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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: Thursday, March 14
EXCLUSIVE: Chinese authorities have started drafting a “private economy promotion law” to reaffirm the equal status of private companies and state-owned enterprises in a new law as it seeks to re-energise investor confidence and boost investment, a policy advisor and National People’s Congress delegate told MNI following the government’s 2024 work report, which he said heralded a bigger role for the private sector.
EXCLUSIVE: The People’s Bank of China will likely reduce its policy rates to boost total social financing (TSF) and support credit demand as it moves to stoke greater core inflation in line with Beijing’s monetary policy direction, a senior policy advisor told MNI in an interview.
EXCLUSIVE: China’s economy risks missing Beijing’s “around 5%”GDP growth target this year should local governments fail to increase land revenue and meet their increased combined fiscal outlay, an economic policy advisor has told MNI.
POLICY: China’s consumers believe finances will improve this year, with 83.5% of surveyed participants expecting stable or better household income, survey results from the China Consumers Association showed.
LIQUIDITY: The PBOC conducted CNY3 billion via 7-day reverse repo on Thursday, with rates unchanged at 1.80%. The reverse repo operation led to a net drain of CNY7 billon after offsetting CNY10 billion in maturities, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.8873% from 1.8965% on Wednesday, Wind Information showed. The overnight repo average increased to 1.7498% from the previous 1.7391%.
YUAN: The currency strengthened to 7.1911 against the dollar, from 7.1945 at Wednesday's close. The PBOC set the dollar-yuan central parity rate higher at 7.0974, compared with 7.0930 set on Wednesday.
BONDS: The yield on 10-year China Government Bonds was last at 2.4200%, down from Wednesday's close of 2.4300%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged fell 0.18% to 3,038.23, while the CSI300 index was down 0.28% to 3,562.22. The Hang Seng Index decreased 0.71% to 16,961.66.
FROM THE PRESS: China must promote structural reforms especially those that can bring short-term expansionary effects to boost economic growth, as macro policies mainly play a stabilising role, said Liu Shijin, member of the monetary policy committee at the central bank. Liu estimates that the impact of macro policies on GDP is about 1 percentage point, while the remaining 4 percentage points depend on technical conditions and the institutional environment. Liu specified that accelerating urban-rural integration to allow migrant workers to settle in cities and enjoy basic urban public services will help expand consumption of middle- and low-income groups. (Source: Quanshang China)
China Securities Regulatory Commission will promptly plan policies to strictly control IPO quality, strengthen supervision of listed companies as well as securities, funds and futures firms, China Securities Journal reported citing a CSRC meeting. It will strengthen regulatory accountability, resolutely crack down on financial fraud, fraudulent issuances, market manipulation, insider trading and other illegal activities, and effectively protect the legitimate rights and interests of investors, especially small and medium-sized ones, the CSRC said.
Rural areas will receive support to enhance the online economy aimed at improving levels of employment and entrepreneurship in countryside areas, according to the Ministry of Commerce. Authorities will take five years to upgrade the internet and e-selling environment including building 1000 live broadcast bases and training 10,000 e-commerce leaders, the document said. Authorities noted the proposal will help increase farmers' incomes and rural revitalisation. (Source: Securities Daily)
To read the full story
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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.