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BEIJING (MNI) - The following are highlights from Chinese press reports on
China's economy has the resilience to withstand external headwinds and
achieve high-quality development, the People's Daily said in a front page report
today. During the three-day Labor Day holiday, about 195 million people
travelled domestically, with the total value of online banking transactions as
high as CNY1.29 trillion, the newspaper cited the data noting the economy has
strong internal drivers.
Selective reserve requirement ratio cut for rural commercial banks Monday
showed the PBOC's intention to appease market sentiment by maintaining ample
liquidity, the Securities Times noted in a commentary piece today. Stabilizing
market expectations is important amid global financial market volatility due to
an unexpected escalation in trade friction between China and the U.S., the paper
China's financial industry has accelerated its opening up, introducing more
overseas capital since the start of this year, the Securities Times said today.
As of April, the State Administration of Foreign Exchange has approved 13
Qualified Foreign Institutional Investors (QFII) to bring in a total of US$4.74
billion in 2019, exceeding the total amount approved last year. A total of 12
RMB Qualified Foreign Institutional Investors (RQFII) were given the green light
to invest CNY24 billion, exceeding half of the total approved in 2018. The
market is expecting further foreign capital to flow in up to CNY600 billion for
this year -- the newspaper said, citing a report by Great Wall Securities,
noting that foreign capital is becoming important funding in the A-share market.
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