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Policy
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Real-time insight on key fixed income and fx markets.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Press Digest, Nov 18: Monetary Policy, Housing
BEIJING (MNI) - The following lists highlights from Chinese press reports
on Monday:
The PBOC's shrinking balance sheet does not indicate tightening monetary
policy, according to a report in Securities Daily. Citing Yang Yewei, the chief
analyst at Southwest Securities analysts, the Daily's report said total
liquidity had not tightened without the release of base money this year, because
the reverse requirement ratio cuts had helped raise the currency multiplier. In
its Q3 monetary policy report on Saturday, the PBOC said the policy stance
should not be judged from monthly readings of the balance sheet, which is
significantly impacted by seasonal factors such as tax collection, fiscal
spending and the injection and withdrawal of liquidity.
The PBOC will adjust its monetary policy based on the need to stabilize
economic growth and inflation and will do so with increased frequency but on a
reduced scale, the PBOC-run newspaper Financial News reported. Citing Dong
Ximiao, the chief analyst at XW Bank, the report said that any policy adjustment
was likely to be structural, including measures such as adding liquidity to
medium and small banks. Dong said another priority was to strengthen financial
support for private and small enterprises.
China's lending policy to real estate developers is unlikely to change in
the short term after the PBOC's monetary policy report reiterated the principle
of not using real estate to stimulate growth. In reporting on the PBOC's Q3
monetary policy statement, Securities Daily said that developers will now be
more cautious about financing for the rest of this year. Citing Yan Yuejin, the
director of the E-House Real Estate Research Institute, the Daily's report said
developers were facing capital and inventory pressures amid weaker-than-expected
home sales.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Sydney Bureau; +61 405322399; email: lachlan.colquhoun.ext@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MI$$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.