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MNI China Press Digest March 14: PBOC, SSE, USD Products

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion

Highlights from Chinese press reports on Friday:

  • China’s central bank should create structural tools to encourage financial institutions to issue consumer credit, expand household spending and facilitate investment and consumption balance, according to Wei Gejun, counsellor at the People's Bank of China, speaking at a recent PBOC meeting. China Galaxy Securities said the central bank may expand or create new structural tools to support technology, consumption and promote the property and stock markets. (Source: Yicai)
  • Shanghai Securities Exchange will support listing high-quality technology companies that have made breakthroughs in key areas, according to a statement on its website. The exchange will enhance refinancing, mergers and acquisitions, equity incentives, and share reductions, while also guiding private equity and venture capital funds to invest in hard tech and start-ups, the statement added.
  • Several Chinese banks have tightened rules on dollar wealth management products after quotas filled up, 21st Century Business Herald has reported. An insider at one institution said customers’ subscription amount for the day can no longer exceed the redemption amount from the previous day and the bank will not proactively promote foreign currency wealth management products. Last year, dollar wealth management products averaged over 5% return, with demand increasing after recent rate cuts on dollar deposits, the paper noted.
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Highlights from Chinese press reports on Friday:

  • China’s central bank should create structural tools to encourage financial institutions to issue consumer credit, expand household spending and facilitate investment and consumption balance, according to Wei Gejun, counsellor at the People's Bank of China, speaking at a recent PBOC meeting. China Galaxy Securities said the central bank may expand or create new structural tools to support technology, consumption and promote the property and stock markets. (Source: Yicai)
  • Shanghai Securities Exchange will support listing high-quality technology companies that have made breakthroughs in key areas, according to a statement on its website. The exchange will enhance refinancing, mergers and acquisitions, equity incentives, and share reductions, while also guiding private equity and venture capital funds to invest in hard tech and start-ups, the statement added.
  • Several Chinese banks have tightened rules on dollar wealth management products after quotas filled up, 21st Century Business Herald has reported. An insider at one institution said customers’ subscription amount for the day can no longer exceed the redemption amount from the previous day and the bank will not proactively promote foreign currency wealth management products. Last year, dollar wealth management products averaged over 5% return, with demand increasing after recent rate cuts on dollar deposits, the paper noted.