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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, June 2
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY2 billion via 7-day reverse repos, with the rates unchanged at 2.00%. The operation has led to a net drain of CNY3 billion after offsetting the maturity of CNY5 billion reverse repo today, according to Wind Information. The operation 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) decreased to 1.7783% from 1.8343%, Wind Information showed. The overnight repo average decreased to 1.3007% from the previous 1.7466%.
YUAN: The currency strengthened to 7.0750 against the dollar from 7.1179 on Thursday. The PBOC set the dollar-yuan central parity rate lower at 7.0939, compared with 7.0965 set on Thursday.
BONDS: The yield on 10-year China Government Bonds was last at 2.7500%, up from 2.7400% at Thursday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 0.79% to 3,230.07 while the CSI300 index increased 1.44% to 3,861.83. The Hang Seng Index was up 4.02% to 18,949.94.
FROM THE PRESS: Further housing support will stabilise the wider economic rebound, according to Wu Chaoming, vice president at the Financial Information Research Institute. Wu expects buyers to increase annual sales this year, but the sector’s overall recovery will remain tepid. Leaders in Beijing should implement policies to stabilise land and house prices in a timely manner, as the real-estate recovery is important to the wider rebound. On other topics, Wu said industrial production will remain soft in the coming months, with private investment sluggish and a slowdown in exports. (Source: 21st Century Herald)
China will expand the scope of its futures market to provide foreign investors more hedging tools and diversified investment options, according to Fang Xinghai, vice chairman at the China Securities Regulatory Commission (CSRC). In a recent speech, Fang said Chinese firms will be supported to issue depositary receipts in the European market. China remains committed to high-quality institutional opening up of the capital market and will optimise the connect programs between the mainland and Hong Kong. (Source: Yicai)
Authorities should make efforts to boost demand in the real-estate sector, following last year's focus on the supply side, according to Yao Jingyuan, researcher at the Counsellor Office of the State Council. Yao said at a recent conference China’s economy faced insufficient demand with real estate being a major drag on growth prospects. Wei Chenyang, secretary-general at the Wudaokou Global Real Estate Finance Forum, said the Government should expand the use of REITs to revitalise stock valuations and increase liquidity. (Source 21st Century Herald)
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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.