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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, October 30
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY658 billion via 7-day reverse repo, with the rate unchanged at 1.80%. The operation has led to a net drain of CNY150 billion after offsetting the maturity of CNY808 billion reverse repos today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 2.1526% from the previous 2.0897%, Wind Information showed. The overnight repo average increased to 1.6765% from the previous 1.5927%.
YUAN: The currency weakened to 7.3180 against the dollar from 7.3166 on Friday. The PBOC set the dollar-yuan central parity rate lower at 7.1781, compared with 7.1782 set on Friday. The fixing was estimated at 7.3169 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bond was last at 2.7275%, flat from the previous close, according to Wind Information.
STOCKS: The Shanghai Composite Index gained 0.12% to 3,021.55, while the CSI300 index edged up 0.60% to 3,583.77. The Hang Seng Index gained 0.04% to 17,406.36.
FROM THE PRESS: Authorities must use monetary policy in Q4 to deal with tighter liquidity caused by the planned CNY1 trillion treasury bond issuance, according to Zhong Zhengsheng, chief economist at Ping An Securities. The central bank will likely increase liquidity injections and reduce the reserve requirement in line with the issuance of the bonds, Zhong noted. Additionally, the government must act to bring real interest rates down to avoid the potential crowding-out effect of public investment on private sector investment. (Source: Yicai)
China and the U.S. must return to the 2022 Bali consensus to secure a meeting between Presidents Xi Jinping and Joe Biden later this year, according to Wang Yi, China’s foreign minister. Wang said China wants to expand positive bilateral relations with the US and hoped the US business community can engage with China’s continued opening policy. China’s implementation of high-quality development brings opportunities for US business and can act as the ballast stone for economic and trade cooperation between the two countries. Senior representatives from US business said they looked forward to expanding bilateral cooperation with China in the economy, trade, science and technology, innovation, and climate change.
The PBOC will promote the internationalisation of the yuan based on market drive and independent choices of enterprises, according to a report published on its website. It will further improve systems and infrastructure arrangements for RMB cross-border investment, financing and transaction settlement, accelerate the institutional opening of financial markets, deepen bilateral currency cooperation and support the healthy development of the offshore yuan market, the PBOC said. Offshore yuan market transactions have become more active and the balance of yuan deposits in major offshore markets was about CNY1.5 trillion by end-2022, a return to historical high levels.
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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.