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MNI China Press Digest Sep 13: Credit, MLF Rate, Premier Li

MNI summarises the key stories from the Chinese press.

True

The following lists highlights from Chinese press reports on Tuesday:

  • China’s banking authorities will focus on credit expansion, including guiding the Loan Prime Rate lower and stepping up assessments of banks’ loan issuance, the China Securities Journal reported, citing Golden Credit Rating chief analyst Wang Qing. Wang said there was room for additional monetary policy support following the deceleration in the August CPI. Analysts expect September lending data to rebound. Growth in loan balances will likely reverse previous falls, notably in loans related to manufacturing, infrastructure, mortgages, and companies seeking to lower carbon emissions.
  • The People’s Bank of China is likely to keep the rate on the medium-term lending facility (MLF) unchanged on Thursday as liquidity in the inter-bank market is viewed as reasonably ample, the Securities Daily reported. Analysts are divided on how much of a maturing CNY600 billion MLF will be rolled over. Some believe the PBOC will roll over a lower amount given sufficient money supply and liquidity, while others believe a renewed amount of CNY600 billion will help stabilise growth. The one-year MLF rate sits at 2.75% after two 10 bp cuts in August and January.
  • China will seek to boost consumption and expand effective investment to create demand and accelerate the construction of key projects, CCTV News reported, citing a State Council meeting chaired by Premier Li Keqiang. Policy banks will also increase lending according to local needs. The timely implementation of additional pro-growth policies was possible given stable prices, Li was cited as saying.
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The following lists highlights from Chinese press reports on Tuesday:

  • China’s banking authorities will focus on credit expansion, including guiding the Loan Prime Rate lower and stepping up assessments of banks’ loan issuance, the China Securities Journal reported, citing Golden Credit Rating chief analyst Wang Qing. Wang said there was room for additional monetary policy support following the deceleration in the August CPI. Analysts expect September lending data to rebound. Growth in loan balances will likely reverse previous falls, notably in loans related to manufacturing, infrastructure, mortgages, and companies seeking to lower carbon emissions.
  • The People’s Bank of China is likely to keep the rate on the medium-term lending facility (MLF) unchanged on Thursday as liquidity in the inter-bank market is viewed as reasonably ample, the Securities Daily reported. Analysts are divided on how much of a maturing CNY600 billion MLF will be rolled over. Some believe the PBOC will roll over a lower amount given sufficient money supply and liquidity, while others believe a renewed amount of CNY600 billion will help stabilise growth. The one-year MLF rate sits at 2.75% after two 10 bp cuts in August and January.
  • China will seek to boost consumption and expand effective investment to create demand and accelerate the construction of key projects, CCTV News reported, citing a State Council meeting chaired by Premier Li Keqiang. Policy banks will also increase lending according to local needs. The timely implementation of additional pro-growth policies was possible given stable prices, Li was cited as saying.