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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 Daily Summary: Friday, April 19
EXCLUSIVE: China’s Ministry of Commerce large-scale consumer goods trade-in programme alongside related fiscal and credit support will generate over CNY1 trillion of domestic demand by boosting automobile and household goods consumption, consolidating economic recovery, a high-ranking official told MNI.
EXCLUSIVE: China will push back against making any major concessions in response to Western accusations of “overcapacity” in electric-vehicle and green sectors, instead relying on offers of deeper cooperation, which some – such as the EU – may be more open to, advisors told MNI.
PREVIEW: China’s reference lending rate will likely remain unchanged in April following the central bank’s decision to hold its policy rate steady as U.S. dollar strength weighs on the yuan and solid Q1 GDP growth reduces the need for monetary easing in the short term.
POLICY: China’s hog supply and demand will become more balanced in Q2 under policy guidance from the government, Li Jinghui, representative of the Ministry of Agriculture and Rural Affairs, told reporters.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY2 billion via 7-day reverse repo, with the rates unchanged at 1.80%. The operation has led to no change to the liquidity after offsetting the maturity of CNY2 billion today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.8775% from 1.8555% on Thursday, Wind Information showed. The overnight repo average increased to 1.7975% from the previous 1.7746%.
YUAN: The currency weakened to 7.2401 against the dollar from 7.2390 on Thursday. The PBOC set the dollar-yuan central parity rate higher at 7.1046, compared with 7.1020 set on Thursday. The fixing was estimated at 7.2458 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bonds was last at 2.2540%, down from Thursday's close of 2.2550%, according to chinamoney.com.cn.
STOCKS: The Shanghai Composite Index edged down 0.29% to 3,065.26, while the CSI300 index was down 0.79% to 3,541.66. The Hang Seng Index fell 0.99% to 16,224.14.
FROM THE PRESS: China's holdings of U.S. Treasury bonds fell by USD22.7 billion in February from January, with total holdings decreasing to USD775 billion, approaching the lowest since 2009, 21st Century Business Herald reported. China's concerns focus on the risk of falling U.S. bond prices caused by the Federal Reserve's potential delay to interest-rate cuts. China reduced its holdings to enhance the value-preserving effect of reserve assets, the newspaper said citing an unnamed Wall Street hedge fund manager.
China’s stronger-than-expected Q1 growth will make the government less likely to increase stimulus policies in the short term, according to Wang Tao, chief China economist at UBS. Wang said Q1 performance was driven mainly by exports, growth in added value for the services industry, and steady results in industrial production and investment. Xiong Yi, chief economist at Deutsche Bank China said the economy may grow slightly above 1% for the next few quarters considering weakening base effects and downward pressure on prices and demand. (Source: Securities Daily)
The China Consumer Expo held in Hainan has closed with 55,000 buyers attending this years’ event, up 10% y/y, according to data released by the organisers. Sellers launched 1,462 new products during the event, up 45% y/y, with the number of visitors reaching 373,000. Attending the event, Fan Wei, co-managing partner at Deloitte told Securities Daily this year exhibitors were using AI to provide customised services and target consumer segments.
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.