS REALLY FUELING THE CHIPS SECTOR, I THINK THIS NEWS OF OPENAI AT RELEASING THIS NEW MODEL IS WHAT IS LIFTING A LOT OF THAT HARDWARE SPACE HERE TODAY. LET'S GET BACK TO OUR TOP STORY. CHINA IS INJECTING BILLIONS INTO ITS LARGEST BANKS AND INSURERS. SEEKING BILLIONS OF DOLLARS IN FRESH CAPITAL. WITH THE MINISTRY OF FINANCE PROVIDING THE BULK OF THE FUNDING.

LET'S BRING IN OUR MANAGING EDITOR. HOW SIGNIFICANT IS THIS ROUND OF OBJECTIONS?

EIGHT OF THE LARGEST FINANCIAL INSTITUTIONS ARE SEEKING BILLIONS IN CAPITAL. THE MINISTRY OF FINANCE IS FOOTING MOST OF THE BILL. MOST OF THAT FUNDING IS COMING FROM THE GOVERNMENT. THEY ARE ISSUING SPECIAL BONDS. NOT JUST FOR THE CHINESE MEGABANKS BUT ALSO INSURERS AS WELL. SOME OF THE POLICY BANKS ARE ALSO PARTICIPATING IN THIS CAPITAL RAISING EXERCISE. IT REALLY IS ONE OF THE LARGEST CAPITAL INJECTIONS WE HAVE SEEN A COUPLE OF DECADES.

CHANNELING THAT MONEY INTO THE BANKING SECTOR AND THE INSURANCE SECTOR IN CHINA. DAVID: WHAT DO WE UNDERSTAND AS TO THE REASON BEHIND THIS MASSIVE CAPITAL INFLOW?

IT IS NOT MUCH OF A SURPRISE BECAUSE THE GOVERNMENT MENTIONED IN THE REPORT EARLIER IN THE YEAR THAT THEY WERE GOING TO ISSUE 300 BILLION U.N. OF SPECIAL BONDS. THAT WOULD BE A CAPITAL REPLENISHING EXERCISE INTO THE BANKING SECTOR. PART OF IT IS TO BEEF UP THE CAPITAL BUFFERS FOR THESE GIGANTIC BANKS. THERE ARE THOSE REQUIREMENTS WITH THE NEXT PHASE COMING IN WHICH THESE BANKS NEED TO MEET THE STANDARDS AND REQUIREMENTS.

PART OF THAT IS TO CHANNEL THE MONEY SO THESE BANKS CAN ENSURE THE BROADER ECONOMY. LESS SO IN 2008 WHEN THE BANKS WERE TEETERING. WHERE THEY REALLY NEEDED TO SUPPORT THESE FINANCIAL INSTITUTIONS. THE REASONS HAVE SLIGHTLY CHANGE IN THIS ROUND. DAVID: HOW DO WE NEED TO BE LOOKING AT THINGS LIKE THE EVOLUTION, YOU MENTIONED ADDING SOME BUFFER, IT IS IMPORTANT TO KNOW THAT THE MINISTRY OF FINANCE IS TAKING UP THE BULK OF THIS.

YVONNE: A LOT OF THIS EXPECTATION HAS ALREADY BEEN PRICED INTO THE MARKET. WE ARE LOOKING AT CAPITAL MARKETS OPENING SOON. MOST OF THE ANALYSTS WE INTERVIEWED SET MARKETS HAVE ALREADY PRICED IN THESE EXPECTATIONS. DAVID: FANTASTIC. THANK YOU SO MUCH. YVONNE: WE HAVE ALSO LEARNED ANOTHER SCOOP. DEEPSEEK PLANTING -- PLANNING TO USE HUAWEI CHIPS AT A DATA CENTER IT IS A BUILDING IN INNER MONGOLIA. THIS COULD CREATE ONE OF THE LARGEST KNOWN CLUSTERS OF HUAWEI AI CHIPS.

WHAT WE KNOW AT THIS POINT?

IT IS PRETTY INTERESTING ON SEVERAL LEVELS. I THINK THE BROADER BACKDROP HERE IS THAT CHINA HAS BEEN TRYING FOR YEARS TO WEAN ITSELF OFF NVIDIA AI CHIPS. AND U.S. TECHNOLOGY IN GENERAL. WE THINK THIS IS A SIGNIFICANT STEP IN THAT DIRECTION. IT IS ALSO INTERESTING FROM A HUAWEI PERSPECTIVE. THEY HAVE REALLY PULLED OUT STOPS TO TRY TO PROMOTE WHAT THEY CALL THIS THAT THEY MENTIONED. IT WOULD BE AN NVIDIA KILLER, SO TO SPEAK.

I THINK THIS IS THE EQUIVALENT OF A BIG CONTRACT VICTORY. SIGNIFICANT FOR HUAWEI AS IT TRIES TO GET ITS TOP END ACCELERATORS INTO THE MARKET. ONE OTHER INTERESTING THING TO NOTE IS, IT IS DESIGNED TO BE IN NVIDIA ALTERNATIVE. IT IS INTENDED TO DO BOTH TRAINING AND INFERENCING ON AI. HUAWEI SAYS THEY DO NOT INTEND TO USE THIS CHIP FOR TRAINING. THAT HAS INTERESTING IMPLICATIONS. IT SUGGESTS THAT THE CHIP PERHAPS IS NOT CAPABLE.

