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The following lists highlights from Chinese press reports on Wednesday:

  • The Chinese yuan will fluctuate against the dollar based on two factors - a stronger U.S. dollar index limiting appreciation and an uncertain trend for global trade, the China Securities Journal reported citing Zhong Zhengsheng, chief economist of Ping An Securities. The yuan may face depreciation pressures in the mid-term, as China' moves to stabilise the economy and on a possibly narrower growth gap with the U.S. in 2022, the newspaper cited Zhong as saying. But in the long-term, the yuan's mid-level is still supported by the stability of China's economy and strong export competitiveness, the newspaper said citing Zhong.
  • China should maintain general fiscal and monetary expansion policies to stabilise growth amid a slowing economic recovery, according to an article written by Liu Yuanchun, vice president of Renmin University posted by Toutiao.com. China may have normalized its macroeconomic policies too early as it spent two quarters in the first half of this year focused on growth rates of fiscal spending and credit back to normal levels, said Liu. Meanwhile, investment faces a period of interruption due to a lack of projects and local governments' declining off-budget funds to promote investment given shrinking land sales amid a cooling housing market, Liu added.
  • Many banks in south China, east China and southwest China received verbal guidance from PBOC branches to ease real estate loan quotas from last week, the Economic Observer reported. But the guidance is seen as moderately fine-tuning as tougher regulations have led to weakening home sales, financing difficulties and debt repayment pressures for developers, the newspaper said citing Xie Yunliang, chief macro analyst at Minsheng Securities. In the future, the proportion of financial resources invested in the real estate sector will decrease accordingly, with more being invested in manufacturing, supporting technological innovation, and rural revitalization, the newspaper said.