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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Friday, September 11
POLICY: China should take advantage of its current exchange rate strength and favourable interest rate differentials to further liberalise its capital account, granting more access to foreign investors seeking yuan-denominated assets and making it easier for Chinese companies to expand investment abroad, a former senior PBOC official told MNI.
LIQUIDITY: The People's Bank of China (PBOC) injected CNY90 billion via 7-day reverse repos with the rate unchanged. This resulted in a net drain of CNY10 billion given the maturity of CNY100 billion of reverse repos, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 2.0912% from Thursday's close of 2.0534%, Wind Information showed. The overnight repo average rose to 1.4579% from the previous 1.3372%.
YUAN: The currency weakened to 6.8369 against the dollar from 6.8331 on Thursday. The PBOC set the dollar-yuan central parity rate higher at 6.8389, compared with Thursday's 6.8331.
BONDS: The yield on 10-year China Government Bond was last at 3.1400%, up from the close of 3.0900% on Thursday, according to Wind Information.
STOCKS: The Shanghai Composite Index gained 0.79% to 3,260.35, while the CSI300 index increased 0.99% to 4,627.28. Hang Seng Index rose 0.78% to 24,503.31.
FROM THE PRESS: China's vehicle sales are forecast to surge over the rest of the year as holidays and promotions starting in September attract more buyers, the Economic Information Daily reported. Both sales and production volumes in August rose for the fifth month, with sales gaining 11.6% y/y and production up 6.3% y/y, the newspaper said citing data from the China Association of Automobile Manufacturers. China's ongoing recovery from the coronavirus and stronger growth are supporting the auto industry, the Daily said citing Industrial Securities.
China's local governments must strengthen the monitoring and management of debts, the China Securities Journal reported citing industry sources. Some authorities have reported irregularities including billions of yuan funds remaining unused, difficulties meeting obligations, a lack of checks and balances, and illegal guarantees and false approvals, the newspaper said. The scale of local government debts is still increasing under pressure to support social services and maintain growth, according to the journal.
The official People's Daily refused to publish an article by U.S. Ambassador Terry Branstad submitted on Aug. 26 because it was "full of holes" and contained untrue statements, and because the author would not allow the content to be edited, the Communist Party newspaper said in a statement on government portal China.com.cn. The U.S. cannot call Chinese media "propaganda machines" while expecting their views to be published, the Daily said. The U.S. is being driven by a Cold War mentality and this ideology has restricted Chinese media operations in America, the People's Daily 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.