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Market News Topics
September 12, 2019 09:55 GMT
MNI China Daily Summary: Thursday, September 12
MNI (Singapore)
POLICY: Chinese companies have been permitted to restart purchases of U.S.
agricultural products, including soybeans and pork, as the two sides prepare for
the next round of trade talk, China's Ministry of Commerce said on Thursday.
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
(OMOs), leaving liquidity unchanged with no maturing reverse repos, according to
Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007) fell to 2.6383% from Wednesday's close of 2.6424%, Wind
Information showed. The overnight repo average decreased to 2.3670% from
Wednesday's 2.4494%.
YUAN: The yuan strengthened to 7.0882 against the dollar from Wednesday's
close of 7.1179. The PBOC set the dollar-yuan central parity rate lower at
7.0846, compared with 7.0843 on Wednesday.
BONDS: The yield on 10-year China Government Bonds was last at 3.13%, up
from the close of 3.0525% on Wednesday, according to Wind Information.
STOCKS: The Shanghai Composite Index closed up 0.75% to 3,031.24. Hong
Kong's Hang Seng Index edged down 0.26% to 27,087.63.
FROM THE PRESS: Vehicle sales in China fell 6.9% y/y in August while
production fell 0.5% y/y, as demand remains weak, the China Association of
Automobiles Manufacturers (CAAM) said on Thursday. The industry sold 1.96
million units in August and produced 1.99 million units.
China is strongly opposed to escalating the trade spat, and is committed to
further tax and tariff cuts to help exporters, the China Central Television
said. China would soon announce countermeasures to defend its sovereignty,
according to CCTV.
The property market in China will remain stable and there would be a
"golden" period for sales in September and October, the China Economic Times
reported on Thursday. The government keeps property policy stricter in keeping
with its stated principle of "properties are used for living rather than
speculating".
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
To read the full story
Close
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.
Sign up now for free trial access to this content.
Please enter your details below.
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.
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