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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, November 11
EXCLUSIVE: Green lending will spur trillions of yuan in credit expansion as the People's Bank of China uses a new policy tool to meet the long-term national goal of a pivot to a green economy, but the launch of the tool is also expected to reduce the short-term need for a reserve requirement ratio cut, policy advisors and market analysts told MNI.
POLICY: China's Communist Party will continue pushing for high-quality development, deepen reform and opening-up, promote common prosperity and strengthen the power in technology as the country faces a "new development pattern", according to the communique of the 6th plenum of the 19th CPC Central Committee.
LIQUIDITY: The PBOC injected CNY100 billion via 7-day reverse repos with the rates unchanged at 2.2%. The operation led to a net injection of CNY50 billion after offsetting the maturity of CNY50 billion reverse repos today, according to Wind Information. The operation aims to keep liquidity reasonable and ample, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 2.0980% from 2.1051% on Wednesday, Wind Information showed. The overnight repo average rose to 1.8683% from the previous 1.8319%.
YUAN: The currency weakened to 6.4048 against the dollar from 6.3915 on Wednesday. The PBOC set the dollar-yuan central parity rate higher at 6.4145, compared with the 6.3948 set on Wednesday.
BONDS: The yield on 10-year China Government Bond was last at 2.9500%, up from Wednesday's close of 2.9200%, according to Wind Information.
STOCKS: The Shanghai Composite Index rallied 1.15% to 3,532.79, while the CSI300 index rose 1.61% to 4,898.65. Hang Seng Index gained 1.01% to 25,247.99.
FROM THE PRESS: China's CPI and PPI may stay elevated through the yearend, though further surges are also not likely, the 21st Century Business Herald reported citing analysts. Food prices may gain by rebounding pork prices, while higher raw material costs may lift consumer product prices and service prices may moderately recover, the newspaper said citing Wen Bin, chief researcher of Minsheng Bank. The surge in PPI may be tamed in the next two months as policies to stabilize commodity prices kick in and the global supply chain gradually improves, the newspaper said analysts. CPI snapped declines in the past four months to rise 1.5% y/y in October, while PPI rose to over 26-year-high of 13.5%, with the CPI-PPI gap further expanding to a new record high of 12%.
China should consider relaxing home purchase limits in some areas and lowering mortgage interest rates to first-time homebuyers, so as to gradually restore market confidence, as a sudden drop in prices threatens the financial system, the 21st Century Business Herald reported citing comments made by unidentified bank presidents in internal meetings. By Oct. 31, the balance of housing loans was CNY37.7 trillion, up by CNY348.1 billion from September, and the incremental gain was CNY101.3 billion more than September's, the newspaper said citing housing loan data that was separately disclosed for the first time, which the newspaper said was a strong message sent by the central bank. The improvement indicated residents' willingness to buy houses has grown following the marginal easing of lending policy in some cities, the newspaper cited analysts as saying.
China will promote "comprehensive green transformation" and implement strategies responding to climate change, and reach its carbon-peak and carbon-neutrality goals on schedule, President Xi Jinping told the APEC business leaders forum on Thursday. China will promote reform and opening, and provide better assurance for global businesses investing in China, Xi said. The APEC region should not return to confrontation and division as seen in the Cold War era, said Xi.
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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.