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MNI China Press Digest Oct 10: Yuan FX Policy, SOE Reform

     BEIJING (MNI) - The following lists highlights from the Chinese press for
Wednesday:
     China should stick to a non-interference policy in the the FX market even
if the yuan breaks the key level of 7 against the dollar, Yu Yongding, a former
member of the PBOC Monetary Policy Committee, said in an article published on
the China Securities Journal. Only with such patience can China succeed in
reforming FX system, Yu said. The yuan is unlikely to depreciate to a level that
triggers a financial crisis, Yu said. The yuan's depreciation in 2015-2016
suggested that intervention had serious consequences, investors need not to
panic or move large capital overseas, Yu stressed.
     Chinese Vice Premier Liu He stressed the need to further advance reform of
state-owned enterprises (SOEs) and accurately assess changes in domestic and
international situations, Xinhua News Agency reported Tuesday night. A meeting
yesterday chaired by Liu on SOE reform called for recognizing the central
position of deepening SOE reform from a strategic perspective, Xinhua reported.
SOEs must achieve progress in reform while maintaining stability, emphasize core
business and enhance efficiency, Xinhua said. SOEs shall advance mixed-ownership
structures and supply-side structural reform, according to Xinhua.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: MMQPB$,M$A$$$,M$Q$$$,MBQ$$$,MGQ$$$]

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