May 16, 2024 01:55 GMT
MNI China Press Digest May 16: LPR, Housing Stocks, CSRC
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Highlights from Chinese press reports on Thursday:
- China’s loan prime rate (LPR) should remain unchanged this month following the PBOC’s decision to hold MLF operations stable, analysts interviewed by Securities Daily have said. Wen Bin, chief economist at Minsheng Bank, said looking ahead authorities could use quantitative tools to promote moderate price increases and support the real economy, but in the short term will be unlikely to implement RRR and interest rate cuts given the need to stabilise the exchange rate and prevent idle funds. Wen noted the economy faces tighter liquidity in November/December given the low volume of maturing government bonds, and the PBOC may use RRR cuts to protect liquidity and ease MLF operational pressure.
- Local governments have started to purchase developers’ unsold housing stocks with Lin’an district in Hangzhou city of Eastern China planning to acquire no more than 10,000 square meters of commercial housing for a public rental programme, Quanshang China reported. The government said on Wednesday that the acquisition is aimed at existing houses or those eligible for delivery within one year. The basic acquisition unit should be an entire building with the area of a single unit not exceeding 70 square meters. The maximum acquiring price shall not exceed the assessed price of surrounding houses.
- The China Securities Regulatory Commission will further consolidate the institutional foundation for investor protection and further promote the improvement of the quality of listed companies and professional services by institutions, said CSRC Chairman Wu Qing. The commission will also further crack down on securities crimes and unblock investors' relief channels. (Source: Shanghai Securities News)
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