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MNI China Press Digest Sept 5: Mortgages, CPI, Steel

MNI picks key 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 Thursday:

  • Outstanding mortgages in six major state-owned banks reached CNY25.5 trillion by end-Q2, a net decline of CNY325.5 billion since the start of the year, as homeowners continued with early repayments, Shanghai Securities News reported, citing banks’ semi-annual reports. Banks will require policy support to lower existing mortgage rates given pressure on net interest margin, the newspaper said, citing Chen Wenjing, market research director at China Index Academy.
  • China’s CPI has likely accelerated in August due to bad weather and stable domestic demand, experts interviewed by the Securities Daily said. Minsheng Bank Chief Economist Wen Bin expects CPI to reach 0.7% y/y in August, as pork prices rose from mid-May due to farmers’ second fattening their herds and rainy weather disrupting pig transportation. In terms of PPI, Wen expects a drop of 0.5% m/m and 1.5% y/y. However, Huatai Securities noted industrial self discipline, higher fiscal intensity and Federal Reserve interest-rate cuts may support PPI in H2.
  • China’s steel industry should abandon its traditional model based on scale production as the sector no longer exhibits cyclical increases in demand, according to Luo Tiejun, vice president of the Iron and Steel Association. Speaking at an industry meeting in Guangdong, Luo said firms need to transform into highly efficient enterprises based on technology and explore new models of production using self-discipline. Market participants agreed demand has fallen significantly since the start of the year leading to price declines and losses.
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MNI (BEIJING) - Highlights from Chinese press reports on Thursday:

  • Outstanding mortgages in six major state-owned banks reached CNY25.5 trillion by end-Q2, a net decline of CNY325.5 billion since the start of the year, as homeowners continued with early repayments, Shanghai Securities News reported, citing banks’ semi-annual reports. Banks will require policy support to lower existing mortgage rates given pressure on net interest margin, the newspaper said, citing Chen Wenjing, market research director at China Index Academy.
  • China’s CPI has likely accelerated in August due to bad weather and stable domestic demand, experts interviewed by the Securities Daily said. Minsheng Bank Chief Economist Wen Bin expects CPI to reach 0.7% y/y in August, as pork prices rose from mid-May due to farmers’ second fattening their herds and rainy weather disrupting pig transportation. In terms of PPI, Wen expects a drop of 0.5% m/m and 1.5% y/y. However, Huatai Securities noted industrial self discipline, higher fiscal intensity and Federal Reserve interest-rate cuts may support PPI in H2.
  • China’s steel industry should abandon its traditional model based on scale production as the sector no longer exhibits cyclical increases in demand, according to Luo Tiejun, vice president of the Iron and Steel Association. Speaking at an industry meeting in Guangdong, Luo said firms need to transform into highly efficient enterprises based on technology and explore new models of production using self-discipline. Market participants agreed demand has fallen significantly since the start of the year leading to price declines and losses.