MNI China Press Digest, April 27: Yuan, Special Bonds, NPC

     BEIJING (MNI) - The following lists highlights from Chinese press reports

on Monday:

     China's timely and effective control of the coronavirus epidemic and the

accelerated resumption of production will provide fundamental support for the

stability of the yuan, according to a report in the PBOC-controlled newspaper

Financial News. Citing Guan Tao, a former official at the State Administration

of Foreign Exchange, the report said yuan assets had shown strong resilience and

had attracted long-term capital inflows in recent months. Guan said China had

ample room for macro policy manoeuvres to safeguard the stability of its

financial markets. 

     Two provinces in China have received new front-loaded quotas for

Special-Purpose Local Government Bonds with the issuance required to be

completed before the end of May, according to Yicai, citing sources. The new

front-loaded quota totalling CNY1 trillion was announced last Monday, bringing

the aggregate number for front-loaded special-purpose bonds to CNY2.29 trillion.

Mao Jie, a professor with the University of International Business and

Economics, told Yicai that the entire issuance of special-purpose bonds may

exceed CNY3.8 trillion this year, an increase of 76% on 2019. 

     The Standing Committee of the National People's Congress, China's top

legislative body, has reviewed the date for the annual NPC meeting which was

postponed in March due to the pandemic, Xinhua News Agency reports. The

committee discussed the issue on Sunday but is yet to announce a new date,

Xinhua said. The report said 123 members of the standing committee attended

on-site, while 47 attended via online video. 

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com

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