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China's Market News: Capital Inflows Surge on Expected MSCI Inclusion

China's Market News: Capital Inflows Surge on Expected MSCI Inclusion

Renee Mu, Currency Analyst

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.

- PBOC added 70 billion yuan of liquidity through reverse repos on June 2.

- Shenzhen Hong Kong Stock Connect is likely to launch within two months.

- China A-sharesETF surged on the growing expectation of MSCI inclusion.

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Hexun News: Chinese leading online media of financial news.

- PBOC injected 70 billion yuan through 7-day reverse repos with an interest rate of 2.25% on June 2. According to the Central Bank, the total liquidity added through Medium-term Lending Facility (MLF) in May was 290 billion yuan, taking up the most among all open market operations. 175 billion yuan of MLF will mature in 3 months with an interest rate of 2.75%; 115 billion yuan of MLFs will mature in 6 months with an interest rate of 2.85%. The MLFs withdrawal in May was 148.8 billion yuan.

Beginning in May, the PBOC issues Pledged Supplementary Lending (PSL) to the three policy banks on a monthly basis. The total PSL issued in May was 108.8 billion yuan. PSL intends to support national projects such as building out infrastructure. The Standing Lending Facility (SLF) issued by PBOC fell to 570 million yuan in May from 760 billion yuan in April.

- Shenzhen-Hong Kong Stock Connect (SHSC) is likely to launch within two months, according to a source from Hong Kong Stock Exchange. July 1 is Hong Kongs Establishment Day, which commemorates the transfer of the sovereignty of the region from UK to China. This year marks the 19thanniversary. Thus, June could be an opportune time for Hong Kong and mainland to launch the new program. Also, launching SHSC before June 15th will help to increase the odds of Chinas A-shares to be included in the MSCI Index.

China Index Academy: a Chinese agency that produces property reports.

- The average housing price of Chinas 100 cities increased by 1.70% to 11,662 yuan/m2 in May from a month ago. 74 out of the 100 cities in the survey reported price increases, 24 cities reported price decreases and 2 reported no change. The housing prices in tier-two cities increased the most: Hefei and Xiamen both reported price increases over 5%. The housing prices in tier-one cities, Beijing, Shanghai, Guangzhou, and Shenzhen, rose by 1.76%, 1.90%, 1.49% and 2.00% respectively. Tier-two cities are medium to large cities excluded the above four largest cities (tier-one cities).

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

- Chinese A-shares’ exchange traded funds (ETFs) soared on the growing expectation of MSCI inclusion. On June 1, foreign investors purchased 123 million shares of Chinese stocks which is worth approximately 1.25 billion yuan through Chinas largest A-share ETF, A50 ETF. On May 30, the Chinese ETF attracted over 2 billion yuan, making it the largest daily purchase ever. The A50 ETF has attracted more than 5.6 billion yuan of funds from overseas investors over the past six days. Capital inflows through other channels saw increases as well. The net capital inflow through Shanghai-Hong Kong Stock Connect (SHSC) was 1.5 billion yuan on June 1, the 13th consecutive net daily inflow. The total capital inflow over the past 13 days hit 13.21 billion yuan.

Written by Renee Mu, DailyFX Research Team

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