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Free AccessChina Press Digest: Thursday, September 28
BEIJING (MNI) - The following are highlights from the China press for
Thursday, September 28:
As the week-long National Day holiday approaches, liquidity seems to be
tightening, with treasury bond repurchase rates rising rapidly, the 21st Century
Business Herald reported Thursday. Analysts told the newspaper the rise in
yields was partly due to seasonal factors. Banks face the PBOC's
Macro-Prudential Assessment at the end of September, so they have dressed up
their books by reducing their financing to non-bank institutions, which has
caused repurchase costs to edge up. Additionally, given the recent slowdown seen
in China's economic data as well as the imposition of stricter government
controls on the property sector, the market is more optimistic about the bond
market outlook, increasing the demand from non-bank financial institutions for
financing as they boost their bond investments add leverage, analysts told the
newspaper. (21st Century Business Herald)
Local government debt issuance this year reached CNY3.53 trillion as of
September 27, the China Securities Journal reported Thursday. According to a
report by China International Capital Corporation, around CNY4.88 trillion in
local government debt is expected to be issued this year, so CNY1.3 trillion
remains to be issued the rest of the year, or around CNY450 billion on average
every month, according to the newspaper. As a large amount of local government
debt swaps have been issued in the past three years and only CNY1 trillion to
CNY1.5 trillion such swaps are left for 2018, debt pressure on local governments
will be reduced. (China Securities Journal)
China's net revenue from goods and service trade stood at $17.1 billion in
August, resulted from revenue of $206.5 billion and spending of $189.4 billion,
the Safe Administration of Foreign Exchange announced Wednesday. For goods trade
alone, revenues were $188.7 billion while expenses were $147 billion, leading to
a surplus of $41.7 billion. Service trade reported a net revenue deficit of
$24.6 billion, on revenues of $17.8 billion and expenses of $42.4 billion.
China's banking sector reported net foreign liabilities of $179.1 billion
as of the end of June, with total liabilities to overseas institutions of
$1.1485 trillion, offset by total outbound investment in financial assets of
$969.4 billion, the State Administration of Foreign Exchange said Wednesday.
Some 49%, or $478.6 billion, of Chinese banks' outbound investment in financial
assets was allocated to foreign banks, and the other 51%, or $490.8 billion, was
invested in foreign non-bank institutions.
Under the Chinese government's campaign to encourage innovation and
entrepreneurship, financial technology (FinTech) has became an important sector
regulators want to encourage and improve, the Economic Information Daily
reported Thursday. A number of policies, from both the central and local
governments, aimed at supporting FinTech have been issued in the past 30 days,
the newspaper noted. Among other things, The policies allow FinTech companies to
use alternative collateral, such as intellectual property, to back financing.
(Economic Information Daily)
U.S. Secretary of State Rex Tillerson will visit China on Saturday at the
request of Chinese Foreign Minister Wang Yi, according to the Ministry of
Foreign Affairs website. Tillerson and Wang will discuss Sino-U.S. relations,
U.S. President Donald Trump's visit to China later this year, and major
international and regional issues, the ministry said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
To read the full story
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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.