MNI BRIEF: Aussie Wages Rise 4.1% Y/y In Q2

MNI: PBOC Net Injects CNY73.83 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1479; +0.74% Y/Y

CHINA PBOC CONDUCTS CNY385.7 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1479 TUES VS 7.1458

MNI China Daily Summary: Monday, August 12

MNI BRIEF: Japan July CGPI Rises 3.0% Y/Y, Higher Import Price

MNI: JAPAN JULY CORP GOODS PRICE INDEX +3.0% Y/Y; JUNE UNREV +2.9%

MNI: US JUL TREASURY BUDGET -$243.7B

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI China Press Digest Aug 13: Deposit Rates, Bonds, Pork

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
True

Highlights from Chinese press reports on Tuesday:

  • The banking sector could further cut deposit rates causing depositors to seek higher returns from financial management products, Securities Daily reported citing Wang Qing, analyst at Golden Credit Rating. Smaller banks have followed state-owned banks in cutting deposit rates up to 80 basis points since August, bringing medium- and long-term deposits to just over 2%, the newspaper said. The move would support banks to stabilise net interest margin and allow for loan interest rates reductions, the newspaper said, citing analysts.
  • Local government use of treasury and special treasury bonds has suffered from irregular management, delayed construction and idle funds, recent audits revealed. In Shandong province, auditors found CNY767 million of the assigned CNY31.3 billion was idle and 10 of the planned 304 projects had failed to start. Luo Zhiheng, chief economist of Yuekai Securities said authorities should ensure solid project preparation to avoid delays later and enhance supervision. (Source: Yicai)
  • Analysts expect pork prices to rise further as demand for pork increases during the peak Q3 consumption period, according to Yicai news outlet. Prices will remain high until late November given continued supply pressure, agricultural analysts said. China Pig Farming Network data showed domestic live pig prices reached 21.26 yuan/kg on Aug 12, up 23.5% year-on-year and 14.06% month-on-month, Yicai noted. However, Q2 price increases were driven by supply factors without any significant change in demand, an analyst said.
241 words

To read the full story

Close

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.

Highlights from Chinese press reports on Tuesday:

  • The banking sector could further cut deposit rates causing depositors to seek higher returns from financial management products, Securities Daily reported citing Wang Qing, analyst at Golden Credit Rating. Smaller banks have followed state-owned banks in cutting deposit rates up to 80 basis points since August, bringing medium- and long-term deposits to just over 2%, the newspaper said. The move would support banks to stabilise net interest margin and allow for loan interest rates reductions, the newspaper said, citing analysts.
  • Local government use of treasury and special treasury bonds has suffered from irregular management, delayed construction and idle funds, recent audits revealed. In Shandong province, auditors found CNY767 million of the assigned CNY31.3 billion was idle and 10 of the planned 304 projects had failed to start. Luo Zhiheng, chief economist of Yuekai Securities said authorities should ensure solid project preparation to avoid delays later and enhance supervision. (Source: Yicai)
  • Analysts expect pork prices to rise further as demand for pork increases during the peak Q3 consumption period, according to Yicai news outlet. Prices will remain high until late November given continued supply pressure, agricultural analysts said. China Pig Farming Network data showed domestic live pig prices reached 21.26 yuan/kg on Aug 12, up 23.5% year-on-year and 14.06% month-on-month, Yicai noted. However, Q2 price increases were driven by supply factors without any significant change in demand, an analyst said.