September 26, 2022 01:55 GMT
MNI summarises the key stories from the Chinese press.
The following lists highlights from Chinese press reports on Monday:
- The yuan has surpassed the Japanese yen to become the fourth most used payment currency in the world, with its share of international payments rising to a record high of 3.2% in January 2022, the Shanghai Securities News reported citing the central bank’s RMB Internationalization Report 2022. The central bank will expand the use of the yuan in foreign trade and investment in the Pilot Free Trade Zone, the Guangdong-Hong Kong-Macao Greater Bay Area and the Shanghai International Financial Center, and promote the two-way opening of financial markets to improve the liquidity of yuan assets, the report said. It will also promote bilateral currency swaps and settlement cooperation between central banks, and support the healthy development of the offshore yuan market, according to the report.
- The market expects the People's Bank of China to ease policy further over coming months, the Securities Times reported citing a survey of 76 industry insiders. The survey showed 61.8% of the respondents believe the central bank will introduce more structural monetary policy tools, with 52.6% expecting the PBOC to cut policy interest rates such as the rate of Medium-Term Lending Facility (MLF). The survey showed around 46% of respondents believe the PBOC may also lower the reserve requirement ratio. Around 38% of respondents expect the policy rate will remain unchanged, with the benchmark Loan Prime Rate continuing to decline.
- China Construction Bank will set up a rental housing fund worth CNY30 billion that will transform real estate developers’ unsold housing into long-term, affordable rental housing, Caixin reported. The fund, which has been approved by regulators, will target a period of 10 years and a continuation will be assessed once the term expires, Caixin said. The planned fund is part of the effort to bolster the housing market following the provision of special loans via policy banks to ensure the delivery of unfinished housing projects, the newspaper said.