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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: Tuesday, January 2
DATA: China's Caixin manufacturing PMI rose slightly by 0.1 points to register 50.8 in December from November, staying in the expansionary zone above the breakeven 50 mark for the second consecutive month and hitting a four-month high, the financial publisher said.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY137 billion via 7-day reverse repo, with the rates unchanged at 1.80%. The reverse repo operation has led to a net drain of CNY869 billion reverse repos after offsetting CNY1.006 trillion maturity today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 1.7640% from 2.4264%, Wind Information showed. The overnight repo average rose to 1.5611% from 1.3397%.
YUAN: The currency weakened to 7.1320 against the dollar from the previous 7.0920. The PBOC set the dollar-yuan central parity rate lower at 7.0770 on the first trading day in 2024, compared with 7.0827 set on last trading day in 2023. The fixing was estimated at 7.0962 by Bloomberg survey today.
BONDS: The yield on 10-year China Government Bonds was last at 2.6050%, up from the previous close of 2.5950%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 0.43% to 2,962.28, while the CSI300 lost 1.30% to 3,386.35. The Hang Seng Index fell 1.52% to 16,788.55.
FROM THE PRESS: China’s export growth may grow 3% in 2024 after ending six months of decline in November, as the U.S. inventory cycle bottoms and the purchasing power in the Eurozone and emerging markets restores amid the weaker U.S. dollar should the Federal Reserve cut interest rates, Securities Daily reported citing analysts. Fixed-asset investment may reach about 5% in 2024, from the current level of 2.9% in the first eleven months, as manufacturing investment accelerates due to recovering demand, prices and profits and lower inventory, said Wen Bin, chief economist at China Minsheng Bank. Retail sales growth, however, may remain flat in Q1 due to the high base effect for the same period last year and low levels of PPI and y/y CPI growth.
The number of domestic trips during the three-day New Year’s holiday rose 155.3% y/y to reach 135 million, an increase of 9.4% over the same period in 2019, according to data by the Ministry of Culture and Tourism. The tourism revenue totaled CNY79.73 billion, rising 200.7% y/y or 5.6% compared to the pre-pandemic level. Elderly people, rural residents and residents of smaller cities are more willing to travel, the Ministry said on a Weibo post.
The National Development and Reform Commission will intensify macroeconomic policy, especially counter-cyclical and cross-cyclical adjustments, and strengthen policy coordination between fiscal, monetary, employment, industry, investment, consumption, price, regional, science and technology, and environmental protection, according to an article on the party-run magazine Qiushi. It will deepen the reform of state-owned enterprises, and legalise fair treatment of SOEs and private enterprises to promote the growth of the private economy, the NDRC 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.