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Free AccessMNI China Daily Summary: Tuesday, March 26
TOP NEWS: China is the ninth most competitive economy in Asia for the sixth
year, according to an official report released at the Boao Forum, which kicked
off its annual meeting today in Hainan, China. South Korea and Taiwan took the
top two spots held by Singapore and Hong Kong last year, according to the report
covering 37 economies in the Asia Pacific region.
DATA: The total assets of banking and financial institutions in China stood
at CNY265.99 trillion by end-Feb, a rise of 7.1% y/y, with total liabilities
CNY243.95 trillion, an increase of 6.7% y/y, the Securities Times reported
citing data released by China Banking and Insurance Regulatory Commission.
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
for the fifth trading day, resulting in a net drain of CNY50 billion as the same
amount of reverse repos matured, according to Wind Information. Total liquidity
in the banking system is at a reasonable and ample level, according to the PBOC.
RATE: The 7-day weighted average interbank repo rate for depository
institutions (DR007) decreased to 2.5000% from Monday's close of 2.7246%,
according to Wind Information. The overnight repo average fell to 2.3000% from
2.5383% on Monday.
YUAN: The yuan weakened to 6.7129 against the U.S. dollar from Monday's
close of 6.7112. The PBOC set the dollar-yuan central parity rate at 6.7042
today, compared with 6.7098 set on Monday.
STOCKS: The benchmark Shanghai Composite Index fell 1.51% to 2,997.1, as
market sentiment soured on caution ahead of the coming Sino-U.S. trade talks.
Defense stocks led the drop, with serval major military industrial shares
declining by more than 9%, Wind Information said. Hong Kong's Hang Seng Index
increased 0.15% to 28,566.91.
BONDS: The yield on the 10-year China Government Bond was last at 3.095%,
down 2.5 bps from Monday's close, according to brokers. The yield extended its
slide into a third trading day.
FROM THE PRESS: A planned reduction in the social security contribution by
companies is expected to lower contributions by CNY800 billion, the Securities
Daily reported today. The social security contribution, set to decline to 16%
from 20% on May 1, will reduce employers' costs and boost jobs, the newspaper
reported citing Zhang Yiqun, a researcher at the Society of Public Finance of
China which is affiliated with the Ministry of Finance.
China will respond to downward economic pressure through cuts in taxes and
fees rather than expanding the fiscal deficit and loosening monetary policy,
China Securities Daily reported citing Premier Li Keqiang. China will open up
and stimulate the domestic market to keep growth in a reasonable and healthy
range, Li was cited as saying.
The limited downside of the dollar combined with slower Chinese growth will
prevent the yuan from further appreciation, the China Securities Journal said in
a commentary. The yuan is likely to stay stable this year with little chance for
a one-way move, the newspaper said.
--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.