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MNI China Press Digest May 18: Same LPR, Weak Recovery, EU

MNI (Singapore)

The following lists highlights from Chinese press reports on Tuesday:

  • The PBOC is likely to keep the Loan Prime Rate (LPR) unchanged when it issues monthly guidance on May 20, the Securities Daily reported citing analysts. The central bank on Monday rolled over the maturing medium-term lending facilities (MLF) with the amount and the rate unchanged, indicating it intends to keep policies stable and guide interbank rates around policy rates, the newspaper said. Banks also lack the motivation to increase May LPR quotes given marginal changes in banks' capital costs, the newspaper said citing Wang Qing, chief analyst at Golden Credit Rating. The one-year LPR has been unchanged for the 12th month at 3.85%, with the five-year LPR also unchanged at 4.65%.
  • China's April data released on Monday showed momentum of recovery has weakened with consumption and service industry lagging, even as industrial output expanded aided by strong exports, the 21st Century Business Herald reported citing analysts. Rising raw material prices have hurt small and medium-sized manufacturers and may ultimately slow wage growth, the newspaper said citing Luo Zhiheng, deputy head of Yuekai Securities Research Institute. Slower construction activities amid rainy weather in parts of the country contributed to weakened service performance, the newspaper said. Investment is expanding due to the resilient real estate and improved manufacturing, the newspaper said.
  • Premier Li Keqiang urged the EU to sign the bilateral investment agreement as soon as possible in a call with Italian Prime Minister Mario Draghi on Monday, the official China Daily reported. The agreement, the negotiations of which concluded last year, was delayed by the EU following sanctions imposed by each other over human rights issues in China's Muslim Xinjiang Uygur region. Li calls the two countries "comprehensive strategic partners" and hopes Italy will help promote a healthy and stable development of China-EU ties, the daily said.
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