PERHAPS THE ARCHITECTURE LEAVES SOMETHING WANTING WHEN COMPARED TO NVIDIA. DAVID: DO WE KNOW WHAT THE TIMING OF THE DELIVERY IS? I THINK IT IS ALSO AN UNDERSTANDING THAT THEY COULD HAVE PURCHASED MORE BUT THERE WERE CAPACITY ISSUES AS WELL.

THIS IS ONE OF THE BIGGEST BOTTLENECKS TO BEIJING'S AMBITION TO REPLACE U.S. TECHNOLOGY CAPACITY. THERE IS A COMPUTING BOTTLENECK BUT THERE IS ALSO A BOTTLENECK IN PRODUCTION OF COMPONENTS THAT CAN RESOLVE THE COMPUTING CONSTRAINT. HUAWEI USES THIS AS WELL AS OTHER CHIPMAKERS TO FABRICATE IS AI ACCELERATORS. WHAT THIS SUGGESTS IS IT WILL TAKE MORE THAN A YEAR. IN REALITY IT COULD BE MULTIPLE YEARS BECAUSE THE PROTECTION -- PRODUCTION CONSTRAINT.

OVER TIME. YVONNE: WHERE DOES THIS LEAD US IN THE WHOLE AI RACE? WE WERE TALKING ABOUT A NEW MODEL FROM OPENAI THAT SEEMS TO BE LIFTING A LOT OF THE TECH TRADE NOW. WHERE DOES THIS LEAD INTO WAY THAT THINGS STACK UP NOW?

TO REALLY KEEP AHEAD IN THE AI RACE, LABS LIKE DEEPSEEK AND MOONSHOT AND ALIBABA NEED ACCESS TO COMPUTING. THERE IS NO OTHER WAY AROUND IT. IF THEY CANNOT DO TRAINING OR INFERENCING AT THE SAME SCALE AS OPENAI AND ANTHROPIC, THAT WILL BE AN ISSUE. OVER THE LONGER TERM. YOU CAN ONLY MAKE YOUR MODELS EFFICIENT TO SOME POINT. I THINK DEEPSEEK AND MOONSHOT HAS DEMONSTRATED AN UNCANNY ABILITY TO GET AROUND COMPUTING CONSTRAINTS.

OVER TIME THIS IS GOING TO HOBBLE YOU. YVONNE: THANK YOU. OUR TECH EDITOR. WE ARE COUNTING DOWN TO THE OPENING TRADE. WE ARE UP TO WHEN IT COMES TO FUTURES. THIS IS THE CHINA SHOW. ♪

WE ARE CLOSE TO FULL EMPLOYMENT IF THAT NOT FULL EMPLOYMENT. CONDITIONS ARE VERY STABLE AND SOLID.

THE MAIN CONCLUSION IS A TAKES TO CANADA NEXT WEEK. IT WILL BE THE CPI THAT WILL BE THE DATA POINT THAT EVERYBODY HAS TO WATCH.

THIS KIND OF CONFIRMS WHAT WE HAVE KNOWN ABOUT THE LABOR MARKET. IT PUTS THE ONUS BACK ON INFLATION.

WE MIGHT BE TAKING THIS A LITTLE BIT TOO FAR. THE LABOR MARKET IS DOING FINE. BUT REALISTICALLY WE HAVE TO SEE WHAT THE FED CAN DO.

YOU HAVE TO EXPLAIN WHY YOU ARE NOT RAISING RATES. INFLATION IS TOO HIGH. DAVID: SOME OF OUR GUESTS ON BLOOMBERG TELEVISION ON THE BACK OF THE CREDIT JOBS REPORT. IT IS ALREADY GOING INTO THIS COMING FRIDAY HERE WITH THE INFLATION PRINT AS THE LAST MAJOR DATA POINT AHEAD OF THE FED. LET'S CALL IT AS IS. WE ARE MAYBE SLIGHTLY HIGHER. YOU CANNOT EXPECT THEM TO REPRICE FURTHER. THAT COMES IN A HOT. YOU COULD EXPECT THAT TO BECOME THE BASE CASE.

YVONNE: IT SEEMS LIKE THEY SAID THE JOBS REPORT WAS THE APPETIZER. THE MAIN COURSE WILL BE THIS INFLATION PRINT THIS WEEK COMING AT A TIME WHEN THERE ARE A COUPLE OF EVENTS WE ARE WATCHING IN THE MARKET. SCOTT BESSENT IS SET TO ANNOUNCE DETAILS OF THE BOND BUYBACK ON WEDNESDAY. THAT WILL BE CONDUCTED THE NEXT DAY. A COUPLE OF DIFFERENT FORCES COMPETING. THAT WILL REALLY BE DICTATING WITH THE

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