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Chinese Media Shows Growing Concern Over Stock Market Declines

Chinese Media Shows Growing Concern Over Stock Market Declines

Renee Mu, Currency Analyst

- Chinese media shows less panic; yet still concerned about the plunging stock market.

- PBOC clarified to reference the yuan to a basket of currencies, rather than strictly pegged to the basket.

- Hong Kong tycoons, including the richest, Li Ka-Shing, are leaving the Chinese market.

Market Sentiment

Sina News: China’s most important online media source, similar as CNN in the US. Also owns a Chinese version of Twitter, called Weibo, with around 200 million active usersmonthly

Comments on the Stock Market:

  • Positive tone (emphasis on pulling back in down-trend): 0 headlines, 3 general pieces.
  • Neutral tone (facts & discussion): 2 headline, 8 general pieces.
  • Negative tone (concern on the outlook): 1 headline, 5general pieces.

Overall tone: Neutral.

Hexun News: Chinese leading online media of financial news

Comments on the Stock Market:

  • Positive tone (emphasis on pulling back in down-trend): 0headline, 3 general pieces.
  • Neutral tone (facts & discussion): 1 headline, 5 general pieces.
  • Negative tone (concern on the outlook): 0 headline, 6 general pieces.

Overall tone: Neutral to Negative.

Sohu News: Chinese top three online media

Comments on the Stock Market:

  • Positive tone (emphasis on pulling back in down-trend): 1 headline, 0 general pieces.
  • Neutral tone (facts): 1 headline,5 general pieces.
  • Negative tone (concern on the outlook): 4 headlines, 7 pieces.

Overall tone: Negative.

Headline News

People’s Bank of China:

- The Chief Economist of the People’s Bank of China, Ma Jun, said the Yuan’s rate is neither pegged to the dollar nor free-floating. The central bank’s main target is to keep the Yuan stable to a basket of currencies. Yuan’s two-way fluctuations against the dollar will likely continue increase moving forward. China will still have independent monetary policy, as the Yuan is referred to,rather than being strictly pegged to the basket of currencies.

- The central bank provides liquidity to local financial institutions through a loan-pledge program. This is a part of the PBOC’s monetary policy. Financial institutions can borrow from the central bank if they have qualified collateral, such as other loans. By the end of 2016, 31 financial institutions have received a total amount of 4.973 billion credits through this program.

Sohu News

- Hong Kong tycoons are leaving the Chinese market. Li Ka-Shing, Hong Kong’s richest tycoon over the past 18 years according to Forbes, has cashed out nearly 80 billion yuan from China. His earliest move can be dated back to 2013. The registration locations of all his listing companies now have been changed to locations outside of mainland China.

Hexun News

- Chinese financial institutions said that there is a high likelihood of reserve rate cuts around the Chinese Tradition New Year (February 8). As the volatility in the stock market has driven capital flows out of China, the Chinese market faces increasing pressure on liquidity. In addition, the Chinese Traditional New Year may dampen the liquidity conditions because of the holiday effect. As a result, the speculation on rate cuts is around this time is continuing to increase.

Written by Renee Mu, DailyFX Research Team

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