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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 21
EXCLUSIVE: A deal between China and the U.S. to resolve their year-long
trade dispute is likely to come by the end of June, although the timing of a
proposed presidential summit to seal an agreement is still unclear, Chinese
trade advisors told MNI. "There's around a 70% chance of a deal in the first
half of the year, and a 30% chance of a deal in the next three to four weeks,"
said Wang Haifeng, director of International Trade and Investment at the Chinese
Academy of Macroeconomic Research, run by the National Development and Reform
Commission.
POLICY: As it shifts its focus to high-quality growth, China has room to
cut import tariffs on goods such as agricultural produce, but opening its
financial sector to global capital flows must proceed only gradually as more
progress is made towards yuan internationalisation, a senior researcher from a
MOFCOM-affiliated think tank told MNI in an interview. More tariff cuts,
including for industrial components used in key sectors, will likely come
through free-trade agreements, said Zhu Caihua, deputy head of the foreign trade
institute under the Chinese Academy of International Trade and Economic
Cooperation.
TRADE: U.S. Trade Representative Robert Lighthizer and Treasury Secretary
Steven Mnuchin will visit Beijing on March 28 and 29 for the eighth round of
high-level trade talks with China, the Ministry of Commerce told reporters
today. Following this, Vice Premier Liu He, China's senior trade negotiator,
will travel to Washington in early April for the ninth round of consultations,
MOFCOM spokesman Gao Feng said.
DATA: China's total outbound direct investment fell 6.9% y/y to $15.66
billion in Jan-Feb 2019, with this total distributed across 1416 foreign
enterprises in 138 countries, data released today by MOFCOM showed. Investment
in 'Belt and Road' countries rose 7% y/y to $2.3 billion, the ministry said.
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
for a second consecutive day, with no reverse repos maturing, according to Wind
Information. The PBOC considers total liquidity in the banking system to be at a
reasonable and ample level.
RATE: The 7-day weighted average interbank repo rate for depository
institutions (DR007) increased to 2.7500% from Wednesday's close of 2.7173%,
according to Wind Information. The overnight repo average fell to 2.6600% from
Wednesday's 2.7149%.
YUAN: The yuan appreciated to 6.6877 against the U.S. dollar from
Wednesday's close of 6.6998. The PBOC set the dollar-yuan central parity rate at
6.6850 today, the strongest level since July 17 2018, following Wednesday's
6.7101.
BONDS: The yield on the benchmark 10-year China Government Bond was last at
3.1800%, up 1.5bps from Wednesday's close, according to brokers.
STOCKS: The benchmark Shanghai Composite Index rose 0.35% to 3,101.46. Hong
Kong's Hang Seng Index fell 0.85% to 29,071.56.
FROM THE PRESS: With the Federal Reserve signalling no further rate hikes
in 2019, the PBOC has greater freedom to implement rate cuts to address domestic
concerns, said Deng Haiqing, chief economist at Wallstreet CN, in a report
published today. Although the prospect of benchmark interest rate cuts remains
uncertain, the PBOC is very likely to lower the reserve requirement ratio in
March and April, Deng added.
Infrastructure investment is expected to grow by around 7-8% in 2019,
supported by funds from the national budget which could total CNY3.21 trillion,
Luo Ding, chief construction analyst at CITIC Securities said, the Securities
Daily reported today. The government is expected to continue to invest to
improve infrastructure in key areas such as transport and water conservation,
the Daily cited Luo as saying.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com
--MNI London Bureau; +44 207-862-7489; email: ukeditorial@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
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.