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Free AccessMNI China Daily Summary: Wednesday, January 3
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY14 billion via 7-day reverse repo, with the rates unchanged at 1.80%. The reverse repo operation has led to a net drain of CNY558 billion reverse repos after offsetting CNY572 billion maturity today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 1.7706% from the close of 1.7640% on Tuesday, Wind Information showed. The overnight repo average rose to 1.5767% from 1.5611%.
YUAN: The currency weakened to 7.1434 against the dollar from 7.1320 on Tuesday. The PBOC set the dollar-yuan central parity rate higher at 7.1002, compared with 7.0770 set on Tuesday. The fixing was estimated at 7.1467 by Bloomberg survey today.
BONDS: The yield on the 10-year China Government Bond was last at 2.6000%, down from Tuesday's close of 2.6050%, according to Wind Information.
STOCKS: The Shanghai Composite Index rose 0.17% to 2,967.25, while the CSI300 index edged down 0.24% to 3,378.30. The Hang Seng Index lost 0.85% to 16,646.41.
FROM THE PRESS: The PBOC made CNY350 billion in loans to policy banks through its pledged supplementary lending (PSL) facility in December, according to a statement on its website Tuesday which did not specify the use of the loans. The market expects PSLs may be used to support the construction of "three major projects", namely affordable housings, urban village renovation and pubic infrastructure, which requires large amounts of medium and long-term low-cost funds. Ming Ming, chief economist at CITIC Securities estimated the scale may expand further. The PSL interest rate is 2.4%, 10bp lower than the one-year Medium-term Lending Facility rate. The programme, created in 2014, was mainly used to support shanty-town renovation between 2015-2018. Outstanding PSL loans were at CNY3.25 trillion by end-Dec, PBOC said. (Source: Yicai.com)
Developers will face higher debt repayment pressure in 2024, as the financing scale of real-estate companies shrinks for the third consecutive year, Yicai.com reported. Despite repeated support pledged by authorities and loose financing policies, the total new financing of typical developers fell by 28% y/y throughout 2023, compared to the 34% and 24% declines in 2022 and 2021, according to data by China Real Estate Information Corporation. The total principal amount of domestic and overseas bonds due in 2024 will reach CNY737.3 billion, a rise of 11.3% from 2023, data by Fitch Ratings showed. There is a risk of defaulting for a second time given the disappointing financing and sales, Yicai reported, citing analysts.
The National Development and Reform Commission will accelerate the legislative process of the Private Economy Promotion Law and improve multi-level communications with private enterprises, said NDRC Director Zheng Shanjie at a meeting in Jinjiang city on Tuesday. The NDRC will strengthen project promotion and encourage more private capital to participate in the construction of major national projects. It will also improve indicators to monitor the situation of the private economy, according to Zheng. (Source: 21st Century Business Herald)
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Why MNI
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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.