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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, August 25
POLICY: China’s Ministry of Finance announced authorities will refund personal income tax paid on property sales if residents sell property and buy a higher value home within one year.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY221 billion in 7-day reverse repos, with rates unchanged at 1.80%. The operation led to a net injection of CNY123 billion after offsetting maturities of CNY98 billion, according to Wind Information. It aims to keep banking system liquidity reasonable and ample, the PBOC said on its website.
RATES: China's seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 1.9499% from 1.7819%, Wind Information showed. The overnight repo average rose to 1.8258% from the previous 1.5791%.
YUAN: The currency weakened to 7.2884 against the dollar from 7.2777 on Thursday. The PBOC set the dollar-yuan central parity rate lower at 7.1883, compared with 7.1886 set on Thursday. The fixing was estimated at 7.2826 in a Bloomberg survey today.
BONDS: The yield on 10-year China Government Bonds was last at 2.6190%, down from 2.6050% at Thursday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index lost 0.59% to 3,064.07 while the CSI300 index fell 0.38% to 3,709.15. The Hang Seng Index tumbled 1.40% to 17,956.38.
FROM THE PRESS: China should make additional efforts to attract foreign capital, increase the vitality of businesses and expand institutional opening up, according to China’s Premier Li Qiang. On a recent tour of Guangdong province, Li said China faced a critical period of economic transformation which required authorities to promote scientific and technological innovation, and accelerate manufacturing's digital transformation. China would deepen reform and open up, including construction of a unified national market and the creation of a first-class business environment, Li said. (Source: Yicai)
The Ministry of Finance has issued a notice calling for authorities to implement tax and fee reduction policies for SMEs. The notice said authorities should coordinate policies across government departments and work together to guide fiscal funds to increase innovation. Regional governments will face zero tolerance from regulators should they violate tax collection policy and the ministry will not allow them to arbitrarily increase fees. (Source: Securities Daily)
China Securities Regulatory Commission (CSRC) will strengthen policy coordination with other departments to provide more support for medium- and long-term fundsifrom the pension, insurance and bank wealth management industries to participate in capital markets, the top securities watchdog said at a meeting with major institutional investors. It will promote the establishment of a long-term assessment mechanism of above three years which aims to increase the scale and proportion of equity investment by institutional investors. (Source: CSRC website)
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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.