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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, May 21
LIQUIDITY: The PBOC skipped open market operations for the fourth day,
leaving liquidity unchanged, according to Wind Information. Liquidity in the
banking system is reasonable and ample, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007) decreased to 1.2576% from Wednesday's close 1.4090%, Wind
Information showed. Overnight repo average fell to 1.0742% from 1.2085%
yesterday.
YUAN: The yuan strengthened to 7.0998 against the dollar from Wednesday's
close 7.1067. PBOC set the dollar-yuan central parity rate lower at 7.0868, down
from the 7.0956 set on Wednesday.
BONDS: The yield on 10-year China Government Bond was last at 2.3494%, down
from Wednesday's close of 2.5282%, according to Wind Information.
STOCKS: The Shanghai Composite Index lost 0.55% to 2,867.92. Hong Kong's
Hang Seng Index edged down 0.49% to 24280.03%.
FROM THE PRESS: The planned special China government bonds responding to
the virus outbreak should fund investment in specific income-generating
projects, the 21st Century Business Herald reported citing Feng Qiaobin, a
deputy director of macroeconomic research at the Development Research Centre of
the State Council. As these bonds don't count as deficit, they must correspond
to assets. An increase in the deficit-to-GDP ratio should be used to increase
payment transfers to local governments, subsidize consumption and stabilise
employment, Feng said according to the newspaper.
The People's Bank of China could accelerate the pace of interest rate cuts
in June beginning with a 10 to 20 bps cut to the medium-term lending facility,
the Economic Information Daily reported citing Wang Qing, the chief analyst at
the credit-rating agency Dongfang Jincheng. Loan prime rate may be driven down
by up to 20 bps after any MLF rate cut and a cut to the 5-year LPR, which links
to mortgage rates, would be less than 10 bps as the government cracks down on
housing speculation, Wang said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: archie.zhang@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.