MNI BRIEF: Chinese Rail Passenger Numbers Break Record
MNI (BEIJING) - Chinese rail passenger volumes reached 4.01 billion between January and November this year, up 12.6% y/y and the highest on record, according to the National Railway Administration on Wednesday.
National rail freight volume hit 4.70 billion tonnes, a y/y increase of 2.5%, the Administration added.
Fixed-asset investment in the national railway totalled CNY711.7 billion during the first 11 months, up 11.1% y/y, with 2,298 kilometres of new railway lines put into production, the Administration said.
China’s stock, bond and forex markets all celebrated the shift in the PBOC’s policy stance and signals for bigger fiscal stimulus on Tuesday, with the yield on 10-year CGBs hitting a new low at 1.85%, down 5.6bp. (See MNI: PBOC To Make Q1 Cut After Stance Shift-Former Officials)