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China Daily News Update for November, 19 2015

China Daily News Update for November, 19 2015

Renee Mu, Currency Analyst

This daily digest will focus on new developments in China’s foreign exchange policy, changes in financial market regulations, and broader economic coverage in order to keep the DailyFX reader up-to-date on news typically covered only in Chinese-language sources.

- The People’s Bank of China cut lending rates to local institutions in order to boost credit growth

- A China National Bureau of Statistics report showed uneven real estate trends across China

- China and Poland are likely to reach a deal in infrastructure projects to enhance regional connectivity

Sina News

(China’s most important online media, similar as CNN in the US. Also, it owns a Chinese version of twitter, called Weibo, with around 200 million active users monthly)

- According to a report released by China National Bureau of Statistics on November 19, the real estate price in the first-tier cities continues increasing during October. More specifically, the price in Shenzhen jumped over 40% year on year. Overall, the housing price has increased in 33 cities and fell in 27 cities in October, compared to 39 increases and 21 drops in September.

The housing sector in China continues to develop unevenly in first-tier, second-tier, and third-tier cities. In first-tier cities, real estate prices are likely to remain high due to the inelastic demand of housing driven by the fast growing population. In the second-tier and third-tier cities housing prices have actually fallen. That said there may arguably be more potential investment opportunities as these cities are less developed and have upside potential.

Hexun News

(Chinese leading online media of financial news)

- Next week, the Chinese and Polish presidents will meet and are likely to reach a deal that China will help Poland to build high-speed railroads and nuclear power plants. It will be another major investment after China adopted the “One-belt, One-Road” strategy.

“One-belt, One-road”, also called “The Silk Road Economic Belt and the 21st-Century Maritime Silk Road”, is a strategy adopted by China from September, 2013. The purpose is to establish a network of overland road and rail routes through infrastructure projects and enhance the connection of China with neighboring countries. It also helps Chinese industries with overcapacity to export products such as steel, cement and aluminum.

- China is planning to officially start a carbon emission trading market in 2017 according to the Special Representative of the Chinese climate change affairs in a speech on November 19. Currently, China has already launched seven test markets in different provinces. The trading price remains relatively stable.

A new development in Chinese capital markets. Emissions trading—also known as “Cap and Trade”—provides companies with permits to emit certain amounts of pollutants and to trade freely in the open market for permits. Such a move is significant for China because it marks one of the first major steps the country has taken to address its own Carbon emissions.

PBOC News

(China’s Central Bank)

- PBOC announced to cuts rates of Standing Lending Facility (SLF) to local financial institutions from November 20, 2015.

The central bank took another step to stimulus the economy. In cutting the SLF it aims to solve the liquidity problem of local financial institutions—many of which are the small-sized local commercial banks in the second-tier and third-tier cities. Local branches of the central bank are able to provide such facilities directly to local institutions.

Written by Renee Mu, DailyFX Research Team

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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