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TOPS NEWS: New China housing price data for September show fewer cities
showing housing price growth on a month-on-month basis but more cities showing
accelerating prices on the month. Data suggest that while government curbs on
price growth are working in some cities, existing curbs need to be strengthened
or, in smaller cities, need to be implemented for the first time.
RATES: The PBOC injected CNY110 billion in seven-day reverse repos and
CNY90 billion in 14-day reverse repos via open-market operations Monday. This
resulted in a net injection of CNY140 billion for the day, as a total of CNY60
billion in reverse repos matured on Monday. A total of CNY480 billion in reverse
repos mature this week. The benchmark seven-day repo average was last at
2.6562%, compared with 2.8265% on Friday.
YUAN: The yuan weakened against the U.S. dollar on Monday after the PBOC
set a slightly weaker daily fixing. The yuan was last at 6.6370 against the U.S.
unit, weakening 0.26% compared with the official closing price of 6.6200 on
Friday. The central bank set the yuan central parity rate against the U.S.
dollar at 6.6205 on Monday, compared with Friday's 6.6092.
BONDS: The yield on benchmark 10-year China government bonds was last at
3.7200%, unchanged from the previous close, according to Wind, a financial data
STOCKS: Stocks edged up slightly, led by the environmental protection and
biomedical shares. The benchmark Shanghai Composite Index rose by 0.06% to
3,380.70. Hong Kong's Hang Seng Index was 0.54% lower at 28,332.19.
FROM THE PRESS: China's real economy still faces downward pressures as
lower returns discourage investments, NDRC chairman He Lifeng told reporters in
Beijing on Sunday. China's key economic tasks are to boost private investment
and steer capital to the real economy away from speculation, He said.
China will resolutely stick to its targets for controlling the real estate
market, said Wang Menghui, the minister in charge of housing, according to a
report in the China Security Journal. Wang predicted property sales growth would
likely slow further and transaction prices would stabilize. The government will
stick to the "housing isn't for speculation" principle and boost housing supply,
particularly rental units, the report said. (China Security Journal)
China will further deepen its supply-side reform measures to strength the
real economy and nurture new drivers for its next phase of growth, Economic
Information Daily said in an editorial over the weekend. Economic troubles are
caused by the real economy's structural imbalances in supply and demand, by the
deviation of speculative financing from the real economy and the deviation of
investor and home-owner demand in the housing sector, the editorial said. China
will remove excess industrial capacity, continue property controls and
deleveraging, and support weak sectors including municipal services and
environmental protection, it said. (Economic Information Daily)
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