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Chinas Market News: More Liquidity and Lower Prices?

Chinas Market News: More Liquidity and Lower Prices?

2016-04-13 17:35:00
Renee Mu, Currency Analyst
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This daily digest focuses on market sentiment, new developments in China’s foreign exchange policy, changes in financial market regulations and Chinese-language economic coverage in order to keep DailyFX readers up-to-date on news typically covered only in Chinese-language sources.

- China’s Central Bank injected 285.5 billion yuan in the effort of meeting short-term liquidity needs.

- NDRC official said the regulator will take actions to curb soaring pork prices.

- Chinese financial institutions raised concerns on the debt-to-stock program amid increasing credit risks.

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Hexun News: Chinese leading online media of financial news.

- China’s Central Bank injected 285.5 billion yuan into the market on April 13 through Medium-term Lending Facility (MLF) deals with 17 financial institutions. 127.0 billion yuan of these loans will mature in 3 months with an interest rate of 2.75%; the rest will mature in 6 months with an interest rate of 2.85%.

- China released trade data for March and Q1. To get more in-depth behind the moves driven the trade data release, read our Currency Analyst, James Stanley’s article USD Bounces off of Confluent Support, Equities Rally on Chinese Trade Data. Local Chinese financial institutions remain cautious despite of the improved exports figure in March. Minshen Securities said the increase in exports in March may not be a fundamental change. Shenwang Hongyuan Securities said in order to maintain sustainable growth in exports, trade sectors still need to reform and the government needs to provide policy support.

China Finance Information: a finance online media administrated by Xinhua Agency

- The spokesman of China’s National Development and Reform Commission (NDRC), Zhao Chen, said on April 13th that the regulator will take actions to curb soaring pork prices. In the CPI report released on Monday, China’s pork prices were said to increase by 28.4% on an annual basis. Earlier reports show that the hog prices have increased over 60% from a year ago. Mr. Zhao said that the soaring prices were cyclical; they were led by cuts in pig farms from previous years. The regulator will cooperate with local government to guide producers to increase supplies over the following periods.

- As defaults have been increasing of late, local Chinese financial institutions are raising concerns on whether the debt-to-stock swap program will be launched as planned. Guangfa Securities said that once a debtor defaults on its loan, it will cause complicated legal issues, which could interrupt the entire program. Shanghai Securities said that a company may have multiple creditors with different needs. For example, the priority of Chinese insurance companies is to maintain stable cash flows and, in turn, are less likely to participate in the debt-to-stock program especially when credit risks are increasing.

Written by Renee Mu, DailyFX Research Team

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