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MNI China Press Digest Dec 31: PBOC, Panda Bonds, EVs

MNI picks key stories from today's China press.
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaGlobalStoryRegion

MNI (BEIJING) - Highlights from Chinese press reports on Tuesday:

  • The People's Bank of China should cut the reserve requirement ratio and interest rates in a timely way and make good use of monetary tools including open market operations to maintain ample liquidity to continuously increase support for the real economy, wrote Han Wenxiu, deputy director of the Office of the Central Financial and Economic Affairs Commission in an article published by the party-run People's Daily. It's also necessary to maintain relatively fast credit growth and lower financing costs, while stablising the currency at an equilibrium level, said Han.
  • Volume of Panda Bond issuance is likely to rise further in 2025 as the relatively low financing costs in China remains attractive to foreign investors, China Securities Journal reported, citing analysts. As of Dec 30, a total of 109 panda bonds were issued this year, totaling CNY194.8 billion, a rise of 16% and 26% y/y. The yield of active panda bonds is as high as 10%, showing great investment value against the backdrop of structural asset shortage in the domestic bond market, the newspaper said citing Bai Xue, deputy research head from Golden Credit Rating.
  • China's Ministry of Finance said the proportion of electric vehicles in the total annual official vehicle procurement should not be less than 30% in principle, China Securities Journal reported citing a statement on MOF website. The procurement ratio for EVs should be 100% for official vehicles with relatively fixed routes and single usage scenarios, and mainly operating in urban areas such as vehicles for confidential communication, the statement said. 
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MNI (BEIJING) - Highlights from Chinese press reports on Tuesday:

  • The People's Bank of China should cut the reserve requirement ratio and interest rates in a timely way and make good use of monetary tools including open market operations to maintain ample liquidity to continuously increase support for the real economy, wrote Han Wenxiu, deputy director of the Office of the Central Financial and Economic Affairs Commission in an article published by the party-run People's Daily. It's also necessary to maintain relatively fast credit growth and lower financing costs, while stablising the currency at an equilibrium level, said Han.
  • Volume of Panda Bond issuance is likely to rise further in 2025 as the relatively low financing costs in China remains attractive to foreign investors, China Securities Journal reported, citing analysts. As of Dec 30, a total of 109 panda bonds were issued this year, totaling CNY194.8 billion, a rise of 16% and 26% y/y. The yield of active panda bonds is as high as 10%, showing great investment value against the backdrop of structural asset shortage in the domestic bond market, the newspaper said citing Bai Xue, deputy research head from Golden Credit Rating.
  • China's Ministry of Finance said the proportion of electric vehicles in the total annual official vehicle procurement should not be less than 30% in principle, China Securities Journal reported citing a statement on MOF website. The procurement ratio for EVs should be 100% for official vehicles with relatively fixed routes and single usage scenarios, and mainly operating in urban areas such as vehicles for confidential communication, the statement said.