DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI China Press Digest June 28: PBOC, Liquidity, Evergrande

MNI (Singapore)

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.
Policy NewsHomepageAPACChinaPolicy StoryStoryRegion
True
Policy NewsHomepageAPACChinaPolicy StoryStoryRegion
True

To read the full story

Close

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.