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Free AccessChina Press Digest: Monday, Oct. 9
BEIJING (MNI) - The following are highlights from the China press for
Monday, Oct. 9:
The selective reduction in banks' reserve requirement ratios (RRR)
announced by the People's Bank of China on Sept. 30, to be implemented as of
Jan. 1, is just a fine-tuning of current monetary policy, not a broad-based RRR
cut, the Financial News, a journal run by the PBOC reported Monday, citing
analysts. Monetary policy will be more targeted and focused on structural
adjustments, the report said. The proportion of wholesale funding in financial
institutions' liabilities has risen because small and medium-sized banks and
non-bank institutions have to get liquidity from big banks in an indirect
manner, the report noted, so this RRR cut will effectively guide banks to
optimize their liability structures. But the move will not inject as much
liquidity as expected, the report stated. According to the PBOC statement, there
will be two levels of RRR cut: at present, 98% of financial institutions will
qualify for the 50 basis-point reduction, the report said, and will release
hardly any new liquidity. The additional 100 basis-point reduction for qualified
banks will only apply to a few institutions, the report said. (Financial News)
China will continue to increase purchases of the U.S. treasury securities
at a modest pace given the rising bilateral trade surplus, the slowing of
Chinese overseas investment and expectations of U.S dollar appreciation, the
official People's Daily reported Monday. Currently, Chinese investment in U.S
Treasuries accounts for over one third of total Chinese foreign exchange
reserves assets after six consecutive months of growth in the U.S treasury
holdings, the report said. This is an appropriate ratio, it added. Increasing or
reducing U.S treasury holdings is normal investment behavior based on changes in
Chinese international payments and foreign exchange reserves, the report noted.
(People's Daily)
The growth rate of real GDP in China is expected to reach 6.8% in the third
quarter given the sharp rise in the official PMI for October and the
acceleration of industrial profits reported in September, the Shanghai
Securities News reported Monday. Although exports, inventory restocking, and
infrastructure investment have slowed down in the period from July to September,
real estate investment was better than expected. In combination with the
stability in consumption and services, the performance of the economy will
continue to be strong, the report argued. However, the fourth quarter would
suffer headwinds, given the higher comparison base in the same period of last
year and weak property sales, the report said, adding real GDP could decelerate
to 6.6% for the October-December quarter. (Shanghai Securities News)
Property sales during "Golden Week" -- which are usually robust during the
week-long holiday -- were sluggish this year, as regulations aimed at curbing
rising property prices had an impact, the Economic Informational Daily reported
in its front page on Monday. Sales volumes in larger Tier 1 and Tier 2 cities
dropped to the lowest levels since 2014, while sales in smaller Tier 3 and Tier
4 cities remained robust due to the continued property inventory destocking
process, the report said. Although house prices have peaked this year, buyers'
willingness to purchase properties has not abated. Authorities maintain strict
property market controls, particularly in smaller cities, to remove the
expectation of higher housing prices in future, the report suggested. (Economic
Information Daily)
--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com
--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.