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MNI China Press Digest July 15: Growth, Yuan, Stock Market

MNI (Singapore)

The following lists highlights from Chinese press reports on Thursday:

  • China must deal with the dilemma of stabilising growth while checking inflation and paying attention to imported costs to keep the economy operating within a reasonable range, Xinhua News Agency reported late Thursday citing Premier Li Keqiang. Li spoke at a meeting with economic experts and entrepreneurs. The pro-growth policy package has only been implemented for more than a month and there is still considerable room for increasing policy intensity, said Li. China should seize the window of opportunity for economic recovery, stabilise markets, employment and prices to consolidate the recovery foundation in Q3 and promote the return of economic operations to normal as soon as possible, Li was cited as saying.
  • The yuan may come under certain pressure in Q3 but likely strengthen again in Q4, the Securities Daily reported citing Wang Youxin, senior researcher at Bank of China Research Institute. Stimulated by the Fed's continued sharp rate hikes, the U.S. dollar index will still be supported in Q3, but the index may turn around in Q4 amid rising risk of U.S. economic recession, the newspaper said citing Wang. Rising cross-border capital inflows due to international investors’ increased allocation of yuan assets to diversify risks, and a stable trade surplus, will support the basic stability of the yuan, the daily cited Wang as saying.
  • Foreign investment will continue to flow into the Chinese stock market as A-shares tend to lead with economic recovery into the second half of the year, the Securities Daily reported citing major foreign financial institutions. The current sentiment in the A-share market has been significantly repaired with liquidity gradually loosening, and its downside risk is less than that of other global markets, the newspaper said citing investment officers from the above institutions. China’s recovery trend is clear and Beijing may add at least CNY1.5 trillion of incremental fiscal funds in H2, either by front-loading next year’s quota of local government special bonds, or asking state-owned enterprises to hand in more profits, the newspaper said citing economists.

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