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MNI China Press Digest Aug 12: PBOC, EU WTO, NIM

MNI (BEIJING)
BEIJING (MNI)

MNI picks keys stories from today's China press

Policy NewsCentral Bank NewsPBOCHomepageAPACChinaStoryEM Policy NewsAT&T Market NewsBank of America Market NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryRegion
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Highlights from Chinese press reports on Monday:

  • Authorities’ emphasis on counter cyclical support in the latest People’s Bank of China policy report, without mentioning cross-cycle regulation, signals a stronger focus on stabilising growth in H2, said Wang Qing, chief macro analyst at Golden Credit Rating International. Officials need to lower the deposit reserve ratio by 0.5 percentage points in Q3 to meet demand from the high issuance of government bonds, Wang added. The central bank may cut the 7-day reverse repurchase rate between 0.1-0.2 pp in Q4 to support weak sectors, Wang continued. (Source: Securities Daily)
  • Beijing has started WTO dispute settlement procedures regarding the EU's temporary anti-subsidy measures on Chinese electric vehicles, according to a spokesperson at China’s Ministry of Commerce. The decision would safeguard the development of the electric vehicle industry and global green transformation cooperation, MOFCOM noted. Both parties have until Nov 2 to conduct negotiations before the EU finalises its decision, experts interviewed by Yicai said.
  • Policymakers will focus on lowering social financing costs while keeping commercial banks’ net interest margins stable, Securities Daily reported citing analysts. Banks' NIM stabilised at 1.54% in Q2, flat from Q1 as net profits reached CNY1.3 trillion in H1, up 0.4% y/y, data from the National Financial Regulatory Administration (NFRA) showed. Non-performing loans dropped to CNY3.3 trillion by end-Q2, with the NPL ratio decreasing by 0.03 percentage points from the previous quarter to 1.56%, NFRA data showed.
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Highlights from Chinese press reports on Monday:

  • Authorities’ emphasis on counter cyclical support in the latest People’s Bank of China policy report, without mentioning cross-cycle regulation, signals a stronger focus on stabilising growth in H2, said Wang Qing, chief macro analyst at Golden Credit Rating International. Officials need to lower the deposit reserve ratio by 0.5 percentage points in Q3 to meet demand from the high issuance of government bonds, Wang added. The central bank may cut the 7-day reverse repurchase rate between 0.1-0.2 pp in Q4 to support weak sectors, Wang continued. (Source: Securities Daily)
  • Beijing has started WTO dispute settlement procedures regarding the EU's temporary anti-subsidy measures on Chinese electric vehicles, according to a spokesperson at China’s Ministry of Commerce. The decision would safeguard the development of the electric vehicle industry and global green transformation cooperation, MOFCOM noted. Both parties have until Nov 2 to conduct negotiations before the EU finalises its decision, experts interviewed by Yicai said.
  • Policymakers will focus on lowering social financing costs while keeping commercial banks’ net interest margins stable, Securities Daily reported citing analysts. Banks' NIM stabilised at 1.54% in Q2, flat from Q1 as net profits reached CNY1.3 trillion in H1, up 0.4% y/y, data from the National Financial Regulatory Administration (NFRA) showed. Non-performing loans dropped to CNY3.3 trillion by end-Q2, with the NPL ratio decreasing by 0.03 percentage points from the previous quarter to 1.56%, NFRA data showed.