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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, October 11
EXCLUSIVE: China will continue to face economic headwinds this year as consumption remains soft, the property sector fails to rebound and monetary and fiscal easing remains limited in its scope despite market positioning for further accommodative policies, economists and advisors told MNI.
LIQUIDITY: The People's Bank of China (PBOC) conducted CNY102 billion via 7-day reverse repo on Wednesday, with the rate unchanged at 1.80%. The operation has led to a net drain of CNY315 billion after offsetting the maturity of CNY417 billion reverse repos today, according to Wind Information.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) increased to 1.9247% from the close of 1.8684% on Tuesday, Wind Information showed. The overnight repo average rose to 1.8624% from the previous 1.8266%.
YUAN: The currency weakened to 7.2980 against the dollar from 7.2930 on Tuesday. The PBOC set the dollar-yuan central parity rate lower at 7.1779, compared with 7.1781 set on Tuesday. The fixing was estimated at 7.2841 by Bloomberg survey today.
BONDS: The yield on the 10-year China Government Bond was last at 2.7450%, up from Tuesday's close of 2.7300%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged up 0.12% to 3,078.96, while the CSI300 index increased 0.28% to 3,667.55. The Hang Seng Index rose 1.29% to 17,893.10.
FROM THE PRESS: Financial institutions should help expand and lower the threshold of automobile consumption by relaxing auto loan application conditions, reducing downpayment ratios, and extending the loan period, according to a document released by National Administration of Financial Regulation. They are also required to increase financial support to encourage new types of consumption, and reduce consumer finance costs by standardising financial service charges and setting reasonable interest rates, the document said. (Source: Shanghai Securities News)
Country Garden, China's largest private developer, warned on Tuesday it could not meet offshore debt obligations and kicked off overseas debt restructuring. The company said it will actively promote overseas debt management and formulate overall solutions in a fair manner to achieve a long-term and sustainable capital structure, as it expects liquidity to remain tight in the short- to medium-term given the sales environment has not improved significantly. Earlier, the company’s domestic bonds totaling CNY14.7 billion managed to earn a three-year extension. (Source: 21st Century Business Herald)
No new refinancing projects of listed banks have passed the final review since the securities regulator announced new rules to control large amounts of refinancing and restrict listed companies which fall on debut or fall below net-asset value to refinance in August. However, market trading price lower than NAV has always been the norm for Chinese listed banks. Regulators should lower the threshold appropriately for banks with urgent needs for capital replenishment, industry insiders said. (Source: Yicai)
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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.