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MNI China Daily Summary: Friday, October 25

MNI (Beijing)
     BEIJING (MNI) - LIQUIDITY: The People's Bank of China (PBOC) left liquidity
unchanged after injecting CNY30 billion 7-day reverse repos by open market
operations, offsetting CNY30 billion RR maturing today, according to Wind
Information.
     RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007), traded between 2.4000% and 3.0000%, increased to 2.6613%
from Wednesday's close of 2.6292%, Wind Information showed. The overnight repo
average, being traded between 2.1000% and 2.6500%, rose to 2.5012% from
Wednesday's 2.4466%.
     YUAN: The currency weakened to 7.0705 against the dollar from Thursday's
close of 7.0702. The PBOC set the dollar-yuan central parity rate weaker to
7.0749 from 7.0727 on Thursday.
     BONDS: The yield on 10-year China Government Bonds was last at 3.2325%, up
from the close of 3.2150% on Thursday, according to Wind Information.
     STOCKS: The Shanghai Composite Index rose 0.48% to 2,954.93. Hong Kong's
Hang Seng Index edged down 0.49% to 26,667.39.
     FROM THE PRESS: China has mostly completed the issuances of new local
government bonds (LGBs) for this year, adding CNY3.04 trillion for the first
ninth month, the Securities Daily reported citing data by the Ministry of
Finance. Over 40% of the funds are used to support ongoing projects, mostly
transportation and basic infrastructure, the newspaper said citing the ministry.
     China's housing prices are expected to decline through the end of this
year, the China Securities Journal reported citing a report by the National
Academy of Economic Strategy under CASS. The average prices in 24 major Chinese
cities started to decrease in September following slower growth and the
transaction volume of second-hand housings also continued to decline, the
newspaper cited the report as saying.
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
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