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MNI China Daily Summary: Wednesday, September 4

MNI (BEIJING) - EXCLUSIVE: There are calls for the People’s Bank of China to expand the CNY300 billion relending facility and lower its interest rate to about 1%, well below current rental yields, to accelerate de-stocking and revive the housing market, advisors and analysts told MNI, noting this would be more effective than plans to allow local governments to use special-bond proceeds to buy unsold housing. 

LIQUIDITY: The People's Bank of China (PBOC) conducted CNY0.7 billion via 7-day reverse repos, with the rate unchanged at 1.70%. The operation led to a net drain of CNY276.6 billion after offsetting maturities of CNY277.3 billion, according to Wind Information.

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MNI (BEIJING) - EXCLUSIVE: There are calls for the People’s Bank of China to expand the CNY300 billion relending facility and lower its interest rate to about 1%, well below current rental yields, to accelerate de-stocking and revive the housing market, advisors and analysts told MNI, noting this would be more effective than plans to allow local governments to use special-bond proceeds to buy unsold housing. 

LIQUIDITY: The People's Bank of China (PBOC) conducted CNY0.7 billion via 7-day reverse repos, with the rate unchanged at 1.70%. The operation led to a net drain of CNY276.6 billion after offsetting maturities of CNY277.3 billion, according to Wind Information.

Keep reading...Show less