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Free AccessMNI China Daily Summary: Wednesday, February 23
LIQUIDITY: China’s interbank market is awash with liquidity following the early February Lunar New Year holiday, boosted by injections of cash from the central bank and deposits from the wider economy, the latest MNI China liquidity survey shows. The Liquidity Condition Index stood at 10.0 in February, down sharply from January’s pre-holiday 33.9, reflecting much looser conditions. It was the lowest reading since the early months of the pandemic two years ago.
LIQUIDITY: The People's Bank of China (PBOC) injected CNY200 billion via 7-day reverse repos with the rates unchanged at 2.10%. The operation has led to a net injection of CNY190 billion after offsetting the maturity of CNY10 billion repos today, according to Wind Information. The operation aims to offset the impact of tax season and maintain stable liquidity at month-end, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 2.1919% from the close of 2.1882% on Tuesday, Wind Information showed. The overnight repo average rose to 2.0492% from the previous 2.0257%.
YUAN: The currency strengthened to 6.3178 against the dollar from 6.3356 on Tuesday. The PBOC set the dollar-yuan central parity rate lower at 6.3313, compared with 6.3487 set on Tuesday.
BONDS: The yield on the 10-year China Government Bond was last at 2.8050%, down from Tuesday's close of 2.8425%, according to Wind Information.
STOCKS: The Shanghai Composite Index gained 0.93% at 3,489.15, while the CSI300 index rose 1.07% to 4,623.05. Hang Seng Index edged up 0.60% to 23,660.28.
FROM THE PRESS: The yuan increasingly appears as a safe-haven currency in the past two years, and it has enough room and resilience against possible spillover effects from the Federal Reserve’s expected rate hike, said the Securities Times in a front-page commentary. The yuan has maintained its strength amid the gradually rising U.S. dollar index since H2 2021, and become an alternative asset in the Russia-Ukraine crisis, the newspaper said. The increase in the proportion of yuan in global payment currencies will also provide strong support for the basic stability of yuan, as the proportion has increased to 3.2% in January to a four-year high, making it the fourth most active currency in the world, the newspaper said.
China will definitely stay neutral and keep its principles related to sovereign states' territorial integrity, the Global Times said citing Cui Heng, an assistant research fellow at the Center for Russian Studies of East China Normal University. China has close strategic ties with Russia, and also many investments and long-standing cooperation with Ukraine, Cui said. As the U.S. will have to focus on Europe for a few years, its "Indo-Pacific Strategy" will be reduced to an empty slogan, and the arena of fierce strategic competition will be in Europe rather than in the Indo-Pacific, the state-owned newspaper said.
China's local governments should guard against excessive easing of housing policies, pushing the real estate market back to excessive growth and returning to overly relying on real estate for economic growth, the Economic Daily said in a commentary. With local policies to stabilize the property market and improve the credit environment, the market has shown some stabilizing trends from the overall cooling since H2 2021 with home prices in some cities rebounding, the newspaper said. Any easing measures should be more targeted to meet the demand of first-time buyers while avoiding speculation, the newspaper said.
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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.