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MNI: PBOC Sets Yuan Parity Higher At 7.1659 Thurs; +1.55% Y/Y

CHINA PBOC CONDUCTS CNY19.2 BLN VIA 7-DAY REVERSE REPOS THURS

CHINA OCT EXPORTS +12.7% Y/Y VS MEDIAN +5.0% Y/Y: CUSTOMS

CHINA YTD EXPORT +5.1% Y/Y VS JAN-SEP +4.3% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1659 THURS VS 7.0993

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI:AUSTRALIA SEP TRADE BALANCE A$+4609

EZ/UK Bond Supply Calendar: Spain, France Auction on Wednesday

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

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MNI China Press Digest Nov 7: Yuan, Developers, Logistics

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 Thursday:

  • The Chinese central bank will likely make countercyclical adjustments should the yuan weaken to about 7.3 against the U.S. dollar should U.S. President Elect Donald Trump impose additional tariffs in 2025, said analysts from China Galaxy International Securities. The People’s Bank of China will mainly use reserve requirement ratio cuts and net purchases of government bonds to ease as yuan weakness becomes an important constraint on interest rate cuts, the analysts said. The offshore yuan fell below the 7.2 mark on Wednesday, weakening over 1,000 points during the day. (Source: Choice Data)
  • Private real-estate developers face financing difficulties despite increased housing policy support, Yicai.com reported. The total financing amount of 65 typical real-estate companies was CNY23.19 billion in October, rising 1.9% y/y from a low base, but declining 50.4% m/m, marking the lowest monthly financing this year, data by China Real Estate Information Corp. showed. Meanwhile, developers will have about CNY100 billion of bonds maturing by year-end and about CNY700 billion maturity in 2025, said Liu Shui, research head at China Index Academy. Despite recent home sale recovery, debt repayment pressure still exists as defaulted bonds await restructuring, Liu added.
  • China’s Highway Logistics Freight Index reached 105.1 in October, up 0.6 percentage points from September and 1.2 pp from the same period last year, according to the China Federation of Logistics and Purchasing. Gao Shuai, analyst at China Logistics Information Center, said October’s result showed an improvement in supply and demand, with activity in every province increasing apart from Shandong. Zhou Maohua, macro researcher at Everbright Bank said the index was typically a good forward looking indicator.
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MNI (BEIJING) - Highlights from Chinese press reports on Thursday:

  • The Chinese central bank will likely make countercyclical adjustments should the yuan weaken to about 7.3 against the U.S. dollar should U.S. President Elect Donald Trump impose additional tariffs in 2025, said analysts from China Galaxy International Securities. The People’s Bank of China will mainly use reserve requirement ratio cuts and net purchases of government bonds to ease as yuan weakness becomes an important constraint on interest rate cuts, the analysts said. The offshore yuan fell below the 7.2 mark on Wednesday, weakening over 1,000 points during the day. (Source: Choice Data)
  • Private real-estate developers face financing difficulties despite increased housing policy support, Yicai.com reported. The total financing amount of 65 typical real-estate companies was CNY23.19 billion in October, rising 1.9% y/y from a low base, but declining 50.4% m/m, marking the lowest monthly financing this year, data by China Real Estate Information Corp. showed. Meanwhile, developers will have about CNY100 billion of bonds maturing by year-end and about CNY700 billion maturity in 2025, said Liu Shui, research head at China Index Academy. Despite recent home sale recovery, debt repayment pressure still exists as defaulted bonds await restructuring, Liu added.
  • China’s Highway Logistics Freight Index reached 105.1 in October, up 0.6 percentage points from September and 1.2 pp from the same period last year, according to the China Federation of Logistics and Purchasing. Gao Shuai, analyst at China Logistics Information Center, said October’s result showed an improvement in supply and demand, with activity in every province increasing apart from Shandong. Zhou Maohua, macro researcher at Everbright Bank said the index was typically a good forward looking indicator.