MNI China Daily Summary: Monday, March 3

MNI BRIEF: No Surprises For ECB As Inflation Slows In February

MNI: UK FINAL FEB MANUF PMI 46.9 (FLASH: 46.4); JAN 48.3

MNI: China CFETS Yuan Index Up 0.27% In Week of Feb 28

MNI: PBOC Net Drains CNY195.5 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1745 Mon; -1.16% Y/Y

MNI: EUROZONE FEB FLASH HICP +2.4% Y/Y

MNI: UK BOE JAN MORTGAGE APPROVALS 66,189

MNI: UK JAN M4 MONEY SUPPLY +1.3% M/M, +4.1% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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MNI China Press Digest March 3: Bonds, NPC, PBOC

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Monday:

  • China issued CNY596 billion of new local government special bonds during the first two months of the year, up from CNY403 billion over the same period last year, reported Securities Daily. In total, local bond issuance reached CNY1.8 trillion, versus CNY944 billion in 2024 and CNY1.2 trillion in 2023, the news outlet said. Refinancing bonds to replace existing debt hit CNY954 billion, accounting for about 51.2% of total local bond issuance. Wen Bin, chief economist at China Minsheng Bank, said CNY1.5 trillion of local bonds were expected in March, up CNY 900 billion compared to the same period last year.
  • Authorities will promote consumption and developing AI, and other emerging sectors during the upcoming “Two Sessions” this week, China Fund News reported, citing analysts' expectations. In addition to the trade-in program for consumer goods, more medium- and long-term measures to boost spending are also expected, such as offering maternity allowance and supportive measures for pension and social security, said Zhu Guoqing, deputy general manager at Pengyang Fund.
  • The People’s Bank of China will guide banks to support private and small business through increased lending using structural monetary policy tools, and further facilitate diversified financing channels via stocks, bonds and loans, according to a meeting held by the PBOC and four other departments. Officials need to improve the credit enhancement system for private and small firms, accelerate the issuance of regulations on supply chain finance, and strengthen bond market product innovation, the meeting said. (Source: PBOC website)
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MNI (BEIJING)

Highlights from Chinese press reports on Monday:

  • China issued CNY596 billion of new local government special bonds during the first two months of the year, up from CNY403 billion over the same period last year, reported Securities Daily. In total, local bond issuance reached CNY1.8 trillion, versus CNY944 billion in 2024 and CNY1.2 trillion in 2023, the news outlet said. Refinancing bonds to replace existing debt hit CNY954 billion, accounting for about 51.2% of total local bond issuance. Wen Bin, chief economist at China Minsheng Bank, said CNY1.5 trillion of local bonds were expected in March, up CNY 900 billion compared to the same period last year.
  • Authorities will promote consumption and developing AI, and other emerging sectors during the upcoming “Two Sessions” this week, China Fund News reported, citing analysts' expectations. In addition to the trade-in program for consumer goods, more medium- and long-term measures to boost spending are also expected, such as offering maternity allowance and supportive measures for pension and social security, said Zhu Guoqing, deputy general manager at Pengyang Fund.
  • The People’s Bank of China will guide banks to support private and small business through increased lending using structural monetary policy tools, and further facilitate diversified financing channels via stocks, bonds and loans, according to a meeting held by the PBOC and four other departments. Officials need to improve the credit enhancement system for private and small firms, accelerate the issuance of regulations on supply chain finance, and strengthen bond market product innovation, the meeting said. (Source: PBOC website)