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MNI China Press Digest Jan 3:RRR Cut Mooted, Yuan, Consumption

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

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

  • The People’s Bank of China may cut the reserve requirement ratio in Q1 by about 0.5 percentage points to release CNY1 trillion, to help ease banks’ pressure on increasing deposits and support their credit supply, Yicai.com reported citing Wang Qing, analyst at Golden Credit Rating. The reason why PBOC skipped an RRR cut in December is that it had injected a total CNY2 trillion medium- and long-term liquidity into the banking system via CNY1.4 trillion of outright reverse repos, CNY300 billion of net purchase of treasuries, and CNY300 billion of medium-term lending facility (MLF), far exceeding the maturity of CNY1.45 trillion MLF, the newspaper said.
  • The yuan is likely to remain basically stable at an equilibrium level in 2025, supported by the country’s good economic fundamentals, exchange rate management tools and improved resilience of its forex market, China Securities Journal reported citing Wen Bin, chief economist of Minsheng Bank. The pending forex settlement accumulated by Chinese exporters will also help to stabilize the yuan, the newspaper said citing Lu Zhe, chief economist of Soochow Securities.
  • China will further increase funding support for the consumer trade-in scheme which encourages the replacement of whitegoods, and expand the scheme to include various types of goods, Xinhua News Agency reported citing Premier Li Qiang. It is necessary to optimise and provide one-stop services for recycling old products and installing new products to facilitate consumption, Li added.
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MNI (LONDON)

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

  • The People’s Bank of China may cut the reserve requirement ratio in Q1 by about 0.5 percentage points to release CNY1 trillion, to help ease banks’ pressure on increasing deposits and support their credit supply, Yicai.com reported citing Wang Qing, analyst at Golden Credit Rating. The reason why PBOC skipped an RRR cut in December is that it had injected a total CNY2 trillion medium- and long-term liquidity into the banking system via CNY1.4 trillion of outright reverse repos, CNY300 billion of net purchase of treasuries, and CNY300 billion of medium-term lending facility (MLF), far exceeding the maturity of CNY1.45 trillion MLF, the newspaper said.
  • The yuan is likely to remain basically stable at an equilibrium level in 2025, supported by the country’s good economic fundamentals, exchange rate management tools and improved resilience of its forex market, China Securities Journal reported citing Wen Bin, chief economist of Minsheng Bank. The pending forex settlement accumulated by Chinese exporters will also help to stabilize the yuan, the newspaper said citing Lu Zhe, chief economist of Soochow Securities.
  • China will further increase funding support for the consumer trade-in scheme which encourages the replacement of whitegoods, and expand the scheme to include various types of goods, Xinhua News Agency reported citing Premier Li Qiang. It is necessary to optimise and provide one-stop services for recycling old products and installing new products to facilitate consumption, Li added.