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Free AccessMNI China Daily Summary: Thursday, November 18
LIQUIDITY: The People's Bank of China (PBOC) injected CNY50 billion via 7-day reverse repos with the rates unchanged at 2.2% on Thursday. The operation has led to a net drain of CNY50 billion after offsetting the maturity of CNY100 billion 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 2.1524% from 2.1785% on Wednesday, Wind Information showed. The overnight repo average fell to 1.9359% from the previous 2.1542%.
YUAN: The currency strengthened to 6.3809 against the dollar from 6.3817 on Wednesday. The PBOC set the dollar-yuan central parity rate lower at 6.3803, compared with the 6.3935 set on Wednesday.
BONDS: The yield on 10-year China Government Bond was last at 2.9250%, down from Wednesday's close of 2.9340%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 0.47% to 3,520.71, while the CSI300 index decreased 0.99% to 4,837.62. Hang Seng Index fell 1.29% to 25,319.72.
FROM THE PRESS: The virtual meeting between Presidents Xi Jinping and Joe Biden on Nov. 16 was "frank, constructive, substantive and fruitful," and increased the world's positive expectations for China-U.S. relations development, the Communist Party's People' Daily said in an official editorial. The two countries must stick to a bottom line of avoiding conflict and opposition, the newspaper said. The U.S. should clearly implement its promise of not supporting Taiwan's independence, the newspaper said.
China's move on Wednesday to set up a CNY200 billion special relending facility to support the clean and efficient use of coal will add to in total CNY2 trillion of capital support from commercial banks toward clean energy projects, the Global Times reported citing experts. The relending facility, in addition to previous financial lending tools to support carbon emissions cuts, will focus on supporting clean coal, including green and smart exploitation as well as efficient usage, the newspaper said citing the State Council executive meeting chaired by Premier Li Keqiang. National banks will issue preferential loans to such projects, while the central bank will provide relending based on the size of the principal, the newspaper said.
The Chinese yuan will continue to strengthen in the longer run, and the U.S.'s possible move to lower some tariffs will help to further expand China's exports to the U.S. and promote the appreciation of yuan against the dollar, wrote Peng Bo, a deputy researcher at CAITEC, a think tank affiliated with the Ministry of Commerce in a commentary run by the 21st Century Busines Herald. China will allow a stronger yuan as it can help offset the pressure of imported inflation, Peng wrote. On Wednesday, the onshore yuan strengthened above 6.37 against the U.S. to the highest level since Jun1, even amid a rising dollar index, due to China's strong exports and increased demand for foreign exchange settlement, Peng said.
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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.