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BEIJING (MNI) - The following lists highlights from the Chinese press for
The local governments of Beijing and Guangzhou are trying to ease the
liquidity pressure for listed companies amid the A-share stock rout, following
Shenzhen's purchases of tens of billions of shares, Shanghai Securities Journal
reported on Thursday. The Gangzhou government is considering bailing out its
listed firms with the risk of equity pledge, according to a government official,
after studying Shenzen's policies, the newspaper said. Beijing has set up a fund
worth CNY10 billion to support high-quality tech firms, from which companies can
get funded by assigning no more than 10% of the equity, the report said.
(Link to the story: https://tinyurl.com/ycqm776b, https://tinyurl.com/ybwxobb2)
The People's Bank of China (PBOC) has adjusted the measurement of total
social financing (TSF) for the second time in three months by now including
local government bonds in TSF -- which, while propping up TSF's gains in
September, fails to cover up the contraction of the actual figures, Securities
Times reported on Thursday. TSF rose to CNY2.21 trillion in September, compared
to a value of CNY1.51 trillion in August. However, when the CNY700 billion in
local government bonds issued in the month are removed from the total,
September's TSF continued on a downward trend with a narrowing growth rate,
creating a new record low, the Times said.
(Link to the story: https://tinyurl.com/ycu63ck8)
The U.S. Treasury has remained professional, withstanding President Trump's
arbitrary pressure, and has not labelled China as a currency manipulator in its
latest biannual foreign exchange report, said Global Times on Thursday. China
does not meet the national standards for exchange rate manipulation set by
Congress. These criteria include: a trade surplus of at least USD20 billion with
the United States, a current account surplus of more than 3% of GDP, and
repeated intervention in the foreign exchange market, according to the
newspaper, citing a Bloomberg report. As soon as the report came out, the
offshore RMB exchange rate against the U.S. dollar began to rise, passing 6.93,
Global Times said.
(Link to the story: https://tinyurl.com/ycjprl4f)
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