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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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Global Macro
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Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
MNI China Press Digest Jan 5: Growth, Deposit Rates, Housing
Highlights from Chinese press reports on Friday:
- Final consumption and net export will contribute less to GDP growth in 2024 than 2023, and will require double-digit growth in infrastructure investment to help achieve a 5% GDP, said Yu Yongding, an academic at the Chinese Academy of Social Sciences. Macro policy should aim to raise the fiscal deficit ratio significantly and increase the scale of China Government Bond issuance to provide sufficient funds for infrastructure construction, said Yu. The deficit rate should rise to 4-5% given low inflation, if enough project reserves exist, Yu added. Authorities can ease monetary policy further to stimulate demand and support government bond sales. (Source: China Finance 40 Forum)
- Banks will likely continue to lower the deposit rates to offset the squeeze on asset-side pricing caused by reductions in existing mortgage rates and resolving local-government implicit debts, said Wang Yifeng, chief banking analyst at Everbright Securities. The latest round of deposit interest-rate cuts will have limited impact on bank liability costs in 2024 and the upper limit of deposit rate self-discipline may be lowered in Q1, Wang said. Many small- and medium-sized banks have begun to follow major state-owned bank deposit-rate cuts, ranging from 5-45bp, since 2024. (Source: Yicai.com)
- First-tier cities still have considerable room to relax housing policies including purchase restrictions and loan limits, and new home sales will continue to increase steadily in 2024 with increasing high-quality housing supply providing some support, according to the China Index Academy. Some second-tier cities may see the housing markets stabilise at the bottom, but new home sales in third- and fourth-tier cities are likely to keep falling amid bearish sentiment and the lack of effective policies. (Source: Yicai.com)
To read the full story
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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.