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Free AccessMNI China Daily Summary: Monday, December 11
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY285 billion via 7-day reverse repo, with the rate unchanged at 1.80%. The operation has led to a net injection of CNY218 billion after offsetting the maturity of CNY67 billion reverse repos today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.8983% from the previous 1.8442%, Wind Information showed. The overnight repo average increased to 1.7583% from the previous 1.6363%.
YUAN: The currency weakened to 7.1770 against the dollar from 7.1607 on Friday. The PBOC set the dollar-yuan central parity rate higher at 7.1163 on Monday, compared with 7.1123 set on Friday. The fixing was estimated at 7.1668 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bond was last at 2.6730%, down from the previous close of 2.6925%, according to Wind Information.
STOCKS: The Shanghai Composite Index rose 0.74% to 2,991.44 while the CSI300 index gained 0.59% to 3,419.45. The Hang Seng Index edged down 0.81% to 16,201.49.
FROM THE PRESS: China will adopt more active pro-growth policies next year in line with the Politburo's meeting last week which emphasised "progress while maintaining stability," said Ming Ming, chief economist at CITIC Securities. The group's goal to "moderately increase the intensity" of fiscal policy may mean setting the budget deficit-to-GDP ratio at about 3.5%, a rise of 0.5 pp from 2023, as well as keeping the scale of new local government special bonds at about CNY4 trillion to uplift infrastructure investment and offset the impact of the real-estate downturn, adding CNY200 billion from the previous year, said Wang Qing, chief macro analyst at Golden Credit Rating. Monetary policy, meanwhile, will focus on improved effectiveness, such as guiding the pace and maturity requirements of credit supply to better match market entities' capital needs, said Liang Si, researcher at Bank of China Research Institute. (Source: Yicai)
Authorities in Singapore and China plan to boost cooperation in new digital finance and capital markets, according to the Monetary Authority of Singapore. During the recent 19th Joint Council for Bilateral Cooperation in Tianjin, leaders from both sides agreed to pilot a scheme allowing the use of e-CNY for tourism spending in Singapore and China. Additionally, JCBC participants cited recent developments including an MOU between the Singapore Exchange and the Guangzhou Futures Exchange, plus the launch of exchange-traded funds between both markets as examples of increased collaboration. (Source: MAS website)
China’s SME Development Index (SMEDI) reached 89.3 in November, a 0.2 point increase from October, ending a two-month consecutive decline, according to the China Association of SMEs. Firms’ confidence has been boosted, with most sub-indexes increasing, but the headline index remained below the critical value of 100 that indicates prosperity, the association said. China’s economy continues to recover but faces challenges and authorities should make efforts to ensure overdue payments to SMEs are cleared to safeguard their legitimate rights, and interests. (Source: Securities Daily)
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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.