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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.
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Free AccessMNI China Press Digest Dec 2: Yuan, Special Bonds, Propty Debt
The following lists highlights from Chinese press reports on Thursday:
- The Chinese yuan may remain strong by Dec. 31 but depreciate next year as foreign exchange settlements decrease orif the PBOC steps in to prevent one-way bets, the Shanghai Securities Journal reported citing analysts. The yuan may be pressured by the expected U.S. rate hikes, reduced capital inflow, slower growth of trade surplus and external uncertainties next year, the newspaper said citing Hang Seng China Chief Economist Wang Dan. The amount of dollar-to-yuan settlements by Chinese companies has started to decrease in October, weakening support for yuan, the newspaper said citing analysts from Industrial Securities.
- China may again set next year’s quota of local government special bonds above CNY3 trillion, though possibly less than this year’s CNY3.65 trillion so to boost investment in transportation, energy and other municipal and national major projects, Yicai.com reported citing analysts. These investment-boosting bonds will be used to counter downward pressure next year as real estate investment and exports are expected to slow. China may allow some of next year’s special bonds to be issued this year. However, high debt ratios of local governments and decreasing land sales revenue limit further expansions of these bonds, the newspaper said.
- Chinese real estate developers are selling more bonds as regulators ease the tightening of real estate financing, Yicai.com reported. The scale of real estate bond issuance reached CNY37.14 billion in November, a sharp increase of 186% from October, the newspaper said citing data by the China Index Research Institute. The average interest rate of bonds fell by 0.28 percentage point to 3.80% from the previous month. However, debt financing from overseas markets continues to slow with the issuance scale in November set an annual low of CNY1.01 billion. Issuers will have to raise interest rates as investors’ interests declined after some defaults in October, the newspaper said.
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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.