-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: PBOC Increases Gold Reserves
MNI BRIEF: Japan Q3 GDP Revised Up On Net Exports, Capex
MNI ASIA OPEN: Nov Job Gains, Fed Blackout, CPI/PPI Ahead
MNI UST Issuance Deep Dive: Dec 2024
MNI China Daily Summary: Tuesday, March 7
POLICY: Trade between China and Russia should use a currency that is safe and credible, according to China’s new Foreign Minister Qin Gang. Speaking at a press conference on Tuesday, Qin said currencies should not be used as weapons for bullying and imposing sanctions, when he responded to a reporter's question about plans to drop the U.S. dollar from its trading relationship with Russia.
DATA: China's exports dropped 6.8% in the first two months compared with the same period last year, beating the consensus forecast of a 9.0% decrease, while imports fell 10.2%, according to China Customs data released on Tuesday.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY3 billion of operations via 7-day reverse repos, with the rates unchanged at 2.00%. The operation led to a net drain of CNY478 billion after offsetting the maturity of CNY481 billion reverse repos 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 1.8823% from 1.8253% on Monday, Wind Information showed. The overnight repo average rose to 1.4231% from the previous 1.2274%.
YUAN: The currency weakened to 6.9268 against the dollar from 6.9194 on Monday. The PBOC set the dollar-yuan central parity rate higher at 6.9156, compared with 6.8956 set on Monday.
BONDS: The yield on 10-year China Government Bond was last at 2.8840%, down from Monday's close of 2.8925%, according to Wind Information.
STOCKS: The Shanghai Composite Index down 1.11% to 3,285.10, while the CSI300 index dropped 1.46% to 4,048.85. The Hang Seng Index edged down 0.33% to 20,534.48.
FROM THE PRESS: The government work report released last weekend signalled more support for the real estate sector, as Beijing seeks to tackle “hidden risks” in the housing industry, according to Yicai.com. Citing experts, the news outlet said 2023 will focus on preventing risks among high-quality developers by improving the balance sheet situation. The construction of affordable rental housing is expected to accelerate, and real estate REITs will be expanded to encourage private capital to participate in the construction of rented accommodation. In order to boost demand, mortgage interest rates will be gradually lowered, and local governments will fine tune their purchase restriction policies according to local conditions, the news outlet said.
China’s plans to join regional regional trade agreements, as set out in the recent Work Report, shows Beijing supports institutional reform and opening up, according to Zhang Jianping, Deputy Director at MOFCOM. Efforts to join the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP), and the Digital Economy Partnership Agreement (DEPA), will bring foreign investors access to markets and growth potential based on China's open development, he said. Speaking with the 21st Century Herald, Zhang said market access for foreign investment should be expanded by implementing a new foreign investment law, with efforts made to attract investment in China's modern service industry, advanced manufacturing and efficient agriculture industry.
Foreign enterprises in China can operate at ease, with generous rewards on offer for those who develop in the country, according to the nationalist paper Global Times. The Work Report delivered by Li Keqiang last Sunday signalled the private business environment would improve, with proposals to build a unified national market and improve law-based standards in keeping with international benchmarks. Recent remarks by leaders in Beijing have shown China maintains strong support for the non-public sector, with China's steady and sustainable economic growth of great significance for the world given this years global economic slowdown, the paper said.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.