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Free AccessMNI China Daily Summary: Monday, May 11
REALITY CHECK: China's consumer price inflation rate is likely to slow
further in April as supply constraints on some foodstuffs eased and demand for
transportation and services remained depressed, despite a gradual reopening of
the economy, industry insiders told MNI.
DATA: China's M2 money supply soared 11.1% y/y in April, the fastest pace
in more than three years, up from 10.1% gain in March and beat forecast 10.3%,
according to data released today by the People's Bank of China (PBOC). New loans
totalled CNY1.7 trillion, less than CNY2.85 trillion in March and higher than
forecast CNY1.3 trillion. Aggregate financing to the economy moderated to
CNY3.09 trillion from March's CNY5.16 trillion, higher than CNY2.9 trillion
projected by analysts.
LIQUIDITY: The PBOC skipped open market operations for the ninth day,
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) increased to 1.2719% from Friday's close of 1.2167%, Wind
Information showed. The overnight repo average rose to 0.8586% from the previous
0.8246%.
YUAN: The currency weakened to 7.0873 against the dollar from 7.0792 on
Friday. PBOC set the dollar-yuan central parity rate lower at 7.0769 on Monday,
down from the 7.0788 set on Friday.
BONDS: The yield on 10-year China Government Bond was last at 2.6400%, up
from the close of 2.6150% on Friday, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 0.02% to 2,894.80. Hang
Seng Index rallied 1.53% to 24,602.06.
FROM THE PRESS: The PBOC should use market measures to guide bank deposit
rates lower, as policy interest rates alone won't effective reduce banks'
liability costs, the PBOC newspaper Financial News reported citing Xie Yunliang,
the chief macroeconomy analyst with Minsheng Securities. Banks have voluntarily
lowered the deposit rates under the pressure from diminishing returns on loans,
suggesting the gap is being closed between deposit and money market rates, the
newspaper cited the central bank's quarterly monetary policy report.
More than 100,000 foreign-owned companies are trying to sell products
intended for exports to domestic consumers, the Shanghai Securities News
reported citing data from the Ministry of Commerce. The number of newly
registered companies at 1688.com, the largest B2B platform for domestic sales,
grew by 230% m/m in March, the newspaper said citing Wang Hai, the general
manager of the platform. Most companies face a number of challenges, including a
shortage of e-commerce talent, a large number of domestic manufacturers and
fierce price competition in the Chinese market, the report said.
A north-eastern Chinese city Shulan raised the highest epidemic response on
Sunday after a woman working in a laundromat spread the virus to 11 others, the
Global Times reported. The woman had no recent travel or exposure history to the
epidemic centre of Wuhan city and the cause remains unknown, raising speculation
that the Covid-19 virus has found a new way spreading, the newspaper said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.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.