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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.
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Free AccessMNI China Daily Summary: Tuesday, June 20
POLICY: China's Loan Prime Rate was cut on Tuesday to guide down funding costs and boost credit, according to a People's Bank of China (PBOC) statement.
POLICY: The World Economic Forum summer summit in China will focus on entrepreneurship, green energy and climate change, according to Chen Liming, chief representative officer, Greater China at the World Economic Forum.
LIQUIDITY: The PBOC conducted CNY182 billion via 7-day reverse repos, with the rates at 1.90%. The operation has led to a net injection of CNY180 billion after offsetting the maturity of CNY2 billion reverse repo today, according to Wind Information. The operation aims to keep banking system liquidity reasonable and ample, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 2.0607% from 2.0368%, Wind Information showed. The overnight repo average decreased dipped to 7.1744 against the dollar from 7.1583. The PBOC set the dollar-yuan central parity rate higher at 7.1596, compared with 7.1201 set on Monday.
BONDS: The yield on 10-year China Government Bonds was last at 2.7450%, down from Monday's close of 2.7600%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 0.47% to 3,240.36, while the CSI300 fell 0.17% to 3,924.24. The Hang Seng Index was down 1.54% to 19,607.08.
FROM THE PRESS: China plans to achieve extensive charging station coverage for new energy vehicles by 2030 across both rural and urban areas, according to guidelines issued by the State Council. Leaders said China would benefit from policy support for charging infrastructure to help carbon-emission targets and boost consumption. Authorities said China would promote the internationalisation of Chinese standards and strengthen data interconnection with electric vehicles, cities and highway travel service networks. (Source: 21st Century Herald)
China and Germany can cooperate on high quality development and cooperation to maintain industrial supply chain stability, according to Chinese Premier Li Qiang. Speaking on a recent visit to Germany, Li said cooperation should be open, inclusive and benefit both countries. In particular, firms from both sides should have opportunities for partnerships in emerging fields such as innovation, green technology and low-carbon transition. Li met with leaders from Siemens, Volkswagen and Mercedes Benz. (Source: Xinhua)
Analysts expect regulators in Hong Kong and Mainland China to expand the number of securities on the HKD-RMB dual counter, according to Yicai. Authorities have started the programme with 24 large cap companies, but will expand to smaller firms in the future. China will benefit from an acceleration of the yuan's internationalisation through the new counter. Analysts expect the programme next to allow mainland investors direct access to the Hong Kong stock market using yuan.
To read the full story
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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.