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Free AccessMNI China Daily Summary: Monday, March 25
TOP NEWS: China and Hong Kong stocks fell on Monday, dampened by growing
fears over a U.S. recession. The benchmark Shanghai Composite Index fell 1.97%
to 3,043.03. Financial stocks led the drop, with major insurance shares
declining by more than 5%, and this was followed by retreats of media and liquor
shares, Wind Information said. Hong Kong's Hang Seng Index dropped 2.03% to
28,523.35, the lowest level in two weeks.
LIQUIDITY: The PBOC skipped open market operations for the fourth trading
day, resulting in a net drain of CNY60 billion as the same amount of reverse
repos matured, according to Wind Information. Total liquidity in the banking
system is at a reasonable and ample level, according to the central bank.
RATE: The 7-day weighted average interbank repo rate for depository
institutions (DR007) decreased to 2.5300% from the close of 2.6581% on Friday,
Wind data showed. The overnight repo average fell to 2.4000% from 2.6171% on
Friday.
YUAN: The yuan depreciated to 6.7112 against the U.S. dollar from the close
of 6.7060 on Friday. The PBOC set the dollar-yuan central parity rate at 6.7098
today, compared with 6.6944 set last Friday.
BONDS: The yield on the benchmark 10-year China Government Bond was last at
3.125%, down 1.5 bps from the close of Friday, according to Wind.
FROM THE PRESS: China's yuan exchange rate will remain stable and balanced
because domestic economic fundamentals are good and the U.S. dollar has limited
room for appreciation, China Business News reported Monday. The newspaper cites
Pan Gongsheng, the Deputy Governor of the PBOC, as saying that important
progress in Sino-U.S. trade talks will also contribute to exchange rate
stability. Pan also said that China's macro leverage ratio is basically stable,
fiscal and financial risks are generally controllable, the international balance
of payments remains balanced, and FX reserves are sufficient. All of these
factors support a stable yuan, Pan said.
PBOC Governor Yi Gang has outlined the Bank's key tasks for this year,
citing the accurate pricing of financial products and the provision of hedging
tools for investors to manage risks as priorities. Yi's comments were reported
by the China Business News, and the PBOC Governor went on to say that because of
China's high deposit rate it was important to convert the savings pool into
financial products provided by banks, brokers and insurers.
China will continue scaling up infrastructure investment, support new
energy vehicles and tap into the potential of consumption in rural communities
as it looks to support economic growth, according to the Minister of Finance Liu
Kun. The Minister's comments were cited in the National Business Daily, which
also reported Liu as urging the accelerated issuance of local government bonds,
with the aim of using up the annual quota of CNY3.08 trillion of LGBs by
end-September.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
To read the full story
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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.