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MNI China Press Digest May 08: PBOC, Logistics, Property

MNI (BEIJING)
BEIJING (MNI)

MNI picks key stories from today's China press

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Highlights from Chinese press reports on Wednesday:

  • Analysts expect the People’s Bank of China to cut the reserve requirement ratio in Q2 to release long-term and low-cost funds as authorities may accelerate the issuance of government and policy bank bonds, the China Securities Journal reported. Additionally, the PBOC will likely reduce policy interest rates such as the medium-term lending facility (MLF) at an appropriate time, guide banks to lower deposit rates and promote the orderly decline of the benchmark loan prime rate (LPR), the newspaper said citing Dong Ximiao, chief researcher at Merchants Union Consumer Finance.
  • China’s Logistic Industry Prosperity Index reached 52.4% in April, up 0.9pp from March, according to the China Federation of Logistics and Purchasing (CFLP). Firms noted an improvement in market foundations, with sub-indices of business volume, new order and equipment utilisation all showing upward trends, according to He Hui, chief economist at the CFLP. Hu Han, an analyst at the China Logistics Information Center, said the economy’s acceleration in production and consumption had driven a rebound in total business volume and new orders. Every sector reported an increase in business activity expectations apart from railway and water transportation firms.
  • China’s property sector showed 40% less average daily sales of new housing square meters during this year's May holiday compared with last year, according to China Index Academy. Major cities Shenzhen, Shanghai and Guangzhou saw buyers’ average daily transaction area of new housing square meters decrease by 32%, 62% and 65% respectively. Cao Jingjing, a senior manager at the China Index Academy, said residents prioritised travel during the past two year's holiday resulting in a flat market. Guo Yi, chief analyst of Heshuo Institution, noted Beijing’s market would need time to benefit from recent relaxation in purchase restrictions. (Source: 21st Century Business Herald)
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Highlights from Chinese press reports on Wednesday:

  • Analysts expect the People’s Bank of China to cut the reserve requirement ratio in Q2 to release long-term and low-cost funds as authorities may accelerate the issuance of government and policy bank bonds, the China Securities Journal reported. Additionally, the PBOC will likely reduce policy interest rates such as the medium-term lending facility (MLF) at an appropriate time, guide banks to lower deposit rates and promote the orderly decline of the benchmark loan prime rate (LPR), the newspaper said citing Dong Ximiao, chief researcher at Merchants Union Consumer Finance.
  • China’s Logistic Industry Prosperity Index reached 52.4% in April, up 0.9pp from March, according to the China Federation of Logistics and Purchasing (CFLP). Firms noted an improvement in market foundations, with sub-indices of business volume, new order and equipment utilisation all showing upward trends, according to He Hui, chief economist at the CFLP. Hu Han, an analyst at the China Logistics Information Center, said the economy’s acceleration in production and consumption had driven a rebound in total business volume and new orders. Every sector reported an increase in business activity expectations apart from railway and water transportation firms.
  • China’s property sector showed 40% less average daily sales of new housing square meters during this year's May holiday compared with last year, according to China Index Academy. Major cities Shenzhen, Shanghai and Guangzhou saw buyers’ average daily transaction area of new housing square meters decrease by 32%, 62% and 65% respectively. Cao Jingjing, a senior manager at the China Index Academy, said residents prioritised travel during the past two year's holiday resulting in a flat market. Guo Yi, chief analyst of Heshuo Institution, noted Beijing’s market would need time to benefit from recent relaxation in purchase restrictions. (Source: 21st Century Business Herald)