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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, June 27
POLICY: China remains on track to achieve 5% economic growth this year, according to Premier Li Qiang.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY219 billion via 7-day reverse repos on Tuesday, with the rates at 1.90%. The operation has led to a net injection of CNY37 billion after offsetting the maturity of CNY182 billion reverse repo today, according to Wind Information. The operation aims to keep banking system liquidity stable at half year end, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 1.9027% from 1.9107%, Wind Information showed. The overnight repo average decreased to 1.0842% from 1.1413%.
YUAN: The currency strenghtened to 7.2101 against the dollar from 7.2219. The PBOC set the dollar-yuan central parity rate higher at 7.2098, compared with 7.2056 set on Monday.
BONDS: The yield on 10-year China Government Bonds was last at 2.7500%, up from Monday's close of 2.7325%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 1.23% to 3,189.44, while the CSI300 rose 0.94% to 3,845.43. The Hang Seng Index was up 1.88% to 19,148.13.
FROM THE PRESS: The government will implement proactive fiscal support to bolster the economy in H2, according to Finance Minister Liu Kun. In a report delivered to the State Council, Liu said overall national finances remain in good health, with general expenditure and revenue remaining on track and within budget. For next steps, China will take measures to resolve local government debt risks and increase financial and accounting supervision. (Source: Yicai)
China’s overall power supply remains stable and under control but some small shortages are expected in some local areas, according to Xin Baoan, chairman at the State Grid Corporation of China. Speaking at the Davos forum in Tianjin, Xin said the population was demanding more electricity as the impacts of climate change became more severe. Authorities will be taking steps to optimise power usage across the grid over the next months. (Source: Wind)
China is expected to complete its 2023 special bond issuance by the end of Q3, as the government intensifies fiscal policy to help stabilise the recovery, according to Feng Lin, a senior analyst at the Research and Development Department of Dongfang Jincheng. According to Wind data, local governments have issued CNY2.1 billion of special bonds in the first five months of the year, accounting for 57% of the planned CNY3.8 trillion. Feng said issuance so far lagged behind the same period in 2022, but was faster than 2021. Authorities have used 50% of funds on infrastructure, he said. (Source: Securities Daily)
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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.