-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS ANALYSIS: Treasuries Surge On Bessent And Oil
MNI ASIA OPEN: Israel-Hezbollah Ceasefire Cautiously Reached
MNI China Daily Summary: Monday, December 4
TOPS NEWS: China strongly objects to the U.S. stance taken in a submission
to the World Trade Organization that opposing designating China as a "market
economy," an unidentified Ministry of Commerce official said Saturday, according
to The People's Daily, the Chinese Communist Party's main mouthpiece. The U.S.
submitted the document to express its opinion about China's WTO complaint
against the European Union still using the "surrogate country approach," rather
than a market economy approach, against China when considering whether China's
products are being sold at below fair prices ("dumped") in EU countries.
Designating China a market economy would limit the U.S. or EU's ability to apply
anti-dumping rules. The MOFCOM official said the case is not related to China's
"market economy" status, nor does the WTO have criteria defining what a
non-market economy is. China already filed another compliant against the U.S.
regarding its argument, the official said. China urges the EU and the U.S. to
obey their obligations and stop using the "surrogate country approach" in
applying trade rules, the newspaper said. (People's Daily)
INTERBANK MARKET: The People's Bank of China skipped its open market
operations on Monday, saying liquidity conditions in the interbank market remain
at a "relatively high level" which can absorb the impact of maturing reverse
repos. The lack of new repos resulted in a net drain of CNY90 billion for the
day, as a total of CNY90 billion in reverse repos mature on Monday. There will
be a total of CNY780 billion in reverse repos maturing this week. In addition, a
total of CNY188 billion in Medium-term Lending Facilities (MLF) loans will
mature on Thursday.
RATES: Money market rates fell on Monday after the PBOC skipped its
open-market operations. The PBOC's inaction has resulted in CNY90 billion net
drain of liquidity. The seven-day repo average was last at 2.7743%, down from
Friday's average of 2.8383%. The overnight repo average was at 2.5735% compared
with Friday's 2.5807%.
YUAN: The yuan fell against the U.S. dollar Monday morning after the
People's Bank of China set a weaker daily fixing. The yuan was last at 6.6181
against the U.S. unit, dropping 0.04% compared with the official closing price
of 6.6065 on Friday. The People's Bank of China set the yuan central parity rate
against the U.S. dollar at 6.6105 Monday, modestly weaker than Friday's 6.6067.
BONDS: The yield on benchmark 10-year China government bonds was last at
3.8950%, up from the previous close of 3.8875%, according to Wind, a financial
data provider.
STOCKS: Stocks were down, led lower by THE gas production and supply
sector. The benchmark Shanghai Composite Index closed down 0.24% at 3,309.62.
However, Hong Kong's Hang Seng Index was 0.61% higher at 29,250.94.
FROM THE PRESS: The volume of Chinese companies' overseas investments have
grown rapidly, but achieving high-quality overseas investments is key to their
future development, The People's Daily, the official newspaper of the Communist
Party, reported Monday. Some Chinese companies' outbound investments have been
undertaken only for the sake of "going abroad" and expanding into global markets
without thinking about how to achieve a bigger role and greater influence
internationally, the newspaper said. Chinese companies need to learn local
cultures and be able to adapt to changes in foreign countries in which they
invest, the newspaper stressed. Liu Ying, researcher at Chongyang Institute for
Financial Studies at Renmin University in Beijing, was cited as saying
introducing advanced technology, products, services and marketing networks in
China is important to support Chinese companies' investments abroad. Zhi Yulin,
assistant manager of China North Industries Group Corporation, said the yuan's
internationalization should be sped up to provide better support for Chinese
companies' outbound investments and trade. (People's Daily)
People's Bank of China Deputy Governor Pan Gongsheng said Saturday that the
Chinese government's new regulation issued Friday prohibiting the establishment
of new finance companies which provide payday loans was aimed to clamping down
on illegal practices in the sector, the Financial News, a newspaper managed by
the PBOC, reported Monday. Payday loan companies have been criticized for their
high interest rates, their abusive practices in collecting unpaid loans, as well
as the risks they pose to the financial sector. The new regulation wins time to
solve the underlying problems in the sector, Pan said, referring to the overhaul
of the regulatory framework for new payday loans firms and moves to tighten
regulation on existing payday loan companies. Regulators will create rules to
assess market entry qualifications for payday loan companies and are considering
amending existing regulations for the payday loan companies that were created
around a decade ago, Pan added. (Financial News)
The State Administration of Foreign Exchange revealed on Friday 20 cases of
illegal foreign exchange transactions, naming the banks, companies and
individuals that are being punished, the Economic Information Daily, a newspaper
under the official Xinhua News Agency, reported Monday. The newspaper said SAFE,
for the first time, made public details of the illegal foreign exchange activity
of non-bank financial institutions. The illegal cases include evasion of foreign
exchange rules - illegally transferring and selling foreign currencies and
foreign currency assets instead of selling through the government - and
illegally transferring Qualified Domestic Institutional Investor (QDII)
investment quotas by non-bank financial institutions, with the fines totalling
CNY59 million, the newspaper reported. (Economic Information Daily)
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.