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Free AccessMNI China Daily Summary: Thursday, May 3
TOP NEWS: The U.S. trade delegation, led by Treasury Secretary Steven
Mnuchin, arrived in Beijing on Thursday, and will discuss trade matters with the
Chinese government today and Friday. Chinese state media said China will not
tolerate the U.S. forcing Beijing to make a deal.
LIQUIDITY: The PBOC injected CNY50 billion in 7-day reverse repos Thursday,
with the rate unchanged at 2.55%, the central bank said on its website. This
resulted in a net drain of CNY70 billion as a total of CNY120 billion reverse
repos matured today. CFETS-ICAP's money-market sentiment index closed at 43 on
Wednesday, up from 38 on Saturday.
MONEY MARKET RATES: The 7-day repo average rate fell to 2.8064% from the
2.9455% on Thursday, after the PBOC's net drain of CNY70 billion via its
open-market operations. The overnight repo average dropped to 2.6383% from
Thursday's 2.7080%.
YUAN: The yuan fell against the U.S. dollar after the PBOC set a weaker
daily fixing. The yuan fell to 6.3631 against the U.S. unit, compared with the
official closing price of 6.3602 yesterday. The PBOC set the yuan central parity
rate at 6.3732 Thursday, weaker than Wednesday's 6.3670. The central bank has
set the fixing weaker for four trading days in a row.
BONDS: The yield on benchmark 10-year China Government Bond was last at
3.6400%, down from the previous close of 3.6800%, according to Wind Information.
STOCKS: Shares rose in by Shanghai, led by securities companies on news of
China's further opening up the securities sector, with Dongxing Securities up by
more than 6%. The benchmark Shanghai Composite Index closed 0.64% higher at
3,100.86. Hong Kong's Hang Seng Index declined 1.26% to 30,335.59.
FROM THE PRESS: China's stance regarding trade negotiations with the U.S.
remains unchanged: it is open to negotiation, but will fight back if the U.S.
insists on starting a trade war, the official Xinhua News Agency said in a
commentary piece. It is good that the U.S. is sending representatives to
negotiate with Beijing, but they should be sincere and principled, and should
obey international rules, Xinhua said. The U.S. should not demand too much or
force China to make deals; negotiations should be equal and reciprocal, Xinhua
said.
The yuan is likely to further weaken if the dollar's rally continues, China
Securities Journal reported. The yuan's depreciation after the Labor Day holiday
is a reaction to the dollar's rise over the holiday, said the Journal. The
dollar strengthening was due to the Fed's optimism about the U.S. economic
outlook and inflation, while the euro's relatively weakness can be credited to
the European Central Bank's neutral tone in its April meeting, noted the
Journal, citing unidentified market participants.
The finalized WMP rules will benefit private equities and will increase
banks' business cooperation with private equities, Security Daily reported.
Previously, private equities were not allowed to cooperate with banks, and they
had to do that through other opaque channels. The finalized WMP rules allow
off-budget capital from banks to be invested in private equities, the Daily
said. The rules also encourage the innovative development of private equities,
the newspaper said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@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.