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MNI China Daily Summary: Tuesday, May 30
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY37 billion via 7-day reverse repos, with the rates unchanged at 2.00%. The operation has led to a net injection of CNY35 billion after offsetting the maturity of CNY2 billion reverse repo today, according to Wind Information. The operation aims to keep banking system liquidity stable at the end of month, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 2.0650% from 1.9551%, Wind Information showed. The overnight repo average decreased to 1.2803% from 1.3567%.
YUAN: The currency weakened to 7.0901 against the dollar from 7.0787. The PBOC set the dollar-yuan central parity rate higher at 7.0818, compared with 7.0575 set on Monday.
BONDS: The yield on 10-year China Government Bonds was last at 2.7600%, down from Monday's close of 2.7675%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 0.09% to 3,224.21, while the CSI300 rose 0.10% to 3,837.75. The Hang Seng Index was up 0.24% to 18,595.78.
FROM THE PRESS: The government's plans to boost SOE involvement with emerging industries will enhance valuations and profitability, according to experts in the Securities Daily. SOEs are suited for projects involving large initial investment with long return periods, and more engagement with the emerging sector will help make them more innovative and competitive, the paper said.
Guangdong province will develop its high-quality economy through industrial transformation, according to plans released by the provincial government. Policymakers will focus on advanced manufacturing, and develop industrial clusters for integrated circuits, new energy vehicles, and clean energy storage. Traditional industries such as furniture and clothing will also benefit from policies to support upgrading. Guangdong’s plans will combine foreign trade and capital, and construct five major import zones for bulk commodities and electronic components. (21st Century Herald)
China’s pork prices will rebound in H2 as demand increases following consecutive months of industry losses according to analysts in the 21st Century Herald. However consumer demand will not be enough to bring back excess profits seen in 2022. In the near term, demand is expected to remain low, which will keep pork prices around CNY14/kg, according to one analyst.. (Source: 21st Century Herald)
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