-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Thursday, July 18
EXCLUSIVE: The yuan will find support in the second half as the U.S. dollar weakens following Federal Reserve rate cuts expected by September and policies designed to boost the Chinese economy take effect, a prominent currency policy and yuan globalisation expert told MNI.
EXCLUSIVE: China's Loan Prime Rate is likely to remain unchanged in July as the central bank entertains an adjustment to its policy rates system, linking the reference lending rate to a short-term policy benchmark while downgrading the role of the medium-lending facility.
POLICY: China will deepen fiscal and tax reforms, as well as financial systems, strengthen the consistency of macro policies, while “unswervingly achieving” the annual economic and social development goals, according to a statement following the conclusion of the Communist Part’s Third Plenum.
POLICY: China's authorities plan to expand institutional openness and deepen foreign trade reforms, relying on China's large market to enhance international cooperation and promote high level opening-up, a communique of the Third Plenum published by Xinhua News Agency has said.
POLICY: China will deepen reform on land system to narrow the urban-rural gap and advance new urbanization push, while improve the income distribution mechanism to promote well-being, according to the communique of the Third Plenum of the party’s 20th Central Committee issued through the Xinhua News Agency.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY49 billion via 7-day reverse repo, with the rates unchanged at 1.80%. The operation has led to a net injection of CNY47 billion after offsetting the CNY2 billion maturity today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.8973% from 1.8995% on Wednesday, Wind Information showed. The overnight repo average increased to 1.9435% from the previous 1.9230%.
YUAN: The currency strengthened to 7.2572 against the dollar, from 7.2651 at Wednesday's close. The PBOC set the dollar-yuan central parity rate lower at 7.1285, compared with 7.1318 set on Wednesday. The fixing was estimated at 7.2578 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bonds was last at 2.2625%, up from Wednesday's close of 2.2525%, according to Wind Information.
STOCKS: The Shanghai Composite Index gained 0.48% to 2,977.13, while the CSI300 index edged up 0.55% to 3,520.93. The Hang Seng Index was up 0.22% to 17,778.41.
FROM THE PRESS: Central bank moves to cut policy interest rates significantly might not solve China’s economic difficulty, the central bank-run newspaper Financial News reported, citing Zhou Qiong, senior researcher at the Shanghai Institution For Finance and Development. Recent market discussion on the PBOC cutting at least 70 basis points would risk stimulating investment and cause overcapacity, alongside hurting banks’ net interest margins, Zhou noted. Japan had shown easing did not solve its 1990s economic challenges when overcapacity remained an issue, with China facing a similar situation regarding its property sector, Zhou added. The PBOC will likely lower interest rates depending on economic and financial conditions with limited downside space given the current low nominal interest rate, said Zhou.
Arctic shipping lines need significant investment in new technologies and heavy infrastructure, such as terminal facilities and connecting train services, to make them commercially viable, according to Yang Jie, senior coordinator at the China Communications and Transportation Association. Northern shipping routes remained constrained by technical challenges and a reliance on ice breakers, with current facilities more suited to oil tankers than container shipping, a representative from Xinxin Shipping said. (Source: Yicai)
Beijing municipality saw GDP growth of 5.4% in H1, as total retail sales of consumer goods remained flat y/y, and catering revenue reached CNY63.71 billion, down 3.5% y/y. Industry insiders said restaurant competition may intensify in H2 leading to lower profits, with more mid- to high-end eateries launching low cost options. Industrial value added grew 7.1% y/y, with output of EVs, wind turbines, integrated circuits and industrial robots increasing 350%, 66.1%, 13.2%, and 12.4%, respectively. (Source: 21st Century Herald)
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.