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The following lists highlights from Chinese press reports on Wednesday:

  • China's central bank is shifting its monetary policies to prevent a further slowdown as the authorities recognize that the real economy is faltering and growth drivers weaken in H2, Yicai.com reported citing analysts including Citic Securities Ming Ming, who is a former central bank official. The PBOC is likely to ensure the growth of M2 and social supplies meet the nominal GDP growth needs, and will continue to support small businesses, employment and consumption, Yicai said citing analyst Zhou Maohua of Everbright Bank. The economy faces greater pressure characterized by a lack of infrastructure investments, persistently high commodity prices, logistical bottlenecks and shortage of parts, property curbs, electricity shortages and the global pandemic, Zhou was cited saying.
  • China is likely to gradually relax the current tight financing environment for the real estate sector, focusing on meeting the loan demand of developers and first-time homebuyers and increasing financial support for the housing rental market, wrote Yin Zhongli, director of the Real Estate Finance Research Center of the Chinese Academy of Social Sciences in an article published by 21st Century Business Herald. In an unusual move, the central bank emphasized the healthy development of the property market and safeguarding the legitimate rights of home consumers in its Q3 MPC meeting, hinting a relaxation, said Yin. The release of mortgage loans may be sped up as the PBOC also proposed to allow some of next year's loan quotas to be used this year to offset the recent decline in credit growth, said Yin. But such relaxation should be carried out through window guidance to banks, so to avoid stoking the real estate market, according to Yin.
  • China will achieve "large-scale" increase in research and development spending by 2025 and raise the number of top-level scientists as well as achieving self-sufficiency in training domestic talents, President Xi Jinping said at a top-level government forum on talents, according to a readout by Xinhua News Agency. By 2030, the country will install a system that attracts top foreign talents and become a world leader in science and technology, Xi said. The government will strategically support the building of global talent pools, including setting up talent bases in Beijing, Shanghai and Guangdong-Hong Kong region, Xi said.