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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.
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Free AccessMNI China Daily Summary: Wednesday, June 12
EXCLUSIVE: China’s electricity consumption growth rate will slow from a Q1 high of 9.8% y/y due to base effects, following 2023’s total 6.7% y/y increase, but will remain above GDP gains for the foreseeable future as the country's industrial-sector activity strengthens, local analysts and economists have told MNI.
BRIEF: Beijing is willing to safeguard the interests of Chinese firms when dealing with ongoing trade tensions with the EU and U.S., Ding Weishun, policy research officer at the Ministry of Commerce said.
BRIEF: China's Consumer Price Index rose by 0.3% y/y in May, flat from the previous 0.3% increase and slightly missing the market consensus of 0.4%, data from the National Bureau of Statistics showed.
LIQUIDITY: The PBOC conducted CNY125 billion via 1-year MLF and CNY2 billion via 7-day reverse repo, with the rates unchanged at 2.50% and 1.80%, respectively. The operation has led to no change to the liquidity after offsetting the CNY125 billion MLF and CNY2 billion maturity today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) decreased to 1.7961% from 1.8093%, Wind Information showed. The overnight repo average increased to 1.6848% from 1.6840%.
YUAN: The currency strengthened to 7.2537 to the dollar from 7.2541 on Tuesday. The PBOC set the dollar-yuan central parity rate lower at 7.1133, compared with 7.1135 set on Tuesday.
BONDS: The yield on 10-year China Government Bonds was last at 2.2800%, unchanged from Tuesday's close, according to Wind Information.
STOCKS: The Shanghai Composite Index increased 0.31% to 3,037.47 while the CSI300 index rose 0.03% to 3,544.12. The Hang Seng Index decreased 1.31% at 17,937.84.
FROM THE PRESS: The People's Bank of China will deepen financial supply-side reform by promoting various financial institutions to be more reasonable in scale, structure, and regional layout. Meanwhile, it will improve the market-based pricing capabilities and resilience of the bond market, give full play to the role of asset securitisation in revitalizing existing assets and enhance the stability of the money market, so to further optimise the financing structure. (Source: People’s Daily)
Shipping prices are expected to remain high over the summer peak season, following the China Export Container Freight Index (CCFI) increasing 14.3% over the past month, experts interviewed by the 21st Century Business Herald have said. Industry insiders forecast freight rates to ease after three months, as shipping firms add capacity and the short-term rush for electric vehicles and energy storage equipment cools. Freight rates have risen due to increased routes to Mexico and Latin America, alongside Red Sea disruptions and U.S. and European customers restocking, the herald noted.
China plans to reduce the use of about 32 million tons of standard coal in the steel, oil refining, ammonia, and cement industries through equipment updates from 2024 to 2025, so as to cut carbon dioxide emissions by about 84 million tons, according to the latest documents released by the National Development and Reform Commission. Meanwhile, authorities will continue with crude steel production control, and keep the national crude oil processing capacity within 1 billion tons. (Source: 21st Century Business Herald)
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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.