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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: Wednesday, September 23
POLICY: China's government should approach 5G investment fervor cautiously, as the existing 'same-gen' technology is still young, despite the vast investment to date , according to Former Finance Minister Lou Jiwei. Operating costs for 5G will be extremely high and applications for the technology are currently very limited, Lou said recently, addressing an internal seminar of China Economists 50, a think-tank led by Vice Premier Liu He.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY100 billion via 7-day reverse repos and CNY100 billion via 14-day reverse repos on Wednesday, injecting net CNY80 billion as CNY120 billion reverse repos matured today, according to Wind Information. The rate for 7-day reverse repos and 14-day reverse repos remained unchanged at 2.2% and 2.35% accordingly.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 2.0965% from Tuesday's close of 2.3634%, Wind Information showed. The overnight repo average dropped to 1.8559% from the previous 2.2619%.
YUAN: The currency weakened to 6.7920 against the dollar from 6.7875 on Tuesday. The PBOC set the dollar-yuan central parity rate higher for a second day at 6.7986, compared with Tuesday's 7872.
BONDS: The yield on 10-year China Government Bond was last at 3.0825%, flat from the close for Tuesday, according to Wind Information.
STOCKS: The Shanghai Composite Index gained 0.17% to 3,279.71, while the CSI300 index increased 0.36% to 4,652.33. Hang Seng Index edged up 0.11% to 23742.51 .
FROM THE PRESS: The PBOC may need to make further injections through MLFs or RRR cuts as reduced structured deposits shrink long-term capital, the 21st Century Business Herald reported citing market analysts. Structured deposits declined for the fourth month to CNY9.42 billion on Aug. 31, the newspaper said citing PBOC data.
China's policies for opening up its economy should focus on institutional reforms such as the equal protection of different economic entities and property rights, the People's Daily reported on Wednesday citing Jiang Xiaojuan, the director of Tsinghua University's School of Public Policy. Domestic and foreign-owned enterprises are both crucial to China's domestic economic development and industrial efficiency, Jiang told the Daily.
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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.