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POLICY: Chinese and U.S. trade negotiators are maintaining close
communication, Gao Feng, the spokesman of the Ministry of Commerce, said at a
regular briefing on Thursday, declining to comment on the progress of the trade
talks. Gao repeated that some U.S. soybeans and pork shipments are receiving
exemptions from additional tariffs. China will diversify trading partners by
inking free trade agreements with more countries, developing Free Trade Zones,
lowering tariffs and encouraging investment, Gao said.
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
for more than three weeks. Liquidity was unchanged today given no reverse repos
mature, according to Wind Information. Total liquidity in the banking system is
reasonable and ample, enough to offset government bond issuance, the PBOC said.
RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007) fell to 2.3067% from Wednesday's close at 2.3702%, Wind
Information showed. The overnight repo average fell to 2.0490% from 2.0687%.
YUAN: The yuan strengthened to 7.0333 against the dollar from Wednesday's
close of 7.0386. The PBOC set the dollar-yuan central parity rate lower for a
third day at 7.0253, compared with Wednesday's 7.0385.
BONDS: The yield on 10-year China Government Bond was last at 3.1850%, flat
from the close of Wednesday, according to Wind Information.
STOCKS: The benchmark Shanghai Composite Index edged down 0.30% to
2,915.70. Hong Kong's Hang Seng Index rallied 1.31% to 26,994.14.
FROM THE PRESS: China's top leadership is holding its annual Central
Economic Work Conference this week to set economic agenda for 2020, the China
Business News reported. China is expected to maintain a marginally easing
monetary policy and relatively tight credit conditions, while enacting proactive
fiscal policy next year, the newspaper said citing analysts. Further reform of
state-owned enterprises, interest rate liberalization and the household
registration system are also expected, according to the report.
China central government should give more authorities to local governments
in finance and land to boost their investment incentives, the China Securities
Journal said citing Liu Lifeng, a researcher at the Institute of Macroeconomic
Research at the National Development and Reform Commission. China should expand
government debt financing channels and infrastructure-backed special bonds for
regional development, Liu said. Central government construction bonds, used to
fund infrastructure projects in 1998-2002, can be restarted, Liu told the
Mergers and acquisitions in the banking industry should be encouraged to
help prevent financial risk and protect the interests of depositors, as many
small and local banks come under pressures from slower growth, the China
Securities Journal said citing a report by Lian Ping, chief economist with Bank
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