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The following lists highlights from Chinese press reports on Friday:

  • The PBOC should consider cutting RRRs by another 0.5% to release lower-cost market liquidity, lower real interest rate and promote credit growth in the future, the 21st Century Business Herald reported citing Lian Ping, chairman of China Chief Economist Forum. He noted that the current weighted average level of the RRR is close to 9%, leaving room for another cut following the 0.5% reduction in July. The central bank should also roll over the MLFs maturing in Q4, and lower the real market interest rate by 15-25 bps by unleashing the potential of LPR reform, Lian was cited as saying. Monetary policy should be appropriately looser amid weak demand and slowing economic growth, said Lian, adding that the spillover effect of possible monetary tightening by the Fed is controllable by China.
  • China's credit supply for residential housing is expected to rebound steadily in Q4, as the real estate credit environment is improving with mortgage interest rates in 90 cities in China falling in October from September by 1 bp, Yicai.com reported citing a report by Beike Research Institute. The average interest rate for first-time buyers in 90 cities was 5.73% while that for second-time buyers was 5.99%, both lowered by 1 bp from the previous month. Though a major easing is unlikely, recent comments by top policymakers indicate that the tightest moment of credit supply has passed, as the credit tightening since Q2 has led to sharp declines in home sales, land sales and many overseas debt defaults by developers, the newspaper said.
  • China needs not to give the incoming U.S. Ambassador to China Nicolas Burns any other courtesies except diplomatic etiquette, given his "toughest and most arrogant" confirmation hearing statements toward China in the Senate on Wednesday, the Global Times said. Burns will inevitably suffer from setbacks after he comes to China, and the U.S. lacks the means to pressure China to submit, the state-run newspaper said. Burns's systematic attack on China, including criticizing its Xinjiang and Hong Kong policies and willingness to sell more arms to Taiwan, demonstrated the U.S. political elites' overall hostility toward China, the Times said. However, Burns's statements seemed hollow as he didn't suggest new moves for the U.S. to deal with China, said the newspaper.