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Timely lowering of reserve requirements and interest rates, preventing and resolving risks in key areas, maintaining stable Exchange Rates. The central bank, financial regulatory authority, and Forex bureau collectively responded on how to proceed next ye
① The central bank also pointed out the need to explore and expand the macro-prudential and financial stability functions of the central bank, and effectively implement two monetary policy tools to support the stable development of the Capital Markets. Experts indicate that this statement significantly improves market expectations and enhances market anticipation for a slow bull market trend in the medium to long term; ② The Financial Regulatory Bureau pointed out the necessity to effectively prevent and resolve risks in key areas, continuously improving the quality and effectiveness of financial regulation, and promoting high-quality development in the Banking and Insurance industries.
The central bank will implement a moderately loose monetary policy and timely reduce the reserve requirement ratio and interest rates to maintain ample liquidity.
① Implement a moderately loose MMF policy effectively. ② Better support key areas and weak links of high-quality development.
The State Administration of Foreign Exchange: In November, Banks settled 1465.8 billion yuan and sold 1440.9 billion yuan.
According to Statistics from the State Administration of Foreign Exchange, in November 2024, Banks exchanged 1,465.8 billion yuan and sold 1,440.9 billion yuan.
In November, China's industrial added value above the designated size increased by 5.4% year-on-year, with New energy Fund, Siasun Robot&Automation, and integrated circuits leading the growth.
From January to November, the added value of large-scale industries grew by 5.8% year-on-year. Among them, the production of New energy Fund vehicles, Siasun Robot&Automation, and integrated circuit products increased by 51.1%, 29.3%, and 8.7% respectively.
National Statistics Bureau: In November, the total retail sales of consumer goods increased by 3.0% year-on-year.
In November, the total retail sales of consumer goods reached 4,376.3 billion yuan, an increase of 3.0% year-on-year. Among them, the retail sales of consumer goods excluding Autos were 3,899.8 billion yuan, showing a growth of 2.5%. From January to November, the total retail sales of consumer goods reached 44,272.3 billion yuan, with a year-on-year increase of 3.5%. The retail sales of consumer goods excluding Autos were 39,796 billion yuan, growing by 3.7%.
China's November Retail Sales Rise 3.0%, Industrial Production up 5.4%
November financial data has been released. The M2 growth rate has declined year-on-year. How should we view the slowdown in social financing and the decreased new Crediting year-on-year?
1. The speed and rhythm of social financing scale and Crediting in November are relatively stable, and financial support for the real economy remains strong; 2. In December, the scale of hidden debt replacement will further increase, which may continue to cause significant disturbances to new Crediting and new social financing data.
Express News | The central bank will further deepen the market-oriented reform of Exchange Rates next year and strengthen Exchange Rates expectation management.
The financial community's C50 wind index survey shows that institutions predict an increased probability of a rate cut in the near future, with the funding rate central expected to remain stable in December.
① The median forecast for new RMB loans in November is 0.64 trillion yuan, which is a year-on-year decrease of 0.45 trillion yuan; ② The median forecast for new social financing scale in November is 2.58 trillion yuan, which is a year-on-year increase of 0.13 trillion yuan; ③ The market anticipates that the year-on-year growth rate of CPI in November may stop declining and rise, with a minor narrowing of the PPI decline due to the low base effect; ④ The probability of a timely rate cut has increased recently, and there is still a necessity for interest rate cuts.
China's Caixin Services PMI Drops to 51.5 to in November Vs. 52.5 Expected
China's Central Bank Chief Signals Support for Economy in 2025
A historic moment! The china 10-year treasury notes yield has "crossed 2"; what has happened?
Funds and insurance are leading the way + betting on further easing of monetary policy.
Chinese Manufacturers See Growth in Second Straight Month in November
China's 10-Year Yield Falls Toward Record 2% on Easing Bets
China's Local Governments Issue 4.6 Trillion Yuan in Bonds in January-October
In November, the MLF volume continued to shrink. Previously, the 500 billion buy-back reverse repurchase has released medium-term liquidity ahead of schedule. The industry expects the reserve requirement ratio cut to be implemented faster.
①The funding operation mode of shortening and lengthening funds continues. On the one hand, the central bank continues to reduce the MLF operations volume, reduce the existing stock to mitigate its impact on the liquidity market. On the other hand, short-term funds continue to be net injected to hedge against cross-month fund pressure, strengthening the guiding position of reverse repurchase agreements on market interest rates. ②Local government bonds are centrally supplied, and the MLF is likely to see a quicker implementation under the reduced volume environment.
China Keeps Policy Loan Rate Unchanged for Second Month
After the USD index broke through 107, the offshore RMB returned to 7.25. The central bank once again mentioned exchange rate flexibility, with tolerance for volatility possibly increasing.
① The US dollar index rose and broke through the key level of 107. The offshore renminbi against the US dollar once again reached the 7.25 level, last time was at the end of July. ② The head of the International Department of the People's Bank of China stated that he insists on the decisive role of the market in the formation of exchange rates, maintains the flexibility of exchange rates, and strengthens expectation guidance. The tolerance of management for fluctuations in the renminbi exchange rate may be increasing. The market generally believes that 7.30 is the recent resistance level.
The People's Bank of China International Department: The RMB exchange rate will remain fundamentally stable at a reasonable and balanced level.
On November 22, China's People's Bank International Division head Liu Ye stated at the State Council's regular policy briefing at the Information Office that the factors affecting exchange rates are diverse, and the future renminbi exchange rate may maintain a trend of two-way fluctuations.
PBOC Leaves Loan Prime Rates Unchanged in November