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MNI China Daily Summary: Friday, October 11

EXCLUSIVE: Fiscal stimulus that meets market expectations will likely boost iron ore futures up towards CNY900 a tonne, but the rise will be short lived due to high inventory levels and overall weak demand, local analysts told MNI, warning disappointing measures would see prices peak at about CNY850 in Q4.

LIQUIDITY: The People's Bank of China (PBOC) conducted CNY94.2 billion via 7-day reverse repos, with the rate unchanged at 1.50%. The operation led to a net drain of CNY183.8 billion after offsetting maturities of CNY333 billion today, according to Wind Information.

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EXCLUSIVE: Fiscal stimulus that meets market expectations will likely boost iron ore futures up towards CNY900 a tonne, but the rise will be short lived due to high inventory levels and overall weak demand, local analysts told MNI, warning disappointing measures would see prices peak at about CNY850 in Q4.

LIQUIDITY: The People's Bank of China (PBOC) conducted CNY94.2 billion via 7-day reverse repos, with the rate unchanged at 1.50%. The operation led to a net drain of CNY183.8 billion after offsetting maturities of CNY333 billion today, according to Wind Information.

Keep reading...Show less