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MNI China Press Digest Oct 18: LPR, Home Sales, Growth

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 Friday:

  • The October Loan Prime Rates, set to be released on Monday, will most likely be lowered by 20 basis points following the People’s Bank of China’s 20bp cut to the 7-day reverse repo rate last month, Securities Daily reported citing analysts. The LPR will likely remain stable over November and December as authorities monitor policy impacts, while the historic low of banks’ net interest margin will constraint downward movement, the daily said, citing Wang Qing, chief macro analyst at Golden Credit Rating. The one-year and five-year LPRs have been reduced by 10bp and 35bp so far this year to 3.35% and 3.85%.
  • The Housing Ministry’s latest plan to renovate one million urban-village houses by offering resettlement subsidies for residents is expected to drive home sales of about 100 million square meters, Xinhua Finance reported citing estimates by China Real Estate Information Corp. If the plan is implemented within one year, it will likely drive a 14% increase in annual home sales by area, the newspaper said citing analysts.
  • Authorities should step up efforts to implement existing policies and launch additional measures, push for sustained economic rebound and strive to complete the annual targets, Xinhua News Agency reported citing Vice Premier Ding Xuexiang. China must increase counter-cyclical adjustments and fully utilise local government special bonds to give full play to the driving role of government investment, while improving the business environment to expand private investment, Ding said.  
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MNI (BEIJING) - Highlights from Chinese press reports on Friday:

  • The October Loan Prime Rates, set to be released on Monday, will most likely be lowered by 20 basis points following the People’s Bank of China’s 20bp cut to the 7-day reverse repo rate last month, Securities Daily reported citing analysts. The LPR will likely remain stable over November and December as authorities monitor policy impacts, while the historic low of banks’ net interest margin will constraint downward movement, the daily said, citing Wang Qing, chief macro analyst at Golden Credit Rating. The one-year and five-year LPRs have been reduced by 10bp and 35bp so far this year to 3.35% and 3.85%.
  • The Housing Ministry’s latest plan to renovate one million urban-village houses by offering resettlement subsidies for residents is expected to drive home sales of about 100 million square meters, Xinhua Finance reported citing estimates by China Real Estate Information Corp. If the plan is implemented within one year, it will likely drive a 14% increase in annual home sales by area, the newspaper said citing analysts.
  • Authorities should step up efforts to implement existing policies and launch additional measures, push for sustained economic rebound and strive to complete the annual targets, Xinhua News Agency reported citing Vice Premier Ding Xuexiang. China must increase counter-cyclical adjustments and fully utilise local government special bonds to give full play to the driving role of government investment, while improving the business environment to expand private investment, Ding said.