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Free AccessMNI China Daily Summary: Friday, June 14
DATA: China's May macroeconomic indicators continued to show weakness.
Industrial output growth slowed to 5.0% y/y from April's 5.4% y/y, missing 5.4%
projected by analysts polled by MNI. Fixed-asset investment (FAI) recorded 5.6%
y/y growth in Jan-May, below 6.0% forecast and lower than the 6.1% recorded in
the first four months. Retail sales picked up on Labour Day holidays to 8.6%
y/y, rebounding from April's 16-year low of 7.2% and beating forecast 8.3%.
LIQUIDITY: The People's Bank of China (PBOC) injected CNY100 billion via
7-day reverse repos, adding liquidity for a ninth straight day. This resulted in
a net injection of CNY100 billion given that no reverse repos matured today,
according to Wind Information. The injection aims to stabilize the liquidity
conditions at midyear, the PBOC said. The PBOC net injected CNY65 billion this
week, according to Wind Information.
RATES: The 7-day weighted average interbank repo rate for depository
institutions (DR007) fell to 2.3500% from Thursday's close of 2.4990%, Wind
Information showed. The overnight repo average decreased to 1.5000% from
Thursday's 1.9092%.
YUAN: The yuan weakened to 6.9236 from Thursday's close of 6.9220. The PBOC
set the dollar-yuan central parity rate weaker for a fourth day at 6.8937,
compared with 6.8934 set on Thursday.
YUAN: Rising trade frictions are likely to trigger competitive devaluations
of currencies by many countries, Zhou Xiaochuan, former governor of the PBOC
said at the Lujiazui financial forum in Shanghai today. The Financial Stability
Board, the international body that monitors global financial system, should
focus on this issue at the G20 summit to help calm the global financial market,
Zhou said.
BONDS: The yield on the 10-year China Government Bond was last at 3.2500%,
down from Thursday's close of 3.2700, according to Wind Information.
STOCKS: The benchmark Shanghai Composite Index decreased 0.99% to 2,881.97.
Hong Kong's Hang Seng Index fell 0.65% to 27,118.35.
FROM THE PRESS: Some U.S. politicians' meddling with Hong Kong's protests
against the extradition bill is a stark provocation to China, the Global Times
said in a commentary late Thursday. Influential politicians including U.S. House
Speaker Nancy Pelosi's remarks on Hong Kong affairs, describing Beijing's
willingness to trample over the law, is at odds with reality and allows Chinese
people to see the low quality of U.S. politics, the paper said.
The outcome of the China-U.S. trade dispute, along with speculation over
the next Fed rate cut are the two main factors affecting U.S. capital markets,
Xinhua News Agency said. Although Wall Street has seen a temporary rally fuelled
by rate cut hopes, the medium-term trend remains a concern, Xinhua said, noting
limited room for rate cuts and increasing risk of a U.S. slowdown. Additionally,
U.S. stocks are still weighed by high valuations amid slowing corporate earnings
growth, Xinhua said.
The moves to tightening mortgages by Shanghai and Tianjin authorities
indicate local housing regulations are turning to credit tightening following a
purchase limits policy earlier, the Economic Information Daily reported today.
The new policy, which requires more down payment, will dampen buyers'
willingness to purchase through borrowing, the newspaper said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
To read the full story
Sign up now for free trial access to this content.
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.