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MNI China Press Digest Nov 26: RRR, SMEs, Bonds

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:

  • The People’s Bank of China is likely to cut the reserve requirement ratio by 0.25-0.5 percentage points soon to ease funding pressure following increased local government bond sales in the first half of December and offset the maturity of CNY1.45 trillion of medium-term lending facilities next month, Securities Daily reported citing analysts. The PBOC rolled over the CNY1.45 trillion November MLF maturity with only CNY900 billion MLF on Monday, which signaled an RRR cut by year-end. It will also help reduce the liability costs of commercial banks as the current MLF rate of 2% is higher than the one-year certificate of deposit rate of about 1.87%, the newspaper said citing analysts.
  • The PBOC will tilt policies toward private and small and medium-sized enterprises, and improve the efficiency of bank-enterprise matching to strengthen financial services, according to a statement on its website. Banks should open up a “green channel” for loan review and approval, and develop loan products that are more in line with the financing needs of tech start-ups and SMEs, expand the scope of collateral as well as accelerate loan signing and release progress, the statement said.
  • Beijing has approved two state-owned enterprises directly managed by the central government to issue a total of CNY500 billion in special bonds to stabilise growth and expand investment this week, China Securities Journal reported. China Reform Holdings issued CNY300 billion, while China Chengtong Holdings issued another CNY200 billion. The companies will use the proceeds to fund investment in equipment renewal and technological transformation, as well as major projects related to tech innovation and strategic emerging industries, the newspaper said citing their prospectuses.
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MNI (BEIJING) - Highlights from Chinese press reports on Tuesday:

  • The People’s Bank of China is likely to cut the reserve requirement ratio by 0.25-0.5 percentage points soon to ease funding pressure following increased local government bond sales in the first half of December and offset the maturity of CNY1.45 trillion of medium-term lending facilities next month, Securities Daily reported citing analysts. The PBOC rolled over the CNY1.45 trillion November MLF maturity with only CNY900 billion MLF on Monday, which signaled an RRR cut by year-end. It will also help reduce the liability costs of commercial banks as the current MLF rate of 2% is higher than the one-year certificate of deposit rate of about 1.87%, the newspaper said citing analysts.
  • The PBOC will tilt policies toward private and small and medium-sized enterprises, and improve the efficiency of bank-enterprise matching to strengthen financial services, according to a statement on its website. Banks should open up a “green channel” for loan review and approval, and develop loan products that are more in line with the financing needs of tech start-ups and SMEs, expand the scope of collateral as well as accelerate loan signing and release progress, the statement said.
  • Beijing has approved two state-owned enterprises directly managed by the central government to issue a total of CNY500 billion in special bonds to stabilise growth and expand investment this week, China Securities Journal reported. China Reform Holdings issued CNY300 billion, while China Chengtong Holdings issued another CNY200 billion. The companies will use the proceeds to fund investment in equipment renewal and technological transformation, as well as major projects related to tech innovation and strategic emerging industries, the newspaper said citing their prospectuses.