-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Wednesday, October 20
LPR: China's central bank left its benchmark rate for loans unchanged for the 18th straight month, according to a statement on the People's Bank of China website. The Loan Prime Rate, guiding companies' cost of borrowing, remains at 3.85% for the one-year maturity and 4.65% for five years.
LIQUIDITY: The PBOC injected CNY100 billion via 7-day reverse repos with the rate unchanged at 2.2%. The operations lead to a net injection of CNY90 billion after offsetting the maturity of CNY10 billion reverse repos today, according to Wind Information. The operation aims to offset the impact of tax season and the issuance of government bonds, the PBOC said on its website.
RATES: The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 2.2097% from the close of 2.2810% on Tuesday, Wind Information showed. The overnight repo average decreased to 2.0850% from the previous 2.2149%.
YUAN: The currency strengthened to 6.3936 against the dollar from 6.3998 on Tuesday. The PBOC set the dollar-yuan central parity rate lower at 6.4069, compared with the 6.4307 set on Tuesday.
BONDS: The yield on the 10-year China Government Bond was last at 3.0350%, down from Thursday's close of 3.0450%, according to Wind Information.
STOCKS: The Shanghai Composite Index edged down 0.17% at 3,587.00, while the CSI300 index fell 0.25% to 4,910.18. Hang Seng Index rallied 1.35% to 26,136.02.
FROM THE PRESS: China's top economic planner, the National Development and Reform Commission, said it will take necessary measures to intervene in coal prices, stating the current "irrational price hikes" have deviated from the fundamentals of supply and demand with the heating season coming, according to a statement on its website posted late Tuesday. Interventions could include limiting profits, setting price caps and requiring approvals for price hikes, the planner said. Coal companies should ensure the demand for power generation and heating and help the economy to operate steadily, the NDRC said. Separately, in a visit to the NDRC, Vice Premier Han Zheng urged the planner to implement cross-cycle policies to support growth and boost coal production to help ensure supplies of coal, electricity, gas as well as logistics, according to a statement on Gov.cn.
The People's Bank of China will strive to create better financing conditions for the development of the private economy as well as strengthen anti-monopoly and prevent disorderly capital expansion, said Guo Shuqing, head of the banking regulatory body, in an interview with CCTV. The central bank will encourage lenders to accelerate digital transformation to improve services, broaden the financing channels of private enterprises by releasing the potential of securities market, private equity funds, and angel funds, said Guo according to the state broadcaster. Financial innovation should be encouraged under the premise of "people first", as any illegal and irregulated innovation will hurt development in turn, Guo added.
The U.S. failure to contain the pandemic and its politicizing and blame game caused global supply chain disruptions, while its excess easing inflated commodity prices, which placed pressure on Chinese businesses, the Economic Daily said in a commentary. Western media hyped up China's below-expectation growth rate in Q3, and irresponsibly said China has lost its recovery momentum, the official newspaper said. China won't let its economy be "talked down" and should focus on promoting reform and innovation and high-quality development, said the newspaper.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.