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EXCLUSIVE: The U.S. may send officials to China for talks in order to
clinch a phase-one preliminary trade deal by the end of the year, a senior
advisor to China's cabinet told MNI, adding that the main issue to be resolved
was whether the U.S. would roll back tariffs. "Other issues are almost settled,"
Wang Huiyao, the founder and president of the Center for China and Globalization
in Beijing, said in an interview on Wednesday. "We are now waiting for Trump to
decide whether some tariffs will be removed," he said.
POLICY: China will continue to increase the imports of meat and sell
supplies from government reserves to ease a pork shortage and meet rising demand
ahead of the Chinese New Year in late January, spokesman Gao Feng of the
Ministry of Commerce said at a briefing today.
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
for the seventh day, leaving liquidity unchanged as no reverse repos mature
today, according to Wind Information. The total liquidity in the banking system
is reasonable and ample, PBOC said.
RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007) rose to 2.5962% from Wednesday's close of 2.5041%, Wind
Information showed. The overnight repo average fell to 2.0609% from Wednesday's
YUAN: The yuan weakened to 7.0328 against the dollar from Wednesday's close
of 7.0260. PBOC set its central parity rate lower at 7.0271, the strongest in
five days, against Wednesday's 7.0349.
BONDS: The yield on 10-year China Government Bond was last at 3.175%, down
from the close of 3.1850% on Wednesday, according to Wind Information.
STOCKS: The benchmark Shanghai Composite Index lost 0.47% to 2,889.69, as
steel, metal and cement stocks fell. Hong Kong's Hang Seng Index decreased 0.22%
FROM THE PRESS: China moved to tighten regulations on capital for
infrastructure projects, stipulating that borrowed funds and shareholder loans
should not be used as project capital, Xinhua News Agency reported citing a
document released by the State Council late Thursday. Raising capital for
investment projects should not increase the hidden debts of local government or
violate requirements on the asset-liability ratio of state-owned enterprises,
according to the document.
The PBOC does not need to tighten monetary policy despite surging CPI, its
own newspaper Financial News reported citing Ming Ming, an analyst with Citic
Securities. China's CPI may peak in Q1, and the current inflation, driven by
high pork prices, isn't likely to lead to broad inflation as the money supply
stays stable, the newspaper said citing Wang Jingwen, an analyst with Mingsheng
The government should keep the real estate market stable and manage
expectations for housing prices, according to a commentary published in the
China Securities Journal. Tight controls over speculation in the real estate
market should be maintained, and the government should also prevent a sudden
drop in prices, the newspaper said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: firstname.lastname@example.org
--MNI Beijing Bureau; +86 10 8532 5998; email: email@example.com