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Free AccessMNI China Daily Summary: Thursday, May 9
DATA: China's exports rose 1.5% y/y in April, beating the market consensus for a 1.3% y/y rise and far ahead of the 7.5% y/y decline seen in March, data released by Customs showed, with the rise driven mainly by recovering external demand. Imports increased 8.4% y/y during the month, outpacing market consensus for a 4.7% y/y pick up and much improved from last month's 1.9% y/y drop.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY2 billion in via 7-day reverse repos, with therates unchanged at 1.80%. The operation led to a net injection of CNY2 billion as no repos matured today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.8249% from 1.8706% on Wednesday, Wind Information showed. The overnight repo average decreased to 1.7237% from the previous 1.8389%.
YUAN: The currency strengthened to 7.2258 against the dollar, from 7.2261 at Wednesday's close. The PBOC set the dollar-yuan central parity rate higher at 7.1028, compared with 7.1016 on Wednesday. The fixing was estimated at 7.2215 by a Bloomberg survey today.
BONDS: The yield on 10-year China Government Bonds was last at 2.2995%, up from Wednesday's close of 2.2980%, according to Wind Information.
STOCKS: The Shanghai Composite Index rose 0.83% to 3,154.32, while the CSI300 index gained 0.95% to 3,664.56. The Hang Seng Index rallied 1.22% to 18,537.81.
FROM THE PRESS: Upper tier-two city Hangzhou in Eastern China said it will lift all home purchase restrictions, according to a statement by the local housing bureau. Homebuyers without property in the district where they plan to buy a house, or whose property is on the market for sale, can be considered as first-time buyers and enjoy preferential mortgage rates. Migrant workers who have obtained housing in the city can apply for local household registration, the statement said.
The Chief Economist Confidence Index reached 50.52, down from April’s 50.86 but still above 50, indicating economists remain positive. The index, compiled by the First Financial Research Institute, showed economists expect April's CPI to rise by 0.18% y/y, for PPI to contract 2.29% y/y, retail sales to gain 4.13% y/y, and for fixed-assets investment to rise 4.68% y/y, and real-estate investment to fall 9.6% y/y. Economists did not anticipate the one- and five-year LPR rates to be lower in May, and the likelihood of a RRR cut was low. However Lian Ping, president at Guangkai Chief Industrial Research Institute, said authorities could still cut rates in Q2, with the MLF potentially reduced by 10-20bp. (Source: Yicai)
China’s retail sector steadily recovered in May with the retail sentiment index (CRPI) reaching 50.9%, up 0.5pp from April, according to the China Federation of Commerce. The store occupancy rate index read 54.6%, up 2.8pp from the previous month, due to leasing activity boosting investment and business operations. The customer price level index reached 48.6%, down 0.9pp from the previous read, falling for the third three consecutive month. The sales index was 51.9%, up 1.4pp, but the profit level index fell 1.0pp to 49.8% indicating enterprises are relatively cautious about profit growth in May. (Source: CFC website)
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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.