MNI China Daily Summary: Tuesday, November 3

LIQUIDITY: The People's Bank of China (PBOC) injected CNY120 billion via 7-day reverse repos with the rate unchanged. This resulted in a net injection of CNY20 billion after the maturity of CNY100 billion of reverse repos, according to Wind Information. The operation aims to keep liquidity reasonable and ample, the PBOC said on its website.

RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 2.1624% from 2.4630% on Monday, Wind Information showed. The overnight repo average fell to 1.8035% from the previous 2.2966%.

YUAN: The currency strengthened to 6.6884 against the dollar from 6.7001 on Monday. The PBOC set the dollar-yuan central parity rate lower at 6.6957, compared with the 6.7050 set on Monday.

BONDS: The yield on the 10-year China Government Bond was last at 3.1750%, up from the close of 3.1725% on Monday, according to Wind Information.

STOCKS: The Shanghai Composite Index rose 1.42% to 3,271.07, while the CSI300 index gained 1.20% to 4,777.56. Hang Seng Index rallied 1.96% to 24,939.73.

FROM THE PRESS: Chinese regulators have increased measures to supervise fin-tech companies in an effort to prevent risks, the Securities Times reported on its WeChat social media account. The PBOC and three other financial regulators on Monday summoned Jack Ma and two other executives of Ant Group for talks over regulations. After the meeting, the company said it would accept supervision, the Times said. Online micro loan lenders would also begin to face stricter supervision and must now seek approvals to conduct lending business across provinces, the Times report said.

China's top leaders have urged local authorities to give 30-year extensions to rural land leases after they expire, so as to maintain stable collective ownership and rural contract-farming systems, the People's Daily reported. The registration and certification processes for rural contracted lands is critical in improving rural governance, and the 30-year lease extension project will help safeguard the legitimate rights and interests of millions of farmers, the Daily said citing Premier Li Keqiang.

China will focus on improving and opening its markets and promote the efficient allocation of resources to expand domestic demand, Xinhua News Agency reported late Monday. The report, which came from the16th meeting on deepening reform chaired by President Xi Jinping, said China would also increase the competitiveness of SOEs, improve their roles in safeguarding strategic security and industry leadership, while at the same time preventing the loss of state assets.