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The central parity rate of Renminbi is reported as 7.1358, down 24 points.
On July 24th, the central parity rate of RMB was reported as 7.1358, down 24 points from the previous trading day of 7.1334. Looking to the future, the exchange rate of RMB in the second half of the year is expected to be relatively stable with sufficient support at a reasonable and balanced level. According to Wen Bin, the chief economist of Minsheng Bank, China's good economic fundamentals, coupled with relatively abundant exchange rate management tools, will be sufficient to ensure the exchange rate of RMB in the second half of the year remains basically stable at a reasonable and balanced level. It is expected that the USD-RMB exchange rate will fluctuate bidirectionally within the range of 7.1 to 7.3 most of the time, and the pressure for RMB depreciation will significantly decrease after the Fed's interest rate cut landing. "In the second half of the year, RMB"
Shenzhen Express has completed the issuance of 1.5 billion yuan of ultra-short-term commercial paper.
Shenzhen Expressway (00548) announced that it issued the second tranche of ultra-short-term financing bonds for the year 2024 on the China Interbank Market of Bank of China on July 22, 2024. The actual issued total amount was RMB1.5 billion, with an issue interest rate of 1.75% and a duration of 270 days.
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
Zhongsheng Hldg: Approved by the China Bond Finance Association to register debt financing instruments in the China Interbank Bond Market.
Zhongsheng Hldg (00881) announced that the company has applied to the Bank of China Interbank Market Dealers Association to register debt financing tools with a total amount not exceeding RMB 5 billion. The association approved the application on July 19, 2024. On July 23, 2024, the company received the registration notice for Panda Bonds from the association. Therefore, the company can issue Panda Bonds in one or more batches within two years from the date of the notice (i.e. July 19, 2024) at an appropriate time.
Ba Shusong: RMB has become a currency anchor for some Central Asian and Southeast Asian countries.
"China and Global Economic Forum in 2024" will be held on July 20th, with the theme of "China power and the new chapter of global economy: development and prospects". Ba Shusong, Managing Director and Chief China Economist of Hong Kong Exchange, Chief Economist of China Banking Association, and Executive Dean of HSBC Business School, Peking University attended the forum and delivered a speech. Regarding the internationalization process of the yuan (mmf), Ba Shusong pointed out that by observing recent economic data, it can be found that the growth of yuan (mmf) settlement in the field of trade settlement is very rapid, but it is decreasing in the use of investment and reserve currency, which forms a contrast. In addition, in
GTJA Securities: Diluting the obsession with scale and embracing the new norm of social financing.
PBOC Governor Pan Gongsheng pointed out at the Lujiazui Forum that when the growth of monetary and credit has shifted from supply constraints to demand constraints, if the focus is still on the increase in quantity even in the presence of a "size bias", it obviously contradicts the laws of economic operation. It is expected that the motivation behind banks using bills to pledge loans will significantly weaken, and more attention will be paid to the adjustment of loan structure and improvement of business quality and efficiency. Both social financing and credit will enter a "new normal" of growth.
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