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Free AccessMNI China Daily Summary: Thursday, December 14
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY262 billion via 7-day reverse repo, with the rate unchanged at 1.80%. The operation has led to a net drain of CNY101 billion after offsetting the maturity of CNY363 billion reverse repos today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 1.8239% from 1.8293%, Wind Information showed. The overnight repo average fell to 1.6170% from the previous 1.6238%.
YUAN: The currency strengthened to 7.1301 against the dollar from 7.1836 on Wednesday. The PBOC set the dollar-yuan central parity rate lower at 7.1090, compared with 7.1126 set on Wednesday. The fixing was estimated at 7.1462 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bonds was last at 2.6600%, up from Wednesday's close of 2.6575%, according to Wind Information.
STOCKS: The Shanghai Composite Index closed down 0.33% at 2,958.99, while the CSI300 index decreased 0.52% to 3,351.96. The Hang Seng Index rose 1.07% to 16,402.19.
FROM THE PRESS: Chinese financial regulators will focus on revitalising inefficient financial resources, as 80% of all loans in China need to be recycled and reinvested every year, said Lu Lei, deputy director at the State Administration of Foreign Exchange. The balance of yuan loans reached CNY236.42 trillion by end-November, according to data from the central bank. The effective revitalisation of these loans can support economic growth, even with smaller increases of new money and credit, said Lu. More credit will support the development of technology, green, inclusive elderly care, and digital finance, while loans to real estate and local government financing vehicles, which have been heavily invested in the past, would decline, said Lu. (Source: 21st Century Business Herald)
Authorities should enhance the virtuous cycle of consumption and investment, according to Fu Yifu, senior researcher at Xingtu Financial Research Institute. Fu said household spending has recovered slowly, meaning consumption has not driven investment demand which remains imbalanced towards the industrial sector. Hong Tao, vice chairman at the China Society of Consumer Economics, said China must increase household incomes and develop the relationship between consumption and investment. (Source: Securities Daily)
China’s property sector demand should adjust to reflect changes in population, according to Dong Jianguo, deputy minister at the Ministry of Housing. Speaking at the China Economic Annual Conference, Dong said authorities will address real estate risks by continuing to meet the reasonable financing needs of real-estate enterprises without ownership discrimination to help with short-term cash flow issues. Lin Zechang, director at the Ministry of Finance stated officials needed to improve the quality and efficiency of next year's fiscal efforts to achieve the nation's targets. (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.