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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, July 28
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY65 billion via 7-day reverse repos with the rate unchanged at 1.90%. The operation has led to a net injection of CNY52 billion after offsetting the maturity of CNY13 billion reverse repo today, according to Wind Information. The operation aims to keep month-end liquidity stable, the PBOC said on its website.
RATES: China's seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 1.8152% from 1.8268%, Wind Information showed. The overnight repo average increased to 1.4552% from the previous 1.3904%.
YUAN: The currency weakened to 7.1645 against the dollar from 7.1404 on Thursday. The PBOC set the dollar-yuan central parity rate higher at 7.1338, compared with 7.1265 set on Thursday.
BONDS: The yield on 10-year China Government Bonds was last at 2.7000%, up from 2.6900% at Thursday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 1.84% to 3,274.93 while the CSI300 index rose 2.32% to 3,992.74. The Hang Seng Index was up 1.41% to 19,916.56.
FROM THE PRESS: Policymakers will promote greater lending to science and innovation enterprises, according to Zhang Qingsong, deputy governor at the People’s Bank of China. Speaking at a State Council policy briefing, Zhang said the PBOC will encourage science and innovation firms to make use of international capital markets and ensure the high risk sector can obtain finance guarantees and insurance products which firms typically find difficult to access. Authorities will guide finance institutions to provide more credit for M&A activities and refinancing. (Source: Yicai)
Local governments should further implement policies to support housing demand, such as reducing the down-payment ratio and loan interest rate for the purchase of first homes, tax relief for housing replacement, as well as relaxing loan restrictions, said the Minister of Housing and Urban-Rural Development Ni Hong in a recent meeting with property developers and builders. Ni called for homebuyers who have a mortgage history, but do not own property to be considered as first-time buyers. The ministry said the construction and real-estate industry represent two pillars of the economy and key to the economic recovery. (Source: Xinhua)
China should promote reforms that deepen opening to the outside world, according to Premier Li Qiang. On a recent tour of free trade zones in Shanghai, Li said China had benefited from partnerships with foreign companies and the government should take measures to attract foreign firms. Li acknowledged cross-border data flows remained a concern to all parties and called on relevant authorities to build a new cross-border data management system. On FTZs, the Premier instructed local officials to focus on meeting international trade rules and promoting institutional opening up. (Source: Yicai)
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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.