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MNI China Press Digest Nov 10: PBOC, Inflation, CIPS

MNI (Singapore)
MNI (Beijing)

Highlights from Chinese press reports on Friday:

  • The People’s Bank of China will promote the institutional opening of the financial market in a steady and orderly manner, according to an article published on its website. The central bank will further improve market access, increase yuan asset liquidity, enrich risk hedging tools, improve foreign exchange transaction convenience, and better meet asset allocation and risk management needs of global investors. Authorities will also support more overseas central banks, international development institutions, multinational enterprises to issue panda bonds in China.
  • China's 0.2% y/y fall in October CPI was mainly linked to declining pork prices, while high-frequency data showed the economy remained generally stable, according to He Xiaoshu, analyst at GF Securities. Auto sales continued to rise and subway passenger flows reflected active residential activity, He added. Pork prices fell 2% m/m, or 30.1% y/y in October amid sufficient supply and weak demand after the October holiday. Q4 pork prices may rebound seasonally but will not rise sharply given steady growth in hog production, said Chen Guanghua, an official from Ministry of Agriculture and Rural Affairs.
  • China’s Cross-border Interbank Payment System (CIPS) will expand its “circle of friends” for engaging in cross border yuan payments, according to a statement from the organisation. For next steps, CIPS will improve its user-centred approach, and continue to enrich the functionality of products and services. CIPS said 42 overseas direct users have been added so far in 2023, bringing total users to 1,481 across 182 countries and regions. Yicai news outlet noted CIPS remained open during the Mid-Autumn Festival and National Day holidays for the first time this year, and in H1 domestic and foreign users made 24.5 trillion yuan of cross-border yuan receipts and payments, up 20% y/y.

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