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MNI China Press Digest June 23: Annual Growth, Car Sales, Yuan

MNI (Singapore)

MNI picks key stories from today's China press.

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The following lists highlights from Chinese press reports on Thursday:

  • China will step up macroeconomic policy manoeuvres, adopt more forceful measures, and strive to achieve the economic and social development goals for the whole year and minimize the impact of Covid-19, CCTV News reported citing President Xi Jinping’s keynote speech kicking off the BRICS Business Forum on Wednesday. Xi also called for strengthening macroeconomic policy coordination to prevent the slowdown, urging developed countries to pursue responsible economic policies to avoid a serious spillover impact on developing countries, Xi was cited as saying.
  • China will further unleash the potential of automobile consumption, mainly by relaxing the relocation policy of used cars to revive the second-hand car market and improving the scheme of parallel auto imports, according to a statement on the gov website following the State Council executive meeting chaired by Premier Li Keqiang on Wednesday. The government is also considering extending a purchase tax exemption for new-energy vehicles, the statement said. These measures are expected to increase auto consumption by about CNY200 billion this year, the statement added.
  • The yuan is unlikely to see another sharp depreciation against the U.S. dollar, as the dollar index has limited upward space while the Chinese economy has bottomed out, the China Securities Journal reported citing analysts. The dollar index is unlikely to break through the high range of 105 to 106 in the short-term following the Fed’s June rate hike, the newspaper said citing a report by Nanhua Futures Co. The yuan will remain basically stable at a balanced level in Q3 with increasing two-way moves, the newspaper said.
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The following lists highlights from Chinese press reports on Thursday:

  • China will step up macroeconomic policy manoeuvres, adopt more forceful measures, and strive to achieve the economic and social development goals for the whole year and minimize the impact of Covid-19, CCTV News reported citing President Xi Jinping’s keynote speech kicking off the BRICS Business Forum on Wednesday. Xi also called for strengthening macroeconomic policy coordination to prevent the slowdown, urging developed countries to pursue responsible economic policies to avoid a serious spillover impact on developing countries, Xi was cited as saying.
  • China will further unleash the potential of automobile consumption, mainly by relaxing the relocation policy of used cars to revive the second-hand car market and improving the scheme of parallel auto imports, according to a statement on the gov website following the State Council executive meeting chaired by Premier Li Keqiang on Wednesday. The government is also considering extending a purchase tax exemption for new-energy vehicles, the statement said. These measures are expected to increase auto consumption by about CNY200 billion this year, the statement added.
  • The yuan is unlikely to see another sharp depreciation against the U.S. dollar, as the dollar index has limited upward space while the Chinese economy has bottomed out, the China Securities Journal reported citing analysts. The dollar index is unlikely to break through the high range of 105 to 106 in the short-term following the Fed’s June rate hike, the newspaper said citing a report by Nanhua Futures Co. The yuan will remain basically stable at a balanced level in Q3 with increasing two-way moves, the newspaper said.