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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, February 28
EXCLUSIVE: China will rely on project-backed special bonds to power an infrastructure spending drive at the heart of this year’s growth plans, despite concerns both about adding to local governments’ already high debt loads and a lack of economically viable projects to invest in, policy advisors told MNI.
LIQUIDITY: The People's Bank of China (PBOC) injected CNY300 billion via 7-day reverse repos with the rates unchanged at 2.10%. The operation has led to a net injection of CNY290 billion after offsetting the maturity of CNY10 billion repos today, according to Wind Information. The operation aims to maintain stable liquidity at month-end, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 2.2952% from 2.3429% on Friday, Wind Information showed. The overnight repo average increased to 2.2418% from the previous 2.1831%.
YUAN: The currency strengthened to 6.3111 against the dollar from 6.3142 on Friday. The PBOC set the dollar-yuan central parity rate lower at 6.3222, compared with 6.3346 set on Friday.
BONDS: The yield on 10-year China Government Bond was last at 2.7875%, up from Friday's close of 2.7825%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 0.32% to 3,462.31 while the CSI300 index rose 0.18% to 4,581.65. Hang Seng Index lost 0.24% to 22,713.02.
FROM THE PRESS: China is expected to set its annual GDP target around 5.5% during the upcoming National People’s Congress starting Saturday, as 29 out of 31 provinces set a growth target as around or above 5.5%, the China Securities Journal reported citing analysts. To realize the goal, China should advance infrastructure investment, promote the 102 major projects under the country’s 14th Five-Year Plan, and accelerate technology-based infrastructure, the newspaper said citing analysts. Monetary policy should focus on boosting overall demand by cutting RRR, lowering policy rates to reduce banks’ capital cost, and avoiding excessive appreciation of the yuan to ease export pressure, the newspaper said citing Wen Bin, chief researcher of China Minsheng Bank.
China's interbank liquidity is expected to remain ample in March as the PBOC will use various tools to offset the impact of tax season and short-term global financial market volatility following the geopolitical conflict, the Securities Daily reported citing analysts. RRR cuts, interest rate cuts, structural tools and open market operations are all in the central bank’s toolbox depending on domestic demand recovery and price level, the newspaper said citing Zhou Maohua, a researcher with Everbright Bank. Fiscal deposits at commercial banks in March will also help to smoothen the gap of CNY300 billion MLF matured, the daily cited analysts as saying. The PBOC had increased reverse repos last week, net injecting CNY760 billion at month-end, the newspaper added.
China must properly balance pro-growth and risk-prevention and stick to the position that housing is for living and not speculation, the Economic Daily said in an editorial restating a directive from a recent meeting of the Communist Party Politburo. China must also strengthen the Party central committee’s control over financial work and continue to dismantle shadow banking to effectively prevent systemic financial risks, the newspaper said.
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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.