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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, February 25
EXCLUSIVE: Chinese total social financing, a broad measure of credit, is set to grow more quickly this year as the People’s Bank of China looks past previous concerns over excessive leverage and boosts loans to real estate and infrastructure spending in line with the government’s upcoming economic growth target, policy advisors and analysts told MNI.
LIQUIDITY: The People's Bank of China (PBOC) injected CNY300 billion via 7-day reverse repos with the rates unchanged at 2.10% on Friday. The operation has led to a net injection of CNY290 billion after offsetting the maturity of CNY10 billion repos today, according to Wind Information. The operation aims to maintain stable liquidity at month-end, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 2.3429% from the close of 2.1952% on Thursday, Wind Information showed. The overnight repo average fell to 2.1831% from the previous 2.2068%.
YUAN: The currency strengthened to 6.3142 against the dollar from 6.3234 on Thursday. The PBOC set the dollar-yuan central parity rate higher at 6.3346 on Friday, compared with 6.3280 set on Thursday.
BONDS: The yield on the 10-year China Government Bond was last at 2.7825%, down from 2.8000% of Thursday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 0.63% to 3,451.41, while the CSI300 rose 0.97% to 4,573.42. The Hong Kong's Hang Seng Index lost 0.59% to 22,767.18.
FROM THE PRESS: The yuan is expected to appreciate to 6.30 against the U.S. dollar as investors seek to divert from the risks of the Russia-Ukraine conflict, the China News Service reported citing analysts. The recent rapid appreciation of the yuan may be supported by the inflow of foreign funds to Chinese assets, given the China-U.S. interest spread has been falling all the way in January and the geopolitical tension failed to disturb the pace of foreign investment in yuan bonds, the newspaper said citing an analysis by CICC. Both onshore and offshore yuan had reached an intraday high of 6.3095 and 6.3016 yesterday, the highest in nearly four years, the newspaper said.
The Chinese embassy in Kiev issued a notice on Thursday in preparation for bringing back Chinese nationals from Ukraine, the Global Times reported. Given the rapidly deteriorating situation in the country, Chinese nationals and companies are facing high security risks, the newspaper said. The embassy is preparing charter flights and asked all Chinese nationals to voluntarily register, the newspaper said.
China should prevent excess credit from flooding the real estate markets again by directing resources to infrastructure and high-tech investment, the Shanghai Securities News reported citing Sheng Songcheng, a former director of the Statistics and Analysis Department of the People's Bank of China. Infrastructure investment can stabilize the economy and improve market expectations in a relatively short period of time, and China should continue with the building of traditional infrastructure in transportation, energy, water conservancy, agriculture, and logistics while promoting the digital upgrade with 5G and big data projects, the newspaper cited Sheng as saying.
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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.