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Why MNI
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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI US MARKETS ANALYSIS - AUD/JPY Finds Bottom on China News
MNI US OPEN - PBOC Makes First Major Policy Tweak Since 2011
MNI China Daily Summary: Friday, May 24
TOP NEWS: Some American politicians justify waging the trade or technology
war against China and its companies by making up presumptions and lies, even
inciting ideological differences, China's Ministry of Foreign Affairs spokesman
Lu Kang said in a Friday briefing in response to U.S. Secretary of State Mike
Pompeo's assertion that Huawei Technologies has ties to the government.
Ideological differences do not necessarily hinder economic, trade, industrial
and scientific cooperation among countries, Lu said.
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
(OMOs) for the second day, leaving liquidity unchanged as no reverse repos
matured, according to Wind Information. Total liquidity in the banking system is
at a reasonable and ample level, according to the PBOC.
RATES: The 7-day weighted average interbank repo rate for depository
institutions (DR007) fell to 2.5500% from Thursday's close of 2.6150%, Wind
Information showed. The overnight repo average decreased to 2.4000% from
Thursday's 2.5814%.
YUAN: The yuan strengthened to 6.9050 from Thursday's close of 6.9190. The
PBOC set the dollar-yuan central parity rate little changed at 6.8993 compared
with 6.8994 on Thursday. Today is the first lower fixing after the PBOC set the
parity rate higher for 11 successive days.
BONDS: The yield on the 10-year China Government Bond was last at 3.3050%,
up from Thursday's close of 3.2950, according to Wind Information.
STOCKS: The benchmark Shanghai Composite Index rose 0.02% to 2,852.99. Hong
Kong's Hang Seng Index increased 0.32% to 27,353.93.
FROM THE PRESS: China's liquidity will remain stable though with a looser
bias in the near term, as the tax season slows and upcoming fiscal disbursement
unleashes more liquidity, the China Securities Journal reported. The market
should not expect lower money market rates as further easing is constrained by
factors including increasing its weakened currency.
China won't rely on housing to drive economic growth but will use continued
reform across the economy to balance against external challenges, the People's
Daily said in its overseas edition. Giving local governments more autonomy over
housing policy does not mean a relaxation of housing regulation, the daily said.
China will stick to the principle that housing is for living not speculation,
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
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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.