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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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Free AccessMNI China Daily Summary: Monday, April 29
EXCLUSIVE: Plans for more Chinese cities to launch trade-in schemes aimed at boosting the stagnant real-estate market will likely not reverse the downturn due to its limited scale, particularly as buyers await prices to bottom, advisors and analysts told MNI.
POLICY: China will take necessary measures to safeguard the legitimate rights and interests of its enterprises, according to the Ministry of Commerce following revelations that the Japanese government plans to implement export controls on items related to the semiconductor industry.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY2 billion via 7-day reverse repo, with the rates unchanged at 1.80%. The operation has led to no change to the liquidity after offsetting the maturity of CNY2 billion today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 2.1024% from 1.9611%, Wind Information showed. The overnight repo average increased to 1.8266% from 1.8121%.
YUAN: The currency weakened to 7.2467 against the dollar from 7.2463 on Friday. The PBOC set the dollar-yuan central parity rate higher at 7.1066 on Monday, compared with 7.1056 set on Friday. The fixing was estimated at 7.2557 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bond was last at 2.3750%, up from the previous close of 2.3225%, according to chinamoney.com.cn.
STOCKS: The Shanghai Composite Index rose 0.79% to 3,113.04 while the CSI300 index gained 1.11% to 3,623.91. The Hang Seng Index edged up 0.54% to 17,746.91.
FROM THE PRESS: China will develop new energy intelligent-connected vehicles and promote the high-end and green upgrading of the automobile industry to improve market demand, Xinhua News Agency reported citing Premier Li Qiang, during his visit to Beijing International Automotive Exhibition. China will further promote the construction of a unified national market, expand high-level opening up, relax market access and ensure fair treatment of domestic and foreign firms to encourage broader cooperation between Chinese and foreign auto companies, Li added.
Beijing city plans to invest over CNY100 billion via social capital and national funds to support the artificial intelligence industry in the next five years, and actively promote core AI companies to list on the Beijing Stock Exchange first, China Securities Journal reported. About 20 related companies involved in AI chips, computing power infrastructure and terminal applications have listed on the BSE to date.
Upper tier-two city Chengdu in Southwestern China relaxed home purchase restriction across the city from Monday, with more easing in other cities expected, Shanghai Securities News reported. Beijing city also relaxed loan restrictions for divorced families last week. After the adjustment, homebuyers who divorced less than one year and own no property can enjoy the down-payment ratio and interest rates for “first-time” buyers. Beijing still applies relatively strict policies which are expected to be further relaxed, the newspaper said citing analysts.
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.