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SGD/CNH News
RMB suddenly skyrocketed! What happened?
Recently, the market seems to be ignoring the fact that the Renminbi has strengthened!
Express News | Analysts interpret the sharp rise of the yuan: the peripheral market may have begun to brew expectations of a strong domestic economy.
What is the significance of the People's Bank of China's second MLF operation this month? Deemphasizing the policy color of the MLF interest rate, institutions need to pay more attention to mid-month liquidity.
The increase in MLF operations this time met the long-term funding needs of financial institutions. The MLF operation used an interest rate bidding method, which can better reflect the supply and demand of funds. The moderate decline in MLF interest rates bridged the gap with market rates such as interbank certificates of deposit. The arrangement of this MLF operation after the LPR quote reflects the intention to downplay the policy color of MLF interest rates.
NDRC releases policy measures to encourage high-quality enterprises to use mid- to long-term foreign debts, expanding USD 1.27 trillion of external debts.
Requirement for high-quality enterprises to achieve "industry top five revenue scale in the past year" has been added. Currently, the scale of China's foreign debt stock is USD 1.27 trillion, with the proportion of medium- and long-term foreign debt accounting for 87.8%.
Report from the Chinese Academy of Social Sciences: macro policies must continue to be strengthened and coordinated to actively expand domestic demand.
On July 23, Guolonghui reported that the Chinese Academy of Social Sciences Financial Research Institute held a press conference for the second quarter of 2023 on "China Macro-Financial Analysis".
July's LPR has been lowered, and the cumulative reduction of LPR for maturities beyond 5 years this year has reached 35 basis points, saving more than 0.07 million yuan in mortgage interest.
LPR is the main reference benchmark for loan pricing. The decrease in LPR conveys a policy signal of stable growth and development, which will further stabilize and lower the financing costs of the real economy. Since this year, the cumulative decline of LPR above 5 years has been 35 basis points. Borrowers of existing housing loans will also enjoy the benefits brought by the decrease in LPR after the next repricing date, reducing their interest burden and enhancing their consumption ability.
Express News | In June, China's Swift renminbi accounted for 4.61% of global payments, up from 4.47% in the previous period.
China's Central Bank Holds Key Policy Rates Steady -- Update
Citic sec: Optimizing the LPR mechanism to improve the quality and efficiency of finance.
Currently, OMO has gradually become the core of policy interest rates. Optimizing loan pricing benchmarks can help improve interest rate transmission efficiency, balance the goals of the money and credit markets, alleviate the impact of asynchronous pricing of deposits and loans, and help stabilize bank interest margins.
Express News | Central bank regulators: Multiple goals such as interest rates and exchange rates need to be balanced.
Late night surge! The renminbi and A50 rose, and China concept stocks rose across the board, while gold and silver soared.
Tonight, the U.S. June CPI data was released, showing that inflation in the United States has cooled across the board.
What does the change from 7.11 to 7.13 in the central parity rate of the RMB mean? Insiders say that the management strategy is changing and the pressure to devalue is being released.
① The middle rate of the renminbi exchange rate is continuously increasing, from 7.11 on May 24th to 7.1342 now; ② Currently, there is a certain degree of depreciation pressure on the renminbi, and the central bank gradually adjusts the middle rate of the renminbi, reflecting China's unique managed floating exchange rate system; ③ It is expected that the US dollar against the renminbi will fluctuate bilaterally in the range of 7.1-7.3 for most of the time in the future.
HTSC: An analysis of the potential direction of consumer tax reform.
According to a research report published by htsc on the Zhitong Finance App, the reform of consumption tax may focus on adjusting the taxation scope and tax rate, discretionary delay in the collection process, moderate downward shift of income distribution to marginally alleviate local fiscal gaps, but with relatively mild macro-level impacts.
PBOC to Conduct Temporary Repo, Reverse Repo Operations
China's Current Account Surplus Reaches 281 Billion Yuan in Q1
The governor of the central bank stated that the MLF can dilute the policy interest rate color. Will the LPR be independently lowered in the future? Industry insiders: it is very likely in the third quarter, with many precedents before this.
On June 19th, Pan Gongsheng said that in the future, a short-term operation rate of the central bank could be considered the main policy rate. The rate of other monetary policy tools of different maturities can dilute the color of the policy rate and gradually clarify the transmission relationship from short to long; industry insiders interviewed said there is a possibility of independently lowering LPR quotes in the third quarter. Statistical data shows that the LPR rate has been lowered multiple times without the MLF changing, and even significantly reduced.
State Administration of Foreign Exchange: in May, banks completed CNY 1.25 trillion in foreign exchange purchases, and CNY 1.36 trillion in foreign exchange sales.
On June 17, the State Administration of Foreign Exchange released the data for May 2024 on bank foreign exchange transactions and bank customers' foreign exchange payment and receipt.
Net return of 55 billion yuan! What is the signal as the central bank continues to shrink MLF again?
Experts believe that from a quantitative perspective, current liquidity is reasonably abundant and banks have relatively low demand for the central bank's "water supplement", so the central bank's reduction in MLF may be aimed at avoiding idle funds.
The People's Bank of China continues to carry out MLF at the same amount and interest rates have remained unchanged for 10 consecutive months. The reduction of RRR and interest rates may still need to be postponed, and the policy may be implemented in the
① Overall disturbance in the capital market in June was limited, and the loose situation is expected to continue. Financial institutions have a weak demand for MLF, while the government bond supply pressure in June may be reduced compared to May, and the central bank does not intend to inject too much liquidity. ② Reducing MLF operation rate in the third quarter is still seen as a possible policy option. It is expected that the demand for MLF by banks will increase in the third quarter, and there is hope for an increase in the amount of MLF operations.
The People's Bank of China has just released the latest figures! From January to May, new social financing amounted to 14.8 trillion yuan, a year-on-year increase of 7% for M2.
RMB loans increased by 11.14 trillion yuan in the first five months, while RMB deposits increased by 9 trillion yuan.