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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: Thursday, April 25
POLICY: Western countries' accusations of China overcapacity are unreasonable and Beijing hopes the relevant countries can objectively consider the needs of the global new energy market, He Yadong, spokesperson for the Ministry of Commerce said.
LIQUIDITY: The PBOC conducted CNY2 billion via 7-day reverse repo, with the rates unchanged at 1.80%. The operation has led to no change to the liquidity after offsetting the maturity of CNY2 billion today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.9161% from 1.8716% on Wednesday, Wind Information showed. The overnight repo average increased to 1.8559% from the previous 1.7852%.
YUAN: The currency weakened to 7.2471 against the dollar, from 7.2460 at Wednesday's close. The PBOC set the dollar-yuan central parity rate higher at 7.1058, compared with 7.1048 set on Wednesday.
BONDS: The yield on 10-year China Government Bonds was last at 2.3125%, down from Wednesday's close of 2.3250%, according to Wind Information.
STOCKS: The Shanghai Composite Index rose 0.27% to 3,052.90, while the CSI300 index was up 0.25% to 3,530.28. The Hang Seng Index increased 0.48% to 17,284.54
FROM THE PRESS: Authorities’ financial work must adhere to the principle of stability, emphasizing macroeconomic control, financial development, reform, and supervision, as well as risk management, according to an article from the Central Financial Work Commission published in the People's Daily, a party-run publication. Financial work must support the stabilization of expectations, economic growth, and employment, while enhancing the efficiency of financial resource allocation and minimizing fund idleness.
Long-term government bond yields will rebound with the upcoming issuance of ultra-long-term special treasury bonds, easing the current "asset shortage", the Securities Daily reported citing analysts. Additionally, faster sales of local government special bonds may ease the sharp downward deviation of long-term treasury bond yields from policy rates, said Feng Lin, research director of Golden Credit Rating. Buyers' increased demand for long-term bonds amid bullish expectations for the bond market has driven long-term bond yields down, with the 10-year and 30-year treasuries closing at 2.2727% and 2.4791% on Wednesday.
Authorities should implement proactive policy support to manage China's structural transformation and avoid “Japanification”, Ouyang Hui, distinguished dean of finance at the Cheung Kong Graduate School of Business said. Ouyang noted Japan entered stagnation due to the government's insufficient response to a cyclical recession, and Chinese authorities needed to take stronger action to handle non-performing assets and resolve real estate and local debt risks. (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.