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MNI China Press Digest Sept 26: PBOC, Employment, Green Bonds

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

Highlights from Chinese press reports on Thursday:

  • The People’s Bank of China can deal with potentialinterest rate fluctuations and keep the yuan basically stable at a reasonable and balanced level, Financial News, a PBOC-run newspaper, said in a front-page article. Major economies’ rate cuts have significantly eased external pressure on the yuan in the near term, while a solid foundation for the currency to remain stable in the mid-to-long-term exists, the newspaper noted. Market participants must assess risk correctly and not bet on the direction of the exchange rate, the newspaper said.
  • China will prioritise high-quality and full employment goals within economic and social development, according to a guideline released by the State Council, the first central-government document issued on the topic, Shanghai Securities News reported. Authorities will increase employment by better coordinating policies on fiscal, monetary, industrial, price, and other factors, the document said.
  • China’s green credit and bond market has reached CNY35 trillion, becoming the worlds largest and has strong potential for future expansion, noted Ma Jun, director at the Green Finance Committee and former Chief Economist at the Research Bureau of the People’s Bank of China. Ma highlighted many high-carbon emission companies risked bankruptcy in future if they did not transform correctly, leading to increased unemployment and bad debts. Transformation finance should promote high-emission enterprises such as steel, cement, and nonferrous metals to accelerate their green and low-carbon transformation, Ma added.
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Highlights from Chinese press reports on Thursday:

  • The People’s Bank of China can deal with potentialinterest rate fluctuations and keep the yuan basically stable at a reasonable and balanced level, Financial News, a PBOC-run newspaper, said in a front-page article. Major economies’ rate cuts have significantly eased external pressure on the yuan in the near term, while a solid foundation for the currency to remain stable in the mid-to-long-term exists, the newspaper noted. Market participants must assess risk correctly and not bet on the direction of the exchange rate, the newspaper said.
  • China will prioritise high-quality and full employment goals within economic and social development, according to a guideline released by the State Council, the first central-government document issued on the topic, Shanghai Securities News reported. Authorities will increase employment by better coordinating policies on fiscal, monetary, industrial, price, and other factors, the document said.
  • China’s green credit and bond market has reached CNY35 trillion, becoming the worlds largest and has strong potential for future expansion, noted Ma Jun, director at the Green Finance Committee and former Chief Economist at the Research Bureau of the People’s Bank of China. Ma highlighted many high-carbon emission companies risked bankruptcy in future if they did not transform correctly, leading to increased unemployment and bad debts. Transformation finance should promote high-emission enterprises such as steel, cement, and nonferrous metals to accelerate their green and low-carbon transformation, Ma added.