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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, March 4
EXCLUSIVE: Greater fiscal support and higher income growth will boost Chinese consumer activity in 2024, a key driver of GDP growth this year, however, retail sales will likely not match last year's levels, an advisor from a policymaking think tank told MNI in an interview.
POLICY: Chinese Premier Li Qiang will not hold a press conference after the National People’s Conference, Lou Qinjian, the spokesman of the NPC, told reporters on Monday in a brief. “Unless there are special circumstances, there will be no more press conferences by the Premier in the next few years after the NPC,” he said. It is the first time the press conference has been canceled since 1991.
POLICY: Authorities have successfully issued all of the CNY1 trillion yuan of additional government bonds announced last year to assist disaster recovery, according to Lou. He said this year, authorities will strengthen project and fund management across 15,000 different projects to ensure the bonds are used well.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY10 billion via 7-day reverse repo, with the rates unchanged at 1.80%. The reverse repo operation has led to a net drain of CNY319 billion reverse repos after offsetting CNY329 billion maturity today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.8327% from the previous 1.8197%, Wind Information showed. The overnight repo average increased to 1.7142% from the previous 1.6985%.
YUAN: The currency weakened to 7.1990 against the dollar from 7.1985 on Friday. The PBOC set the dollar-yuan central parity rate lower at 7.1020, compared with 7.1059 set on Friday. The fixing was estimated at 7.1890 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bond was last at 2.3500%, down from the previous close of 2.3750%, according to Wind Information.
STOCKS: The Shanghai Composite Index rose 0.41% to 3,039.31 while the CSI300 index edged up 0.09% to 3,540.87. The Hang Seng Index gained 0.04% to 16,595.97.
FROM THE PRESS: Authorities should support SMEs in “going global” to better consolidate international supply chains and improve competitiveness, said Li Lianzhu, NPC member and vice chairman of the Guangdong Federation of Industry and Commerce. Li told reporters he will recommend the Ministry of Commerce to establish an overseas expansion agency to better advise SMEs on international investment, product development, negotiations, international standards, and intellectual property rights among others. (Source: Yicai)
Authorities should establish pilot projects for the cross-border circulation of national data and establish a whitelist of non-important data, according to Jin Li, NPC member and vice president of Southern University of Science and Technology. Jin said he will recommend improving data flows to leverage China’s first-mover advantage in digital industries, and ensure administrative and market drivers can work together to ensure an integrated data resource system.
Authorities should strengthen top-level design to attract more medium- and long-term funds to enter the capital market, said Jia Wenqin, director of Beijing Securities Regulatory Bureau. These funds face solvency constraints and thus have a relatively conservative investment portfolio, said Jia. It is necessary to optimise the solvency indications of insurance companies and weaken the constraints on their equity investment, he said. Meanwhile, the establishment of a long-term assessment mechanism for over three years should be promoted for all types of long-term funds, Jia added, who is also a delegate of the National People's Congress, in his proposal this year. (Source: Securities Times)
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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.