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Free AccessMNI China Daily Summary: Wednesday, March 23
LIQUIDITY: The People's Bank of China (PBOC) injected CNY20 billion via 7-day reverse repos with the rates unchanged at 2.10%. The operation has led to a net injection of CNY10 billion after offsetting the maturity of CNY10 billion repos today, according to Wind Information. The operation aims to keep liquidity reasonable and ample, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 2.0551% from the close of 2.0564% on Tuesday, Wind Information showed. The overnight repo average rose to 2.0008% from the previous 1.9504%.
YUAN: The currency weakened to 6.3742 against the dollar from 6.3600 on Tuesday. The PBOC set the dollar-yuan central parity rate lower at 6.3558, compared with 6.3664 set on Tuesday.
BONDS: The yield on the 10-year China Government Bond was last at 2.8325%, down from 2.8350% of Tuesday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 0.34% to 3,271.03, while the CSI300 gained 0.50% to 4,276.52. The Hong Kong's Hang Seng Index rose 1.21% to 22,154.08.
FROM THE PRESS: China may make a full-scale or targeted cut to banks’ reserve requirement ratios in April to boost liquidity and further stabilize growth, the Securities Daily said citing analysts. There is a narrowing window for China to cut its lending rates, as the U.S. Federal Reserve is expected to further raise the interest rate by 50 bps and begin shrinking the balance sheet in May, the newspaper said. Growth in China's new loans in March may slow y/y, estimated at CNY2.2 trillion, continuing a slowdown in February, as policy-driven effects weaken, while loans by residents and companies may not improve significantly, the newspaper said citing researcher Tao Jin of Suning Institute of Finance.
The PBOC is likely to lower the five-year Loan Prime Rate in Q2 to guide mortgage rates lower and spur housing demand, the 21st Century Business Herald reported citing Wang Qing, analyst with Golden Credit Rating. More smaller cities with weak housing demand will further relax purchase restrictions, while migrant workers without local household registrations are expected to receive credit support, the newspaper said citing Xu Xiaole, analyst at Beike Research Institute. In March, 82 out of 103 key cities cut mortgage rates, registering the largest monthly drop since 2019, the newspaper cited Xu as saying.
China Evergrande Group will unveil a debt restructuring proposal for its creditors by the end of July while ensuring the delivery of its real estate projects, Yicai.com reported citing the company’s call with investors on Tuesday. The company will make efforts including promoting the restructuring of its property management and auto subsidiaries with third-party investors, Yicai said citing the company. Evergrande owes total USD21.7 billion in overseas debts, including USD19.4 billion offshore bonds and USD3.3 billion private and project financing, Yicai said citing the company. Evergrande delayed publishing its financial results for 2021 this week citing incompleted audit, the newspaper said.
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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.