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MNI China Press Digest Oct 17:Dim Sum Bond, Homes, Consumption

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:

  • Strong demand for cross-border yuan financing has pushed the scale of dim sum bonds to CNY794 billion as of Oct 14, a rise of 25% from same period last year, Securities Times reported citing Wind data. Some enterprises are even replacing their U.S. dollar loans with yuan borrowing to reduce financing costs, avoid interest-rate fluctuation risks and realise exchange gains, the newspaper said. In the short term, the dollar interest rates are still about 3 percentage points higher than the yuan, and the interest spread is expected to narrow at a slower pace, as the yuan is likely to maintain at around 7.12 against the dollar in Q4, the newspaper said citing analysts.
  • More cities will offer homebuyers eligibility to apply for household registration, referred to as Hukou in China, which has been a key attraction for non-natives in major cities as it links with high-quality medical care and education, Securities Daily reported citing analysts. About 20 cities have relaxed the threshold to stimulate home sales, including Suzhou, Chengdu and Changsha, since the beginning of this year, the newspaper said. Some other cities like Shenyang and Foshan have further relaxed restrictions down to renters, the newspaper added.
  • Over 10 million consumers had purchased more than 14 million household appliances as of Oct 15 via the trade-in programme, Economic Daily reported citing data by the Ministry of Commerce. It enjoyed CNY13 billion subsidies from the central government, and has driven a total CNY69 billion of sales. Cities are expanding the programme to green and intelligent appliances such as water purifiers and sweeping robot, the daily said.
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MNI (BEIJING) - Highlights from Chinese press reports on Thursday:

  • Strong demand for cross-border yuan financing has pushed the scale of dim sum bonds to CNY794 billion as of Oct 14, a rise of 25% from same period last year, Securities Times reported citing Wind data. Some enterprises are even replacing their U.S. dollar loans with yuan borrowing to reduce financing costs, avoid interest-rate fluctuation risks and realise exchange gains, the newspaper said. In the short term, the dollar interest rates are still about 3 percentage points higher than the yuan, and the interest spread is expected to narrow at a slower pace, as the yuan is likely to maintain at around 7.12 against the dollar in Q4, the newspaper said citing analysts.
  • More cities will offer homebuyers eligibility to apply for household registration, referred to as Hukou in China, which has been a key attraction for non-natives in major cities as it links with high-quality medical care and education, Securities Daily reported citing analysts. About 20 cities have relaxed the threshold to stimulate home sales, including Suzhou, Chengdu and Changsha, since the beginning of this year, the newspaper said. Some other cities like Shenyang and Foshan have further relaxed restrictions down to renters, the newspaper added.
  • Over 10 million consumers had purchased more than 14 million household appliances as of Oct 15 via the trade-in programme, Economic Daily reported citing data by the Ministry of Commerce. It enjoyed CNY13 billion subsidies from the central government, and has driven a total CNY69 billion of sales. Cities are expanding the programme to green and intelligent appliances such as water purifiers and sweeping robot, the daily said.