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Free AccessMNI China Daily Summary: Thursday, April 11
POLICY: China's Consumer Price Index ran behind market expectation, gaining 0.1% y/y in March, lower than the previous 0.7% y/y increase and underperforming the market consensus of 0.4%, data from the National Bureau of Statistics showed.
POLICY: The EU’s decision to investigate China subsidies in the wind turbine industry risks weakening mutual trust between Beijing and Brussels and could damage confidence of companies wanting to invest in the EU, He Yadong, spokesperson for the Ministry of Commerce told reporters.
POLICY: Chinese small lenders will likely continue to cut deposit rates under the pressure of narrowed interest margin as authorities push for the reduction of financing costs across the economy, according to Financial News, a paper under the People’s Bank of China.
POLICY: China’s southern province of Hainan will launch a “tourist wallet” allowing inbound visitors to exchange foreign currency into electronic renminbi on their mobile phones, which can be used at any location where Alipay and WeChat are available, Liu Xiaoming, deputy Secretary of the Hainan Provincial Party Committee told reporters.
LIQUIDITY: The PBOC conducted CNY2 billion via 7-day reverse repo on Thursday, with the rates unchanged at 1.80%. The operation has led to a net injection of CNY2 billion as no reverse repo matures today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.8239% from 2.8388% on Wednesday, Wind Information showed. The overnight repo average increased to 1.7223% from the previous 1.7161%.
YUAN: The currency weakened to 7.2369 against the dollar, from 7.2331 at Wednesday's close. The PBOC set the dollar-yuan central parity rate higher at 7.0968, compared with 7.0959 set on Wednesday. The fixing was estimated at 7.2565 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bonds was last at 2.3650%, down from Wednesday's close of 2.3775%, according to Wind Information.
STOCKS: The Shanghai Composite Index rose 0.23% to 3,034.25, while the CSI300 index was down 0.01% to 3,504.24. The Hang Seng Index decreased 0.26% to 17,095.03
FROM THE PRESS: Chinese Premier Li Qiang has signed an order clarifying the compensation entitlement of individuals and organizations for ecological protection activities. Authorities should guide social funds to establish market-oriented ecological compensation funds, the order stated. Local governments should provide payments via fiscal transfers for natural resource protection, ecological environment management and restoration. (Source: Yicai)
Authorities have proposed measures to expand the opening of telecommunications services to optimise the foreign-investment environment at several pilot zones, according to the Ministry of Industry and Information Technology. The proposal plans to cancel internet data centres, content distribution networks and remove restrictions on foreign equity in internet access services. Pilot zones should have institutional advantages in open innovation, a sound system for attracting foreign investment and adequate safety supervision capabilities, the Ministry added.(Source: Yicai)
China exported 937 ships during the first two months of this year, up 59% y/y, with new ship orders totaling 15.2 million deadweight tonnes, a rise of 64.4% y/y, according to data from the China Shipbuilding Industry Association. Given current demand trends, shipbuilders could see this up-cycle last 3 to 5 years with good demand for oil tankers and dry bulk carriers, according to Zhou Jianxiang, deputy general manager of CSSC Chengxi, a shipyard. Market demand had increased as countries were concerned by geo-political risk and the increasing number of conflicts, Zhou added. (Source: Yicai)
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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.