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MNI China Press Digest Sept 18: RRR, GDP, Mid-Autumn

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsEM Central Bank NewsPeoples Bank of ChinaStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Wednesday:

  • The People’s Bank of China is expected to cut the reserve requirement ratio within the year, given the continuous contraction in manufacturing PMI, prices and real-estate sector, China Securities Journal reported, citing analysts. Wang Qing, analyst at Golden Credit Rating, expects a 50 basis point cut in Q4, releasing CNY1 trillion to mainly support government-bond issuance. Li Yishuang, chief fixed income analyst at Cinda Securities, expects a Q4 RRR cut given the large amount of medium-term lending facilities maturing, while February’s reduction can still cover the long-term liquidity requirements such as financial institutions’ reserve holdings, given the sharp decline in deposit growth this year.
  • Chief economists expect authorities to make stronger efforts in Q4 to meet the annual growth target of about 5%, following recent top leadership remarks urging officials to strive and complete annual economic tasks, Securities Daily has reported. After August’s data showed incremental policies are needed to break the current state, according to Guo Lei, chief economist at GF Securities. Wen Bin, chief economist at Minsheng Bank, said the issuance of government bonds accelerated significantly in August, but government expenditure this year remained slow.
  • China’s Ministry of Transport recorded the cross-regional flow of 215.9 million people during the first day of the Mid-Autumn Festival, up 10.6% m/m, and 37.9% and 13.3% over the same period in 2023 and 2019, 21st Century Business Herald reported. Railway passenger volume reached 17.0 million, up 30.3% m/m, increasing 67.8% and 28.7% from 2023 and 2019. Civil aviation passenger volume was 1.8 million, down 13.4% from the previous month and dropping 2.0% from the same period in 2023, but rising 16.9% from 2019. Highway travellers reached 196.5 million, up 9.5% m/m and 36.5% y/y.
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MNI (BEIJING)

Highlights from Chinese press reports on Wednesday:

  • The People’s Bank of China is expected to cut the reserve requirement ratio within the year, given the continuous contraction in manufacturing PMI, prices and real-estate sector, China Securities Journal reported, citing analysts. Wang Qing, analyst at Golden Credit Rating, expects a 50 basis point cut in Q4, releasing CNY1 trillion to mainly support government-bond issuance. Li Yishuang, chief fixed income analyst at Cinda Securities, expects a Q4 RRR cut given the large amount of medium-term lending facilities maturing, while February’s reduction can still cover the long-term liquidity requirements such as financial institutions’ reserve holdings, given the sharp decline in deposit growth this year.
  • Chief economists expect authorities to make stronger efforts in Q4 to meet the annual growth target of about 5%, following recent top leadership remarks urging officials to strive and complete annual economic tasks, Securities Daily has reported. After August’s data showed incremental policies are needed to break the current state, according to Guo Lei, chief economist at GF Securities. Wen Bin, chief economist at Minsheng Bank, said the issuance of government bonds accelerated significantly in August, but government expenditure this year remained slow.
  • China’s Ministry of Transport recorded the cross-regional flow of 215.9 million people during the first day of the Mid-Autumn Festival, up 10.6% m/m, and 37.9% and 13.3% over the same period in 2023 and 2019, 21st Century Business Herald reported. Railway passenger volume reached 17.0 million, up 30.3% m/m, increasing 67.8% and 28.7% from 2023 and 2019. Civil aviation passenger volume was 1.8 million, down 13.4% from the previous month and dropping 2.0% from the same period in 2023, but rising 16.9% from 2019. Highway travellers reached 196.5 million, up 9.5% m/m and 36.5% y/y.