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MNI China Press Digest March 07: Pork, Digital RMB, Exports
Highlights from Chinese press reports on Friday:
- Pork prices will remain subdued into April as strong supply continues to depress prices, according to experts interviewed by the 21st Century Herald. Average pork prices in Q1 were CNY14.98/kg, with a high of CNY16.23/kg recorded January 1 and a low at CNY13.75/kg on February 3. Prices were CNY14.64/kg at April 6. Production costs are on average CNY17/kg, according to one expert. Prices will increase in May, as the market clears volumes of large and medium pigs, and demand recovers during the national holiday, the Herald said.
- The development of the digital RMB will bring investment opportunities for the private sector, according to experts interviewed by Yicai. Following the People’s Bank of China’s (PBOC) recent meeting on digital currency, experts expect growth in the software and hardware infrastructure industry, and said investors should focus on quality financial IT and equipment enterprises. Tech companies specializing in data security and encryption will also benefit, according to Yicai.
- China will increase knowledge intensive services exports and promote digital trade, according to Liu Xiangdong, vice minister at the China Centre for International Economic Exchange. In an interview with Securities Daily, Liu said services trade is normalising, as imports rebound faster than exports due to outbound travel service imports recovering quickly. He noted the export of knowledge intensive services reached CNY243.85 billion over January-February, an increase of 11% y/y, with fast growth noted in insurance (38%) and financial services (19.1%).
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