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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, March 20: RRR Cut, Leverage, VAT Cut
BEIJING (MNI) - The following lists highlights from China press reports on
Wednesday:
The PBOC is likely to reduce the reserve requirement ratio in Q2 as a
measure to fill in the liquidity gap, the China Securities Journal reported
today. The paper says the reduction policy is also driven by the large amount of
Medium-term Lending Facilities maturing as well as large tax payments in April
and May. These liquidity conditions, along with official measures to loosen
credit supply, should make the stock market more attractive to investors but
dampen the bond market, the newspaper said.
China's deleveraging non-financial sector helped drive leverage in the real
economy in 2018 lower for the first time since 2011, the Economic Information
Daily reported today. Leverage in the real economy in 2018 fell to 243.7% from
2017's 244%, the newspaper said. In the non-financial sector it fell to 153.6%
from 2017's 158.2%. This was despite an increase in residential sector leverage,
up 3.8 percentage points to 53.2%, fuelled by the growth in mortgage loans.
Government leverage also rose slightly to 37% from 2017's 36.4%, the paper said.
China is set to implement a cut in VAT in two weeks, a move which is
expected to reduce the VAT tax by over CNY900 billion yuan, Shanghai Securities
News reported today. Machinery and equipment manufacturing, and the chemical
industry will be two sectors to benefit the most from the tax cut, the newspaper
said citing Tianfeng Securities. For low-margin businesses, the profit margin is
even more pronounced, with profits at brewing companies set to grow by 15% to
90% after the cut, the paper said citing Guokai Securities.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MI$$$$]
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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.