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MNI China Press Digest Jan 6: PBOC Bills, Yuan, Capital Market

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 Monday:

  • The People’s Bank of China plans to issue additional offshore central bank bills in Hong Kong in January, so to increase the supply and meet the strong demand for high-grade yuan bonds from overseas investors, Yicai.com reported citing sources close to the PBOC. The scale is expected to far exceed the largest single issuance in the past, and the timing also shows the PBOC’s determination to maintain a stable exchange rate, the newspaper said.
  • The PBOC has sent a clearer and stronger signal on stabilising the yuan in its Q4 monetary policy meeting, emphasising “strengthening market management” whilst deleting “enhancing exchange rate flexibility” which appeared in its Q3 meeting, PBOC-run newspaper Financial News reported. The PBOC showed determination to maintain yuan stability by restoring its previous “three resolutes” statement, meaning to resolutely deal with market order-disrupting behaviors, prevent the formation of unilateral expectations and their self-realisation, as well as guard against the risk of exchange rate overshooting, the newspaper said.
  • The Shenzhen Stock Exchange said it will further deepen capital market reform and improve the quality of listed companies, hoping foreign investors will strengthen confidence and adhere to long-termism, Economic Information Daily reported. The Shanghai Stock Exchange said China’s economic fundamentals have shown strong resilience in a complex international environment with a package of additional policies strengthening the upward trend, which provides favorable conditions for deepening market reform, the paper said.
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MNI (BEIJING) - Highlights from Chinese press reports on Monday:

  • The People’s Bank of China plans to issue additional offshore central bank bills in Hong Kong in January, so to increase the supply and meet the strong demand for high-grade yuan bonds from overseas investors, Yicai.com reported citing sources close to the PBOC. The scale is expected to far exceed the largest single issuance in the past, and the timing also shows the PBOC’s determination to maintain a stable exchange rate, the newspaper said.
  • The PBOC has sent a clearer and stronger signal on stabilising the yuan in its Q4 monetary policy meeting, emphasising “strengthening market management” whilst deleting “enhancing exchange rate flexibility” which appeared in its Q3 meeting, PBOC-run newspaper Financial News reported. The PBOC showed determination to maintain yuan stability by restoring its previous “three resolutes” statement, meaning to resolutely deal with market order-disrupting behaviors, prevent the formation of unilateral expectations and their self-realisation, as well as guard against the risk of exchange rate overshooting, the newspaper said.
  • The Shenzhen Stock Exchange said it will further deepen capital market reform and improve the quality of listed companies, hoping foreign investors will strengthen confidence and adhere to long-termism, Economic Information Daily reported. The Shanghai Stock Exchange said China’s economic fundamentals have shown strong resilience in a complex international environment with a package of additional policies strengthening the upward trend, which provides favorable conditions for deepening market reform, the paper said.