Debon Securities: PMI has remained in the expansion Range for three consecutive months.
Current attention is still needed on the changes in expectations. With the calibration of policy dynamics and the gradual strengthening of the process, the possibility of the economy converging to expectations is greater.
The central bank has completed the second swap convenience operation bidding with an amount of 55 billion yuan.
According to the People's Bank of China, to better play the stabilizing role of securities Fund Institutions, the People's Bank of China, along with the China Securities Regulatory Commission, is continuously promoting the implementation of swap convenience for securities, Funds, and Insurance companies.
PBOC Seen Delaying RRR Cut After Adding Liquidity Via New Tools
At the beginning of the year, the liquidity gap exceeded 1.3 trillion, and the funding situation may tighten temporarily in January, increasing the probability of a reserve requirement ratio cut before the Spring Festival.
① In January 2025, there will be at least 1648.2 billion yuan maturing in the open market, including 653.2 billion yuan of reverse repos and 995 billion yuan of MLF. Today, the central bank's open market reverse repos had a net absorption of 273.8 billion yuan. ② Even without a reserve requirement ratio cut, the central bank may use various tools such as outright reverse repos and government bonds purchases to stabilize fluctuations in liquidity.
China's Caixin Manufacturing PMI for December is 50.5.
The supply and demand in the manufacturing sector have increased, the market continues to warm up, and both production and demand maintain an expansion momentum, although the momentum has slowed down. The new export Order Index has fallen into the contraction Range, and corporate confidence has also weakened.
China's Caixin Manufacturing PMI Unexpectedly Drops to 50.5 in December Vs. 51.7 Expected
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