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MNI China Press Digest Dec 5: U.S. Finance, Yuan, Retaliation

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Thursday:

  • American financial firms can play a greater role in developing healthy Sino-U.S. relations, He Lifeng, vice premier of the People's Republic of China, told John Waldron, President and COO at Goldman Sachs Group, adding that China will deepen reforms and expand high-level opening to the outside world. Beijing welcomes more U.S. financial institutions and long-term capital to deepen cooperation with China, He added. (Source: Yicai)
  • The yuan’s recent sharp decline is unsustainable given improved Q4 growth, additional policies for boosting domestic demand and promoting price recovery and the property sector, Shanghai Securities News reported, citing Wang Qing, analyst at Golden Credit Rating. The 10-year treasury-bond yield fell below 2% this week, the lowest since 2002, further deepening the China-U.S. interest spread, while yuan depreciation pressure could increase should the yield continue downward, the newspaper said, citing Gao Ruidong, chief macroeconomist at Everbright Securities.
  • Policymakers may be forced to disregard economic logic and retaliate against high tariffs to appease public demand for a response, Caixin reported, citing Yi Gang, former governor of the People’s Bank of China. Economists and advisors should continue advocating the benefits of free trade which improves global growth and household welfare, Yi added.
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Highlights from Chinese press reports on Thursday:

  • American financial firms can play a greater role in developing healthy Sino-U.S. relations, He Lifeng, vice premier of the People's Republic of China, told John Waldron, President and COO at Goldman Sachs Group, adding that China will deepen reforms and expand high-level opening to the outside world. Beijing welcomes more U.S. financial institutions and long-term capital to deepen cooperation with China, He added. (Source: Yicai)
  • The yuan’s recent sharp decline is unsustainable given improved Q4 growth, additional policies for boosting domestic demand and promoting price recovery and the property sector, Shanghai Securities News reported, citing Wang Qing, analyst at Golden Credit Rating. The 10-year treasury-bond yield fell below 2% this week, the lowest since 2002, further deepening the China-U.S. interest spread, while yuan depreciation pressure could increase should the yield continue downward, the newspaper said, citing Gao Ruidong, chief macroeconomist at Everbright Securities.
  • Policymakers may be forced to disregard economic logic and retaliate against high tariffs to appease public demand for a response, Caixin reported, citing Yi Gang, former governor of the People’s Bank of China. Economists and advisors should continue advocating the benefits of free trade which improves global growth and household welfare, Yi added.