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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.
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Free AccessMNI US MARKETS ANALYSIS - AUD/JPY Finds Bottom on China News
MNI US OPEN - PBOC Makes First Major Policy Tweak Since 2011
MNI China Daily Summary: Wednesday, March 4
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
for the 12th day, leaving liquidity unchanged, according to Wind Information.
Liquidity in the banking system is reasonable and ample, PBOC said on its
website.
RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007) decreased to 1.8844% from Tuesday's close 1.9624%, Wind
Information showed. Overnight repo average fell to 1.4578% from 1.6036%
yesterday.
YUAN: The yuan strengthened to 6.9331 against the dollar from Tuesday's
close 6.9808. PBOC set the dollar-yuan central parity rate lower at 6.9514 on
Wednesday compared with 6.9516 on Tuesday.
BONDS: The yield on 10-year China Government Bonds was last at 2.7125%,
down from Tuesday's close of 2.7850%, according to Wind Information.
STOCKS: The Shanghai Composite Index gained 0.63% to 3,011.67. Hong Kong's
Hang Seng Index lost 0.24% to 26,222.07.
FROM THE PRESS: China should lower policy interest rates following rate
cuts by other major central banks including the Federal Reserve, the China
Securities Journal said in a commentary. The PBOC could possibly lower policy
rates this month as current money market rates are already lower than the policy
rates, the commentary said.
The PBOC is likely to increase the quotas for refinancing and rediscounting
amid the coronavirus, the Economic Information Daily reported citing Wang Qing,
chief macroeconomic analyst at credit rating agency Dongfang Jincheng. Overall
monetary easing is still needed in addition to targeted tools supporting small
businesses as the government aims to stabilize employment and achieve its growth
target, the newspaper said citing Ming Ming, chief fixed-income analyst at CITIC
Securities.
China's infrastructure investment will be on technology such as 5G and
cloud-computing rather than traditional infrastructure around railways, roads
and airports, the Shanghai Securities News said in a front page commentary. This
technology infrastructure can stabilize the economy and unlock consumption, the
newspaper added.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
To read the full story
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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.