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Free AccessMNI China Daily Summary: Friday, November 12
REALITY CHECK: China's October retail sales likely slowed from a moderate recovery the previous month as outbreaks of Covid-19 cases spread through over 10 provinces and overshadowed consumer spending during a normally brisk holiday period, industry insiders and analysts told MNI.
POLICY: China should prioritize a high-quality and balanced economy that tackles income equality for a "common prosperity" that includes green growth, a top official told reporters on Friday at a briefing on the outcome of a four-day Central Committee of the Communist Party of China.
LIQUIDITY: The People's Bank of China (PBOC) injected CNY100 billion via 7-day reverse repos with the rate unchanged at 2.2%. This keeps the liquidity unchanged after offsetting the maturity of CNY100 billion repos today, according to Wind Information. The operation aims to keep liquidity reasonable and ample, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) edged fell to 2.0897% from the close of 2.0980% on Thursday, Wind Information showed. The overnight repo average decreased to 1.8469% from the previous 1.8683%.
YUAN: The currency strengthened to 6.3902 against the dollar from 6.4048 on Thursday. The PBOC set the dollar-yuan central parity rate lower at 6.4065, compared with the 6.4145 set on Thursday.
BONDS: The yield on the 10-year China Government Bond was last at 2.9500%, up from Thursday's close at 2.9400%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 0.18% to 3,539.10, while the CSI300 lost 0.21% to 4,888.37. Hong Kong Hang Seng Index gained 0.32% to 25,327.97.
FROM THE PRESS: China's policymakers have been "fine-tuning" the real estate market, and while some marginal easing has been given, investors should not expect a large-scale loosening or see the adjustments as "bailing out the property market", the 21st Century Business Herald reported citing analysts. Some real estate stocks rose by the daily limits on Thursday, while the previously tanking developers' bonds also jumped by double digits on a series of unconfirmed news, including rumors of a substantial regulatory loosening in the city of Shenyang, the newspaper said. Regulators have not given a clear signal of relaxation, and policies may not need to change should the housing and land markets stabilize after the already enhanced credit environment for home buyers, the newspaper cited analysts as saying.
China's security regulators are planning to launch measures to further expand the opening of its capital market in line with national strategies, the Securities Times reported. China will continue to fully improve the depth and liquidity of the market, enrich the product supply and supporting systems for cross-border investment and strengthen regulations for overseas listings, the newspaper said. The entries of high-quality foreign financial institutions will inevitably challenge domestic companies, pushing them to improve and adapt while quickening overseas expansion, the newspaper said.
China should wait for the global mortality rate from Covid-19 to fall further before fully opening its borders, the 21st Century Business Herald reported citing the country's leading expert Zhong Nanshan, who spoke to a forum of global mayors on Thursday. Currently, the global death rate is over 1% among reported cases, and it needs to come down further, Zhong was cited as saying. The transmission coefficient also needs to come down before returning to normal life, Zhong said. China must maintain the "strict controls" it has adopted, though they should not be made more severe to allow the economy to restart, said Zhong. China should also start giving third doses of vaccines, Zhong said. China sees the current anti-pandemic situations as "severe and complicated," with more than 1,000 infections since Oct. 17, and they could be traced to imported cases, the newspaper said.
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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.