On Lan’s remarks that local governments have 2.3 trillion yuan of funds from special bonds that they can use by the end of this year -- That’s NOT fresh stimulus, because he said that comprised of bonds that have been issued but not used yet, plus bonds that haven’t been issued but within this year’s quota. So it’s all within the budget previously known. So I think AFP's report about issuing $325 billion in bonds was not precise. $BANK OF CHINA (03988.HK)$$CNH/CNY (CNHCNY.FX)$$USD/CNH (USDCNH.FX)$$Hang Seng Index (800000.HK)$$NASDAQ Golden Dragon China (.HXC.US)$
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"not precise" perhaps, but more importantly, it's misleading. people gotta be careful about information like this especially when there's so many eyes on the Chinese stock market recently
as 1)the Chinese real economy likely remains a big drag, and 2) PBOC still wants to avoid a one-sided appreciation of CNY in the context of the weak economic environment, and the fact that Chinese economy is more reliant on exports growth when domestic demand is under downward pressure and shows no signs of turning around. $USD/CNY (USDCNY.FX)$likely stay range-bound in the near term, with a tailwin...
CNH/CNY Forum
$BANK OF CHINA (03988.HK)$ $HKD-RMB DUAL COUNTER MODEL (LIST1352.HK)$ $CNH/CNY (CNHCNY.FX)$ $CNY/USD (CNYUSD.FX)$ $Hang Seng Index (800000.HK)$ $NASDAQ Golden Dragon China (.HXC.US)$
$CNH/CNY (CNHCNY.FX)$ $HKD-RMB DUAL COUNTER MODEL (LIST1352.HK)$ $CNY/USD (CNYUSD.FX)$ $HKEX (00388.HK)$ $Global X MSCI China Consumer Discretionary ETF (CHIQ.US)$
So I think AFP's report about issuing $325 billion in bonds was not precise.
$BANK OF CHINA (03988.HK)$ $CNH/CNY (CNHCNY.FX)$ $USD/CNH (USDCNH.FX)$ $Hang Seng Index (800000.HK)$ $NASDAQ Golden Dragon China (.HXC.US)$
Oct. 15, Tue, 41.7 bln yuan
Oct. 16, Wed, 61.0 bln yuan, 789 billion yuan MLF
Oct. 17, Thu, 150 bln yuan
Oct. 27, Fri, 94.2 bln yuan
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Total 346.9 billion yuan 7-day RRP due.
$HKD-RMB DUAL COUNTER MODEL (LIST1352.HK)$ $CNH/CNY (CNHCNY.FX)$ $BANK OF CHINA (03988.HK)$ $HKEX (00388.HK)$
2) PBOC still wants to avoid a one-sided appreciation of CNY in the context of the weak economic environment, and the fact that Chinese economy is more reliant on exports growth when domestic demand is under downward pressure and shows no signs of turning around.
$USD/CNY (USDCNY.FX)$ likely stay range-bound in the near term, with a tailwin...
Authorities are also mulling fresh measures to shore up the sluggish stock market.-Bloomberg
$SSE Composite Index (800146.HK)$ $Hang Seng Index (800000.HK)$ $USD/CNH (USDCNH.FX)$ $CNH/CNY (CNHCNY.FX)$ $USD/CNY (USDCNY.FX)$ $KraneShares CSI China Internet ETF (KWEB.US)$ $iShares China Large-Cap ETF (FXI.US)$
$CCB (00939.HK)$ $BANK OF CHINA (03988.HK)$ $CNH/CNY (CNHCNY.FX)$ $BABA-W (09988.HK)$ $TENCENT (00700.HK)$ $JD-SW (09618.HK)$ $Global X MSCI China Consumer Discretionary ETF (CHIQ.US)$ $BYD COMPANY (01211.HK)$ $EVERGRANDE (03333.HK)$
Imports +0% y/y
Trade balance at $84.65 bln in USD term, Est.$99.2 bln
Exports +8.7% y/y, Est. +6.5%
Imports +0.5% y/y, Est. +2.0%
$CNH/CNY (CNHCNY.FX)$ $HKD-RMB DUAL COUNTER MODEL (LIST1352.HK)$ $Hang Seng TECH Index (800700.HK)$ $Hang Seng Index (800000.HK)$ $BABA-W (09988.HK)$ $PDD Holdings (PDD.US)$ $JD-SW (09618.HK)$
Zou Lan, head of the PBOC's monetary policy department, says further decline of deposit and loan interest rates also faces certain constraints.
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