MNI China Press Digest April 28: Yuan, Travel Boom, Mfg Loan

The following lists highlights from Chinese press reports on Wednesday:

• The Chinese yuan may fluctuate in both directions after gaining nearly 1,000 bps against the U.S. dollar in the past month as market views on the dollar index diverge, the China Securities Journal reported. Some observers see the dollar index weakening as supporting factors such as U.S. bond yield gains and the short-term impact of fiscal stimulus fade, while some believe the dollar will strengthen from mid-Q2 as the U.S. economic recovery outpaces Europe and Japan, the newspaper said. The yuan may still be supported by China's steady recovery and booming exports as overseas supply could still be interrupted by the resurgence of Covid-19, the Journal said.
• The number of people travelling in China during the May 1-5 Labor Day holiday may reach a record 250 million, as hotel, airline and scenic site bookings have significantly exceeded the same period in 2019, Caixin reported citing data from the Ministry of Public Security. The online booking of plane tickets increased by 20-30% relative to 2019, before the pandemic, said Caixin. Long-distance travel has surged as pandemic restrictions have been lifted and organized tours promoted, Caixin said.
• China's top banking regulator intends to guide banks to portion more loans, particularly long-term lending, to manufacturers, the Shanghai Securities News reported citing the China Banking and Insurance Regulatory Commission. The CBIRC also encourages banks to negotiate independently with small manufacturers to extend their loan repayment period. National commercial banks are encouraged to write off non-performing loans in the manufacturing sector, the newspaper said.