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POLICY: China's GDP is forecast to slow to 5.8% in 2020 following 6.1%
growth this year, while the yuan is likely to trade about 7-7.2 against the
dollar next year, according to a report released on Wednesday by the National
Institution for Finance and Development, a policy research body under the
Chinese Academy of Social Sciences.
LIQUIDITY: The People's Bank of China (PBOC) skipped open market operations
for the sixth trading day, leaving liquidity unchanged, according to Wind
Information. The level of liquidity in the banking system is reasonable and
ample, the PBOC said.
RATES: The seven-day weighted average interbank repo rate for depository
institutions (DR007) increased to 2.6788% from Tuesday's close 2.6280%, Wind
Information showed. The overnight repo average rose to 2.5833% from 2.3573%
YUAN: The yuan weakened to 7.0160 against the dollar from Tuesday's close
of 7.0028. PBOC set the dollar-yuan central parity rate higher at 7.0026,
compared with Tuesday's 6.9988.
BONDS: The yield on 10-year China Government Bonds was last at 3.2310%,
down from the close of 3.2500% on Tuesday, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 0.33% to 2,905.24. Gold
shares rallied as investors sought less risky alternatives, while banking,
insurance and brokerage stocks lost. Hong Kong's Hang Seng Index tumbled 1.82%
to 26,571.46, dampened by escalating political unrest in Hong Kong.
FROM THE PRESS: China should use countercyclical adjustment tools more
effectively and maintain stable macro-policies, the China Securities Journal
reported citing Premier Li Keqiang in a meeting Tuesday with economists and
business people. China needs countercyclical adjustment to maintain liquidity
and reduce expectation for higher inflation and leverage, Li was cited as
saying. Structural rather than quantitative tools are more effective managing
capital flow, Li said according to the journal.
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