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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, March 12
EXCLUSIVE: China will purchase semiconductors from the U.S. based on market
demand, Ning Jizhe, vice chairman of the National Development and Reform
Commission, told MNI in an interview today on the sideline of the National
People's Congress. Ning was asked whether China has promised to boost purchases
of U.S. computer chips as part of the negotiations to persuade President Donald
Trump to resolve the trade war.
TRADE: China's Vice Premier and lead trade negotiator Liu He telephoned
U.S. Trade Representative Robert Lighthizer and the U.S. Secretary of the
Treasury Steven Mnuchin today discussing "crucial issues on the text" and made
arrangements for the next step, Xinhua News Agency reported.
TRADE: China will increase imports of oil and gas from the U.S., amid an
increasing number of trade facilitating measures, said Hou Qijun, deputy general
manager of China National Petroleum Corporation. Hou said he is optimistic about
the prospect of Sino-U.S. cooperation in the energy sector.
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
for the ninth trading day, leaving liquidity unchanged as no reverse repos
mature, according to Wind Information. The total liquidity in the banking system
is at a reasonable and ample level, the PBOC said.
RATE: The 7-day weighted average interbank repo rate for depository
institutions (DR007) increased to 2.5800% from Monday's close of 2.3182%,
according to Wind Information. The overnight repo average fell to 2.0000% from
2.0957% on Monday.
YUAN: The yuan appreciated to 6.7114 against the U.S. dollar from Monday's
close of 6.7251. The PBOC set the dollar-yuan central parity rate stronger at
6.7128 today, compared with 6.7202 set on Monday.
STOCKS: The benchmark Shanghai Composite Index rose 1.10% to 3,060.31. Hong
Kong's Hang Seng Index increased 1.46% to 28,920.87.
BONDS: The yield on the 10-year China Government Bond was last at 3.14%,
down 1bp from Monday's close, according to brokers.
FROM THE PRESS: The sales and prices of both new and used residential
housings nationwide are unlikely to increase amid targeted controls by local
governments, even as some cities saw small-scale recoveries, said the Economic
Information Daily today citing analysts. The housing market is likely to be
stable without sharp gains or drops after declining in the first two months, the
newspaper reported.
Banks in several cities including Shenzhen and Hangzhou continue to lower
mortgage rates, some to 5% above the benchmark lending rate, drive by the
abundant liquidity in the market, said 21st Century Business Herald. Mortgage
loans will grow faster this year to support first-time buyers, the newspaper
said citing market participants.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@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
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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.