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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.
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Free AccessMNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22
MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday
House Building Approvals Look To Have Turned
Building approvals for August rose a stronger than expected 7% m/m after an upwardly revised 7.4% drop. Private sector house approvals rose 5.8% m/m and apartments +9.4%. The monthly rebound is not as strong as it looks due to the volatility of the multi-dwelling component which is driving negative 3-month momentum. However, the building of houses is looking more promising. New homes are needed given the shortage and the record growth in the working-age population.
- Total building approvals remain 15.2% lower than pre-Covid levels.
- There are signs that approvals for private houses are recovering as they posted their second straight monthly rise and are now down 15.2% y/y improving from -16.9% in July. 3-month annualised momentum also turned positive in August at 5%. The strength was broad based across states.
- Multi-dwelling approvals are volatile and August last year saw a very strong increase. 3-month annualised momentum is very negative.
- The value of non-residential building rose 2.3% m/m.
Source: MNI - Market News/ABS
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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.