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MNI China Press Digest Oct 24: Stock Fund, Mortgages, BRICS

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:

  • Authorities should establish a stock-market stabilisation fund via the issuance of special treasury bonds, advisors said, though several noted the government may prioritise replenishing state-bank capital in the short term, Yicai.com reported. Officials can promote market stability through issuing CNY2 trillion of special treasuries to trade leading blue chip stocks and ETFs. The People’s Bank of China is currently studying a stabilisation fund, Governor Pan Gongsheng told reporters last month, sparking market speculation.
  • Housing mortgage rates have dropped to 2% in most cities following the 25-basis-point Loan Prime Rate reduction, except for Beijing, Shanghai and Shenzhen which remain above 3%, Securities Daily reported. The property market will rebound in the short term given the reduction in home buying costs, along with other policy support, said Wang Qing, analyst at Golden Credit Rating, who expects further LPR cuts in 2025.
  • International financial architecture urgently needs reforms under the current environment, China’s President Xi has told BRICS summit leaders during a speech. BRICS nations should play a leading role in deepening financial cooperation and promoting the interconnection of finance to maintain high-level security, Xi added. Member states need to promote the international financial system to reflect changes to the world economic structure better, Xi highlighted. Beijing will expand cooperation with BRICs countries regarding green industries, Xi said, noting that China's high-quality electric vehicles, lithium batteries and photovoltaic products supported the world's green development. (Source: Yicai)
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MNI (BEIJING)

Highlights from Chinese press reports on Thursday:

  • Authorities should establish a stock-market stabilisation fund via the issuance of special treasury bonds, advisors said, though several noted the government may prioritise replenishing state-bank capital in the short term, Yicai.com reported. Officials can promote market stability through issuing CNY2 trillion of special treasuries to trade leading blue chip stocks and ETFs. The People’s Bank of China is currently studying a stabilisation fund, Governor Pan Gongsheng told reporters last month, sparking market speculation.
  • Housing mortgage rates have dropped to 2% in most cities following the 25-basis-point Loan Prime Rate reduction, except for Beijing, Shanghai and Shenzhen which remain above 3%, Securities Daily reported. The property market will rebound in the short term given the reduction in home buying costs, along with other policy support, said Wang Qing, analyst at Golden Credit Rating, who expects further LPR cuts in 2025.
  • International financial architecture urgently needs reforms under the current environment, China’s President Xi has told BRICS summit leaders during a speech. BRICS nations should play a leading role in deepening financial cooperation and promoting the interconnection of finance to maintain high-level security, Xi added. Member states need to promote the international financial system to reflect changes to the world economic structure better, Xi highlighted. Beijing will expand cooperation with BRICs countries regarding green industries, Xi said, noting that China's high-quality electric vehicles, lithium batteries and photovoltaic products supported the world's green development. (Source: Yicai)