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BEIJING (MNI) - POLICY: China will reduce limits on car purchases, promote
replacement of old home appliances and electronics, and advance online services
to revive growth, said Meng Wei, the spokeswoman of the National Development and
Reform Commission (NDRC) at a briefing on Friday. China will also boost rural
spending on ecommerce by improving logistical infrastructure, Meng said.
LIQUIDITY: The People's Bank of China (PBOC) injected CNY200 billion via
1-year medium-term lending facility (MLF) with rate unchanged at 3.25%. The
central bank skipped reverse repos today, it said on its website. The level of
liquidity in the banking system is reasonable and ample after the MLF injection,
which was to meet the demand of tax payment, PBOC said.
PBOC also conducted the second phase of a previously announced reserve
requirement ratio (RRR) cut today. The central bank reduced the RRR by one
percentage point for city commercial banks operating in provincial
administrative areas, which will release CNY40 billion long-term funds,
according to a statement on its website.
RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007) rose to 2.7811% from Thursday's close of 2.7091%, Wind
Information showed. The overnight repo average increased to 2.7082% from
YUAN: The currency strengthened to 7.0121 against the dollar from
Thursday's close of 7.0204. PBOC set the dollar-yuan central parity rate higher
for a fourth day at 7.0091, compared with Wednesday's 7.0083.
BONDS: The yield on 10-year China Government Bonds was last at 3.2275%,
down from the close of 3.2475% on Thursday, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 0.64% to 2,891.34. Rare
earth shares gained, with auto producers rallying following NDRC saying to relax
purchase limits. Hong Kong's Hang Seng Index increased 0.01% to 26,326.66.
FROM THE PRESS: Pork prices in China are unlikely to increase significantly
and supplies are expected to recover through second half of 2020, the China
Securities Journal reported citing analysts. The sharp rise in prices this year
curbed demand and prices had moderated in the last two weeks, the newspaper
The National Bureau of Statistics will calculate GDP for each region
separately starting 2020 to combat fraud by local governments, The Paper
reported citing Director Ning Jizhe. The reform is necessary for understanding
China's economic conditions and formulating policies, the newspaper cited Ning
Chinese Premier Li Keqiang said local governments must make good use of
national policies to boost effective investment and promote industrial
upgrading, 21st Century Business Herald reported citing a meeting in Jiangxi
attended by Li on Thursday. Local officials must help stabilize growth and not
be lazy and negligent, the newspaper cited Li as saying.
Housing prices in China's top-three-tier cities decelerated In Oct from
Sept, the China News Service reported citing official data. Prices may continue
to cool in Q4 given that authorities may keep regulations tight fearful of the
high inflation, the newspaper said citing Zhang Dawei, chief analyst at
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