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PBOC Leaves Loan Prime Rates Unchanged in November
The central bank today conducted a 981 billion yuan reverse repurchase operation for 7 days, with short-term fluctuations in liquidity being controllable, and the market expects a possible reserve requirement ratio cut in November.
①Today, 12.2 billion yuan reverse repos will mature, in addition to 1450 billion yuan MLF and 80 billion yuan of treasury cash deposits maturing. The central bank conducted a 981 billion yuan 7-day reverse repo operation. Industry insiders believe that under the new framework of the central bank, there may be a reserve requirement ratio cut once this year, possibly as early as November.
Trump's trade boosts the continuous strength of the usd, with the offshore renminbi close to the 7.25 threshold, how to hedge against the not weak USD?
① The offshore RMB experienced a sudden surge of over 150 basis points, approaching the psychological barrier of 7.25. ② In the future, it will be crucial to focus on whether the domestic stimulus policies related to internal demand can continue to maintain their strength in order to offset the impact of external risks on the RMB exchange rates.
China's Broad Money Supply Grows 7.5% in October
China's Newly-Issued Loans Fall 69% in October, Missing Estimates
Goldman Sachs: Trump's big stick of tariffs will target more Asian countries and regions.
① With Trump winning the presidential election in the usa, it has raised concerns in the market about tariff issues; ② In recent years, south korea, Vietnam, and other countries have obtained huge trade surpluses with the usa, which may become the next target of Trump's tariff policy.
Over 1.5 trillion funds will mature this week, and the market is once again calling for reserve requirement ratio cuts and interest rate cuts. Will the reserve requirement ratio be cut in late November to lower interest rates early next year?
1. Mid-term interest rate cuts are subject to dual constraints of exchange rates and net interest margins; it is more feasible to reduce the reserve requirement ratio in the short term, and it is expected to be announced in late November and implemented in early December. 2. To maintain flexibility, it is necessary to retain the possibility of offsetting the additional tariffs imposed by the United States through devaluation. 3. The best window for further interest rate cuts in China is expected to be before Q1 of 2025.
China Exports Grow at Fastest Pace Since Mid-2022
PBOC Governor Pan: Will Continue to Implement Supportive Monetary Policy
Caixin C50 Wind Direction Index Survey: Fiscal policy will increase countercyclical adjustment efforts, while the central bank still has ample room for expansion.
① The median forecast for new RMB loans in October is 0.58 trillion yuan, with a year-on-year decrease of 0.16 trillion yuan; ② The median forecast for new social financing scale in October is 1.47 trillion yuan, with a year-on-year decrease of 0.38 trillion yuan; ③ The year-on-year reading of CPI in October may remain unchanged, while the year-on-year decline in PPI may narrow; ④ Fiscal policy will increase countercyclical adjustment efforts, and the central bank still has ample space for expanding its balance sheet.
China Sets Yuan Fix at Weakest Since 2023, Greenlighting Decline
Express News | The mmf bridge project has completed preliminary exploration work. The next step will be fully taken over by participating central banks and monetary authorities.
Caixin C50 Wind Index Survey: October crediting may be slightly tight, expected slight decrease in social financing growth.
①The median forecast for new RMB loans in October is 0.58 trillion yuan, with a year-on-year decrease in incremental growth of 0.16 trillion yuan; ②The median forecast for new social financing scale in October is 1.47 trillion yuan, with a year-on-year decrease in incremental growth of 0.38 trillion yuan; ③October CPI year-on-year reading may remain unchanged, while PPI year-on-year decline may narrow; ④Fiscal policy will increase countercyclical adjustment efforts, and the central bank still has a relatively large space for balance sheet expansion.
China's Caixin Services PMI Jumps to 52.0 in October Vs. 50.5 Expected
China: A Likely Good Start to Q4 – Standard Chartered
China Business Sector Edges Into Expansion in October: PMI Report
Stronger China Services Sector Activity Drives Up PMI -- Market Talk
Corporate loan interest rates hit a new low! In the first three quarters, the financial system in peking provided a total financing volume of nearly 950 billion yuan. In September, the average weighted interest rate for corporate loans dropped to 2.87%.
1. In the first three quarters of this year, Peking's financial institutions continued to show a growing trend in credit volume. As of the end of September, the RMB loan balance and deposit balance increased by 5.4% and 9.4% year-on-year, respectively. 2. Since the beginning of this year, the weighted average interest rate of new corporate loans issued by financial institutions in Peking has remained at a low level, with the September average interest rate for corporate loans at 2.87%, reaching a new record low in statistics.
The Central Bank: In September, various types of bonds totaling 7,603.15 billion yuan were issued in the bond market.
On October 30, the People's Bank of China released the financial market operation situation for September 2024.
U.S. Consumer Confidence Surges in October to Highest Level in Nine Months