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MNI China Daily Summary: Thursday, September 12-Update

MNI (Beijing)
-Updates 10-Year CGB Rate in Fifth Graph
     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 at 3.0750%, 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; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
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