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MNI China Press Digest June 12: PBOC, Shipping Price, Emission

MNI (Singapore)
MNI (Beijing)

MNI picks key stories from today's China press

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Highlights from Chinese press reports on Wednesday:

  • The People's Bank of China will deepen financial supply-side reform by promoting various financial institutions to be more reasonable in scale, structure, and regional layout. Meanwhile, it will improve the market-based pricing capabilities and resilience of the bond market, give full play to the role of asset securitisation in revitalizing existing assets and enhance the stability of the money market, so to further optimise the financing structure. (Source: People’s Daily)
  • Shipping prices are expected to remain high over the summer peak season, following the China Export Container Freight Index (CCFI) increasing 14.3% over the past month, experts interviewed by the 21st Century Business Herald have said. Industry insiders forecast freight rates to ease after three months, as shipping firms add capacity and the short-term rush for electric vehicles and energy storage equipment cools. Freight rates have risen due to increased routes to Mexico and Latin America, alongside Red Sea disruptions and U.S. and European customers restocking, the herald noted.
  • China plans to reduce the use of about 32 million tons of standard coal in the steel, oil refining, ammonia, and cement industries through equipment updates from 2024 to 2025, so as to cut carbon dioxide emissions by about 84 million tons, according to the latest documents released by the National Development and Reform Commission. Meanwhile, authorities will continue with crude steel production control, and keep the national crude oil processing capacity within 1 billion tons. (Source: 21st Century Business Herald)
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Highlights from Chinese press reports on Wednesday:

  • The People's Bank of China will deepen financial supply-side reform by promoting various financial institutions to be more reasonable in scale, structure, and regional layout. Meanwhile, it will improve the market-based pricing capabilities and resilience of the bond market, give full play to the role of asset securitisation in revitalizing existing assets and enhance the stability of the money market, so to further optimise the financing structure. (Source: People’s Daily)
  • Shipping prices are expected to remain high over the summer peak season, following the China Export Container Freight Index (CCFI) increasing 14.3% over the past month, experts interviewed by the 21st Century Business Herald have said. Industry insiders forecast freight rates to ease after three months, as shipping firms add capacity and the short-term rush for electric vehicles and energy storage equipment cools. Freight rates have risen due to increased routes to Mexico and Latin America, alongside Red Sea disruptions and U.S. and European customers restocking, the herald noted.
  • China plans to reduce the use of about 32 million tons of standard coal in the steel, oil refining, ammonia, and cement industries through equipment updates from 2024 to 2025, so as to cut carbon dioxide emissions by about 84 million tons, according to the latest documents released by the National Development and Reform Commission. Meanwhile, authorities will continue with crude steel production control, and keep the national crude oil processing capacity within 1 billion tons. (Source: 21st Century Business Herald)