MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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MNI China Press Digest April 2: Property, Yuan, Holiday Trips

MNI (BEIJING)
BEIJING (MNI)

MNI picks key stories from today's China press

Policy NewsHomepageAPACChinaEM Policy NewsEM Policy StoryPolicy StoryStoryRegion
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Highlights from Chinese press reports on Tuesday:

  • Upper tier-two city Zhengzhou will allow the local government financing vehicle Zhengzhou Urban Development Group the right to purchase established housing to support residents in “selling old buy new,” Yicai.com reported. The company plans to buy and transform commercial property less than 20 years old into affordable rental housing. The government will also offer a 30% tax subsidy for persons who replace current property with new homes. The city plans to complete the replacement of 10,000 second-hand houses this year to activate demand.
  • The Yuan will be supported by economic fundamentals should data continue an upward trend from the start of this year, according to Guan Tao, former director of international payment department at the State Administration of Foreign Exchange. Guan said Jan-Feb results showed supply and demand were better balanced, and noted PMI for new export orders reached 51.3% indicating strong external demand. When analysing the Yuan FX rate, investors should not only look at Fed policy, but also consider the speed and quality of China’s economic performance, he added. (Source: Yicai)
  • The government expects China’s cross border passenger flows during Tomb Sweeping Day holiday will reach 1.78 million, up 74.5% y/y, according to a forecast by the National Immigration Administration. In particular, analysts expect a significant increase in residents from Hong Kong, Macao and Taiwan returning to hometowns for ancestor worship. In preparation a large volume of travellers, the administration has instructed border agencies to improve the timely release of passenger flows at border control. (Source: 21st Century Business Herald)
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Highlights from Chinese press reports on Tuesday:

  • Upper tier-two city Zhengzhou will allow the local government financing vehicle Zhengzhou Urban Development Group the right to purchase established housing to support residents in “selling old buy new,” Yicai.com reported. The company plans to buy and transform commercial property less than 20 years old into affordable rental housing. The government will also offer a 30% tax subsidy for persons who replace current property with new homes. The city plans to complete the replacement of 10,000 second-hand houses this year to activate demand.
  • The Yuan will be supported by economic fundamentals should data continue an upward trend from the start of this year, according to Guan Tao, former director of international payment department at the State Administration of Foreign Exchange. Guan said Jan-Feb results showed supply and demand were better balanced, and noted PMI for new export orders reached 51.3% indicating strong external demand. When analysing the Yuan FX rate, investors should not only look at Fed policy, but also consider the speed and quality of China’s economic performance, he added. (Source: Yicai)
  • The government expects China’s cross border passenger flows during Tomb Sweeping Day holiday will reach 1.78 million, up 74.5% y/y, according to a forecast by the National Immigration Administration. In particular, analysts expect a significant increase in residents from Hong Kong, Macao and Taiwan returning to hometowns for ancestor worship. In preparation a large volume of travellers, the administration has instructed border agencies to improve the timely release of passenger flows at border control. (Source: 21st Century Business Herald)