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MNI China Daily Summary: Monday, June 1 

     LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
on Monday, leaving liquidity unchanged, according to Wind Information. Liquidity
in the banking system is reasonable and ample, the PBOC said on its website.
     RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007) decreased to 1.7218% from last Friday's close 2.1460%, Wind
Information showed. Overnight repo average declined to 1.6044% from 2.0790% last
Friday.
     YUAN: The yuan strengthened to 7.1340 against the dollar from last Friday's
close 7.1455. PBOC set the dollar-yuan central parity rate lower at 7.1315,
compared with the 7.1316 set on last Friday.
     BONDS: The yield on 10-year China Government Bonds was last at 2.7125%, up
from Friday's close of 2.6800%, according to Wind Information.
     STOCKS: The Shanghai Composite Index increased 2.21% to 2915.43. Hong
Kong's Hang Seng Index gained 3.36% to 23732.52. 
     FROM THE PRESS: China will take the necessary measures and resolutely fight
back if U.S. politicians continue to interfere in Hong Kong affairs, according
to a commentary published by the People's Daily Overseas Edition. Hong Kong has
experienced massive protests triggered by mainland China's decision to draft the
national security law for the city. Playing the "Hong Kong card" can sell panic
and hatred and curb China's development, while shifting the focus away from U.S.
failures in containing the pandemic, domestic economic weakness and social
unrest.
     China's private banks are selling deposit products with lower yields
following actions from the banking regulator with few deposit products offering
returns higher than 5%, the Securities Times reported. Interest rates on loans
are falling rapidly, pushing banks to control liability costs when competing for
customers, the newspaper said citing Wang Yifeng, the chief banking analyst with
Everbright Securities.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: archie.zhang@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
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