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TRADE: China scrapped additional tariffs on automobiles and auto parts from
the U.S., along with a list of other products, starting Dec 15, after the
progress in trade talks announced on Friday, Xinhua News Agency reported.
POLICY: The People's Bank of China (PBOC) will push for the further opening
of the financial sector and policies to facilitate foreign investment, according
to a deputy governor from the central bank. The central bank planned to improve
capital account convertibility and reform the exchange rate mechanism to
minimize risk while also stabilizing market expectations and facilitating
POLICY: China should fix economic growth target around 6% to ensure
employment, corporate profits and fiscal revenue in 2020, said Yao Jingyuan, a
councillor with the State Council and former head of the national statistics
agency, on Saturday.
DATA: China's November industrial activities and consumption data
strengthened from October while investment stayed flat, data released by the
National Bureau of Statistics showed. Industrial output growth accelerated to
6.2% y/y in November from Oct's 4.7% y/y, more than projected 5.0% and the
highest since July. Retail sales rose 8% y/y to register a 5-month high, up from
7.2% in Oct, beating 7.6% forecast. Fixed-asset Investment recorded 5.2% in
Jan-Nov, unchanged from Jan-Oct and in line with the 5.2% median forecast.
LIQUIDITY: The PBOC injected CNY300 billion on Monday via the 1-year
medium-term lending facility (MLF) with the rate unchanged at 3.25%. The central
bank skipped conducting reverse repos today, it said in a statement posted on
its website. The amount of the MLF is CNY14 billion more than the maturity, the
PBOC said. There are CNY286 billion in MLF which matured today, according to
RATES: The seven-day weighted-average interbank repo rate for depository
institutions (DR007) increased to 2.4964% from Friday's close of 2.4122%, Wind
Information showed. The overnight repo average rose to 2.4331% from Friday's
YUAN: The yuan weakened to 7.0027 against the U.S. dollar from Friday's
close of 6.9839. PBOC set the dollar-yuan central parity rate lower for the
fifth consecutive trading days at 6.9915, compared with last Friday's 7.0156.
BONDS: The yield on 10-year China Government Bond was last at 3.1975%, flat
from Friday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index gained 0.56% to 2,984.39, as brokerage
and defense shares advanced. Hang Seng Index edged down 0.65% to 27,508.09.
FROM THE PRESS: Government departments and local authorities in China have
been urged to innovate incentives to boost financial services offered to small
and private companies at a State Council meeting held by Vice Premier Liu He,
according to a statement on the Government website. Agencies were required to
improve the financial guarantee system and build up credit information platforms
to facilitate financing for smaller companies, and also encourage technology
firms to go to public markets for financing.
China should promote regional development and strengthen the capacity of
city clusters and core cities to drive the economy and contain populations,
President Xi Jinping said in an article published by Qiushi, an official
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