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MNI China Press Digest Nov 12: E-commerce, PBOC, M1

MNI picks key stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaGlobalStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Tuesday:

  • China’s e-ecommerce logistics index reached 115 points in October, up 0.6 points from September, according to the China Federation of Logistics and Purchasing. Wu Jiang, an analyst at the China Logistics Information Center, said demand for e-commerce logistics was better than expected due to strong promotional activities and was anticipated to rise further in November. The sub-index for business volume hit 133.7 points, up 2.5 points from September, while all regional sub-indexes increased, with northeast rising the most, up 4.3 points, CFLP data showed.
  • The People’s Bank of China will improve policy tools to deal with abnormal fluctuations in the stock market and maintain a smooth operation of the financial market, Shanghai Securities News reported. In a financial work report to the National People’s Congress Standing Committee, the PBOC said it will increase the countercyclical adjustment of monetary policy, maintain ample liquidity, and resolutely prevent the risk of exchange rate overshooting to keep the basic stability of the yuan balanced.
  • China’s M1 money supply decline narrowed to -6.1% in October from the previous -7.4%, as authorities began transferring fiscal funds from recent bond sales to local government agencies, according to Mingming, chief economist at CITIC Securities. A rebound in real-estate transactions after the announcement of stimulus policies further supported M1 supply as residents used funds to pay for deposits on houses. Looking ahead, Wen Bin, chief economist at Minsheng Bank, said an acceleration of fiscal-fund payments and stronger support for delivering properties will help stabilise credit. (Source: Securities Daily)
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MNI (BEIJING)

Highlights from Chinese press reports on Tuesday:

  • China’s e-ecommerce logistics index reached 115 points in October, up 0.6 points from September, according to the China Federation of Logistics and Purchasing. Wu Jiang, an analyst at the China Logistics Information Center, said demand for e-commerce logistics was better than expected due to strong promotional activities and was anticipated to rise further in November. The sub-index for business volume hit 133.7 points, up 2.5 points from September, while all regional sub-indexes increased, with northeast rising the most, up 4.3 points, CFLP data showed.
  • The People’s Bank of China will improve policy tools to deal with abnormal fluctuations in the stock market and maintain a smooth operation of the financial market, Shanghai Securities News reported. In a financial work report to the National People’s Congress Standing Committee, the PBOC said it will increase the countercyclical adjustment of monetary policy, maintain ample liquidity, and resolutely prevent the risk of exchange rate overshooting to keep the basic stability of the yuan balanced.
  • China’s M1 money supply decline narrowed to -6.1% in October from the previous -7.4%, as authorities began transferring fiscal funds from recent bond sales to local government agencies, according to Mingming, chief economist at CITIC Securities. A rebound in real-estate transactions after the announcement of stimulus policies further supported M1 supply as residents used funds to pay for deposits on houses. Looking ahead, Wen Bin, chief economist at Minsheng Bank, said an acceleration of fiscal-fund payments and stronger support for delivering properties will help stabilise credit. (Source: Securities Daily)