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MNI China Press Digest May 30: PBOC, Electric Vehicles, ESG

MNI (Singapore)
MNI (Beijing)

MNI picks key stories from today's China press

Policy NewsHomepageCentral Bank NewsPBOCAPACChinaStoryBond Market NewsEM Policy NewsEM Policy StoryEM Central Bank NewsPeoples Bank of ChinaPolicy StoryRegion
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Highlights from Chinese press reports on Thursday:

  • The People’s Bank of China will likely continue to increase reverse repo operations to ensure stable liquidity and funding across months, Shanghai Securities News reported citing analysts. Analysts also have rising expectation for cuts to the reserve requirement ratio or interest rate given the recent significant issuance of local government bonds, the newspaper said. Europe may cut rates ahead of the U.S. in early June, which will help ease the depreciation pressure of the yuan and leave room for PBOC easing, while weak demand and banks’ high liability costs also require an RRR cut, the newspaper said citing Huaxi Securities.
  • China will gradually lift restrictions on the purchase of new energy vehicles in various regions, aiming to reduce the carbon dioxide emission intensity in the transportation sector by 5% by end-2025 compared with 2020, according to a carbon reduction plan issued by the State Council Wednesday. The plan aims to reduce energy consumption and carbon dioxide emissions per unit of GDP by about 2.5% and 3.9% in 2024. (Source: Yicai.com)
  • Authorities' recent efforts to strengthen ESG reporting will help domestic firms expand globally, according to Ma Jun, director at the China Society for Finance. The Ministry of Finance's intention to establish unified nationwide ESG standards by 2030 will create impetus for companies to strengthen carbon neutrality, improve ESG performance, and expand green finance. The government should next issue a detailed implementation roadmap, Ma added. (Source: 21st Century Business Herald)
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Highlights from Chinese press reports on Thursday:

  • The People’s Bank of China will likely continue to increase reverse repo operations to ensure stable liquidity and funding across months, Shanghai Securities News reported citing analysts. Analysts also have rising expectation for cuts to the reserve requirement ratio or interest rate given the recent significant issuance of local government bonds, the newspaper said. Europe may cut rates ahead of the U.S. in early June, which will help ease the depreciation pressure of the yuan and leave room for PBOC easing, while weak demand and banks’ high liability costs also require an RRR cut, the newspaper said citing Huaxi Securities.
  • China will gradually lift restrictions on the purchase of new energy vehicles in various regions, aiming to reduce the carbon dioxide emission intensity in the transportation sector by 5% by end-2025 compared with 2020, according to a carbon reduction plan issued by the State Council Wednesday. The plan aims to reduce energy consumption and carbon dioxide emissions per unit of GDP by about 2.5% and 3.9% in 2024. (Source: Yicai.com)
  • Authorities' recent efforts to strengthen ESG reporting will help domestic firms expand globally, according to Ma Jun, director at the China Society for Finance. The Ministry of Finance's intention to establish unified nationwide ESG standards by 2030 will create impetus for companies to strengthen carbon neutrality, improve ESG performance, and expand green finance. The government should next issue a detailed implementation roadmap, Ma added. (Source: 21st Century Business Herald)