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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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Free AccessMNI China Press Digest June 28: PBOC, Liquidity, Evergrande
The following lists highlights from Chinese press reports on Tuesday:
- China’s monetary policy will continue to be accommodative to support economic recovery in the aggregate, while emphasizing the use of structural tools to support SMEs and the green transition, said Governor Yi Gang of the People’s Bank of China in an interview with China Global Television Network. The real interest rate is low after taking into account of inflation, Yi was cited as saying, noting that the current time deposit rate is 1%-2% and bank loan rate is 4%-5%. Inflation outlook is stable in China and maintaining price stability and maximising employment are the PBOC’s high priorities, said Yi.
- The PBOC will increase injections via open market operations this week to keep mid-year liquidity stable, the China Securities Journal reported citing analysts. The current liquidity in the banking system is still at a high level and increased fiscal spending and allocated local government special bonds at the month-end will help supplement the liquidity, the newspaper said citing analysts. There won’t be a large liquidity gap into July even when the tax season comes, as accelerated fiscal expenditure will help filling in any gap, the newspaper said citing analysts.
- China’s most indebted developer Evergrande faces a winding-up petition in the Hong Kong high court, involving a claim amount of about HKD862.5 million, the 21st Century Business Herald reported citing a company statement. The petition was filed by a strategic investor in the company’s housing trading unit, Fangchebao, which accounts for less than 1% of the company’s total overseas debt, while the operations of the board of directors, risk mitigation committee and management teams have not been affected, the newspaper said citing Xiao En, executive director of Evergrande. The company will object to winding-up and is expected to release a preliminary debt restructuring plan by end-July as scheduled, according to the statement.
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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.