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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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MNI China Daily Summary: Friday, December 17
EXCLUSIVE: China’s supply chain faces growing restrictions on the import of high-technology components even as the manufacturing sector will continue to expand next year despite pandemic disruptions including the Omicron variant amid a ‘dynamic zero-Covid’ policy, advisors told MNI.
LIQUIDITY: The People's Bank of China (PBOC) injected CNY10 billion via 7-day reverse repos with the rate unchanged at 2.2%. This keeps the liquidity unchanged after offsetting the maturity of CNY10 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) decreased to 2.1143% from the close of 2.1884% on Thursday, Wind Information showed. The overnight repo average fell to 1.8432% from the previous 2.0903%.
YUAN: The currency weakened to 6.3742 against the dollar from 6.3679 on Thursday. The PBOC set the dollar-yuan central parity rate higher at 6.3651, compared with 6.3637 set on Thursday.
BONDS: The yield on the 10-year China Government Bond was last at 2.8900%, down from 2.8925% of Thursday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index lost 1.16% to 3,632.36, while the CSI300 fell 1.59% to 4,954.76. The Hong Kong's Hang Seng Index tumbled 1.20% to 23,192.63.
FROM THE PRESS: The PBOC is expected to continue to release low-cost liquidity via RRR cuts and structural monetary tools in the first half of next year, taking the favorable window for marginal monetary easing before the Federal Reserve’s likely interest rate hike starting mid-2022, said the Securities Times in a commentary. The PBOC may take the opportunity to increase total credit growth with liquidity boost and lower lending interest rate, the newspaper said, noting that the benchmark Loan Prime Rate could be announced lower next Monday. Though the divergence of monetary policies between China and the U.S. was made due to changes in domestic economic situations respectively, the spillover effects brought about by the shift of the world’s two largest economies cannot be ignored, the newspaper added.
China's banking system should further lower businesses' financing costs, strengthening the growth of credit and loans and optimizing the lending structure, PBOC Governor Yi Gang said at a meeting with banking financial institutions on Thursday, according to a statement on its website. The central bank will also step up the "cross-cycle adjustment" efforts and "comprehensively" plan for the economy's transition into next year amid the current slowdown, said Yi. The PBOC will strive to improve financial services for the real economy, Yi said.
China should extend lower mortgage rates to single-home owners, including those who purchased their houses in the last 10 years, so to ease repayment pressure and help boost consumption, said the 21st Century Business Herald in an editorial. Developers should focus on developing long-term rental homes and promote affordable housing construction, so to meet the needs of increasing number of low-income earners and college graduates, the newspaper said. The real estate industry should abandon huge expansion with massive sales targets and turn to meet segmented demand, the newspaper said.
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.