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MNI China Press Digest March 21: PBOC, Power, Asset Management

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 Thursday:

  • The People’s Bank of China remains likely to cut the reserve requirement ratio by 0.25 to 0.5 percentage points by end-December to deal with accelerated government bond sales and fill the year-end liquidity gap, Economic Information Daily reported, citing analysts. Benchmark Loan Prime Rates are expected to remain unchanged in Q4 as the economy improves, however further reductions next year along with cuts to reverse-repo rates to promote real-estate stabilisation, price recovery and offset trade uncertainty, could not be ruled out, the daily said citing analysts.
  • China’s power demand in October reached 774.2 billion kilowatt hours, up 4.3% y/y, slower than the 7.6% y/y during the first 10 months of the year, data from the National Energy Administration showed. Electricity demand from the primary, secondary and tertiary industries increased 5.1%, 2.7% and 8.4%, according to the data. October consumption growth had slowed as high temperatures during August and September faded, said Wu Liqiang, director at Statistics and Data Center of the China Electricity Council.
  • Asset-management companies are now allowed to acquire restructured and credit-impaired assets from financial and non-financial institutions, which will support local governments to resolve debt risks, Yicai.com reported, citing a National Financial Regulatory Administration announcement. The move helps banks revitalise non-performing loans and release additional credit resources to support key national policies, with the scale of non-performing loans listed for transfer at about CNY162.7 billion in the first three quarters, a rise of 103% y/y, the newspaper said.
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Highlights from Chinese press reports on Thursday:

  • The People’s Bank of China remains likely to cut the reserve requirement ratio by 0.25 to 0.5 percentage points by end-December to deal with accelerated government bond sales and fill the year-end liquidity gap, Economic Information Daily reported, citing analysts. Benchmark Loan Prime Rates are expected to remain unchanged in Q4 as the economy improves, however further reductions next year along with cuts to reverse-repo rates to promote real-estate stabilisation, price recovery and offset trade uncertainty, could not be ruled out, the daily said citing analysts.
  • China’s power demand in October reached 774.2 billion kilowatt hours, up 4.3% y/y, slower than the 7.6% y/y during the first 10 months of the year, data from the National Energy Administration showed. Electricity demand from the primary, secondary and tertiary industries increased 5.1%, 2.7% and 8.4%, according to the data. October consumption growth had slowed as high temperatures during August and September faded, said Wu Liqiang, director at Statistics and Data Center of the China Electricity Council.
  • Asset-management companies are now allowed to acquire restructured and credit-impaired assets from financial and non-financial institutions, which will support local governments to resolve debt risks, Yicai.com reported, citing a National Financial Regulatory Administration announcement. The move helps banks revitalise non-performing loans and release additional credit resources to support key national policies, with the scale of non-performing loans listed for transfer at about CNY162.7 billion in the first three quarters, a rise of 103% y/y, the newspaper said.