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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.
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Free AccessMNI China Daily Summary: Thursday, Aug 22
MNI (MNI (BEIJING)) - LIQUIDITY: The People's Bank of China (PBOC) conducted CNY359.3 billion via 7-day reverse repos, with the rate unchanged at 1.70%. The operation led to a net drain of CNY218.4 billion after offsetting maturities of CNY577.7 billion, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 1.8406% from 1.8229%, Wind Information showed. The overnight repo average increased to 1.7833% from 1.7320%.
YUAN: The currency weakened to 7.1376 against the dollar from 7.1339 on Tuesday. The PBOC set the dollar-yuan central parity rate lower at 7.1228, compared with 7.1307 on Wednesday.
BONDS: The yield on 10-year China Government Bonds was last at 2.0950%, down from 2.1100 at Wednesday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 0.27% to 2,848.77 while the CSI300 index fell 0.26% to 3,313.14. The Hang Seng Index increased 1.44% to 17,641.00.
FROM THE PRESS: The government will help banks to optimise their asset-liability structure and improve profitability after net interest margins fell 19 basis points to 1.54% in the first half, according to Liao Yuanyuan, director at the National Financial Regulatory Administration. Several private banks saw net profit decline in H1 due to increased provisioning, Liao added.
Car dealerships lost CNY1.78 million per store on average in H1, a survey from the China Automobile Dealers Association found. Consumers' cautious behaviour slowed demand in Q2, especially for conventionally fueled vehicles, said Lang Xuehong, deputy secretary-general of the association. Large-scale price cuts sent retail prices lower than wholesale prices, Lang added.
The NDRC will establish an authority to oversee energy use in fixed-asset investment projects as part of measures to save energy, Securities Daily reported. Authorities will implement a new mechanism to manage energy and carbon emissions during and after project completion. The measures will help curb the launch of low quality, high energy and emissions projects, and promote high-quality industrial upgrades, a relevant person from the NDRC said.
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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.