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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, October 26
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY424 billion via 7-day reverse repos, with the rate unchanged at 1.80%. The operation led to a CNY80 billion net injection after offsetting maturities of CNY344 billion, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 2.1278% from 2.0602%, Wind Information showed. The overnight repo average decreased to 1.6397% from 1.9474%.
YUAN: The currency weakened to 7.3182 against the dollar from 7.3150 on Wednesday. The PBOC set the dollar-yuan central parity rate lower at 7.1784, compared with 7.1785 on Wednesday. The fixing was estimated at 7.3206 by a Bloomberg survey today.
BONDS: The yield on 10-year China Government Bonds was last at 2.7300%, up from Wednesday's close of 2.7275%, according to Wind Information.
STOCKS: The Shanghai Composite Index rose 0.48% to 2,988.30 while the CSI300 index increased 0.28% to 3,514.14. The Hang Seng Index was down 0.24% to 17,044.61.
FROM THE PRESS: China’s 2024 budget deficit-to-GDP ratio may also break through the 3% red line, after issuance of CNY1 trillion of China Government Bonds pushes this year’s deficit ratio to 3.8% from the 3% set in March. A 3-3.5% deficit ratio may be enough, if policymakers set the 2024 growth target at about 5%, said Zhang Yu, chief macro analyst at Huachuang Securities. The government's decision to fix an an unscheduled increase in treasury bond issuance is not likely to set a regular precedent, as it was prompted by an unexpected shock, said Ming Ming, chief economist at CITIC Securities. (Source: 21st Century Business Herald)
China will begin several major water conservation projects in Q4, according to Chen Min, vice minister of water resources. At a press conference Chen said the Ministry of Water Resources will focus on post-disaster reconstruction and ensure 2023 investment in water conservancy exceeds 2022 levels. Dongguan Securities noted the government took the unprecedented move to announce new treasury bonds to support water management and disaster relief, and the infrastructure workload is expected to increase significantly in 2024. (Source: Yicai)
Hong Kong will cut stamp duty on stock transactions to 0.1% from 0.13%, Chief Executive John Lee Ka-chiu said in his annual policy address on Wednesday. Other measures to boost the competitiveness of Hong Kong's capital market include establishing funds to invest in projects related to the Greater Bay Area, promoting listings by overseas issuers, facilitating share repurchases, and promoting yuan-denominated transactions of Hong Kong stocks. (Source: Shanghai Securities News)
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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.