- G10 Markets
- Fixed Income
- Foreign Exchange
- Emerging Markets
- MNI Research
- Global Macro
- Political Risk
- About Us
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.LATEST FROM POLICY:
- G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.Launch MNI PodcastsFixed Income FI Market AnalysisCentral Bank PreviewsFI PiEurozone/UK Bond Auction CalendarEurozone/UK T-bill Auction CalendarUS Treasury Auction Calendar US$ Credit Supply Pipeline Fixed Income Technical Analysis EGB Issuance, Redemption and Cash Flow Matrix Gilt Week Ahead
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
Real-time insight of oil & gas markets
Reporting on key macro data at the time of release.LATEST FROM DATA:
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.Global Macro Central Bank PreviewsCentral Bank ReviewsBalance Sheet AnalysisInflation InsightGlobal IssuanceEurozoneUKUSOverviewGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction Calendar
- About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.Free Access
MNI DATA FORECASTS: EZ Inflation, US Payrolls In Focus
MNI China Daily Summary: Friday, March 10
EXCLUSIVE: The incoming People’s Bank of China (PBOC) governor’s immediate task will be to support a recovery amid sluggish domestic demand, while coordinating longer term with a new regulator to manage risks in a financial system burdened with debt after a decade of expansion, policy advisers told MNI.
LIQUIDITY: The PBOC conducted CNY15 billion of operations 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 CNY18 billion reverse repos, according to Wind Information. The operation aims to keep banking system liquidity reasonable and ample, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 2.0253% from 1.9330%, Wind Information showed. The overnight repo average increased to 1.8142% from the previous 1.3805%.
YUAN: The currency strengthened to 6.9653 against the dollar from 6.9699 on Thursday. The PBOC set the dollar-yuan central parity rate lower at 6.9655, compared with 6.9666 set on Thursday.
BONDS: The yield on 10-year China Government Bonds was last at 2.8835%, down from Thursday's close of 2.8950%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 1.40% to 3,230.08, while the CSI300 index fell 1.31% to 3,967.14. The Hang Seng Index was down 3.04% to 19,319.92.
FROM THE PRESS: February's 1.0% y/y increase in the Consumer Price Index should be the lowest result this year, as the economy recovers and prices of housing and services increase, according to the Securities Daily. The low figure was mainly due to the Spring Festival falling in January and depressed prices for pork. The paper said CPI is likely to rise to around 2% in coming months as consumer demand returns and pork prices stabilise, according to the paper. Despite the low increase, deflation is unlikely and the current price level will not hamper macro policy or the expansion of domestic demand and the promotion of consumption.
Beijing’s plans to establish a new National Data Bureau to oversee regulation on data collection and sharing will lead to enhanced public services, more digitalisation, and speed up construction of smart cities, according to Xinhua. Quoting experts, the paper said digitalisation was significant to China's development and the new structure would help Beijing develop a competitive advantage. The reforms, announced during this weeks National People's Congress, will see the new body integrate functions of various departments, which will help coordinate the development of the digital economy, according to the paper.
Small and medium sized banks in China are facing pressure to ensure asset quality and control risks, according to a financial expert interviewed by Shanghai Securities News on the sidelines of the National People’s Congress. To improve the situation, the delegate said market-based approaches to clearing and asset restructuring should be allowed. The disposal of non-performing assets should be accelerated, and banks should focus on actual market demand and serve the real economy.
To read the full story
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Why Subscribe to
MNI is the leading providerof 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.