Good morning and welcome to Thursday’s Asia Links
Fed raises interest rates by 0.5%, its biggest hike in 22 years, to 0.75-1% (FT, WSJ, Bloomberg, BBC)
Hong Kong emerges as a hub for Chinese firms seeking ESG loans (Bloomberg)
PBOC pledges policy support to counter pandemic woes (Reuters)
1Q2022 was the worst quarter on record for capital ouflows from China (SCMP)
China extends capital controls to emigration (AFR)
PBOC vows normalization of supervision of tech sector (Caixin)
India’s $2.7bn Life Insurance Corp IPO 67% subscribed on first day (Reuters)
HSBC and Ping An executives to discuss breakup proposal – source (Reuters)
Why Chinese insurer Ping An is calling for a break-up of HSBC (FT)
US moves towards imposing sanctions on Chinese tech group Hikvision (FT)
Beijing orders ‘stress test’ as fears of Russia-style sanctions mount (Guardian)
China’s focus on the price of new homes disguises a rapid fall in resale prices (CFR)
US Secretary of State Blinken has delayed today’s China policy speech after testing positive for covid (Bloomberg)
Beijing steps up covid curbs as virus spreads in China (Reuters), closes 10% of subway stations (AP)
New covid variants emerge, likely re-infecting omicron survivors (SCMP)
Beijing shortens quarantine for inbound travelers (Caixin)
Australia’s $198bn wealth fund to curb global investment as geopolitical tensions, rate rise (Straits Times)
The number of people facing acute food insecurity rose 20% to 193m last year, the UN-affiliated Global Network Against Food Crisis reports (FAO)
Commodity prices stabilized in April (World Bank)
Hong Hao leaves BoCom after bearish analysis sparks state ire (Reuters)
North Korea fires ballistic missile (Reuters, AP)
Wonkery: Big techs, QR code payments and financial inclusion (BIS)
Plans to replace equestrianism with obstacle-course racing in the modern pentathlon risk plunging the sport into civil war (Guardian)
And finally: an analysis of the hole-in-one insurance industry (The Hustle) h/t Tyler Cowen