Thread by @C_Barraud

🇨🇳 #China will cut export rebate rates to 13% and 9%, respectively, for exports that enjoyed 16% and 10% rebate rates in accordance with value-added tax cuts effective April 1, according to a statement from the Ministry of Finance.
*Link (Chinese): bit.ly/2Tr5h3o

🇨🇳 #China is extending a public holiday to get people to travel and spend more as the government pins its hopes on a vast consumer base to help cushion an economic slowdown - Reuters
reuters.com/article/us-chi…

🇨🇳 #China Regulator Says Financial Markets Can Open More Quickly - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #CHINA TO CUT PATENT REVIEW TIME BY AT LEAST 15% IN 2019: XINHUA

🇨🇳 #China Officials Tap Lower Tariffs, Debt Sales to Aid Growth - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 Xinhua cited Finance Minister Liu Kun stating that #China will lower enterprise contributions to urban workers' basic aged-care insurance from 20% to 16% to reduce enterprises' burdens effective 1-May.
xinhuanet.com/english/2019-0…

🇨🇳 #China’s First Quarter Recovery Is Unmistakable, Beige Book Says - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #CHINA MAR OFFICIAL (NBS) #MANUFACTURING PMI: 50.5 V 49.6E (6-month high; 1st reading > 50 since Oct. 2018; biggest ⬆ on month since Mar. 2012)
*Production: 52.7 v 49.5 (6-month high)
*New orders: 51.6 v 50.6 (6-month high
*New export orders: 47.1 v 45.2 (6-month high)

🇨🇳 #China March #Manufacturing PMIs for SMEs:
*Medium Corp: 49.9 v 46.6 prior (7-month high)
*Small Corp: 49.3 v 45.3 prior (5-month high)

➡ Large Corp are mainly benefiting from the increase in public spending though the gap with SMEs is shrinking.

🇨🇳 #China Mar. #Manufacturing: Business expectations component ⬆ 0.6pts to 56.8 (7-month high), suggesting that the economy may bottom in coming mths as officials have ⬆ public spending and tax cuts to counter downward pressure from external demand.

*Even if it looks good, we have to be cautious:
1/ Seasonal adjustment factors associated to the official 🇨🇳 PMI create more volatility in Jan.-Mar. data.
2/ March data may overstate the ⬆ in activity as it usually the case when the Lunar New Year holiday took place in Feb.

3/ Markit data in Feb. ⬆ 1.6pt (mainly due to different SA factors), therefore it will be interesting to scrutinize the results tomorrow especially in a context where the main trading partners showed weakness.
4/ Metrics linked to trade remained in contractionary territory.

🇨🇳 #CHINA MAR CAIXIN #MANUFACTURING PMI: 50.8 V 50.0E (first reading over 50 in 4 months; matches highest reading since July 2018)
*New export orders rose slightly after a fall in February.
*Link: bit.ly/2FFPzMR

🇨🇳 #CHINA MAR CAIXIN PMI SERVICES: 54.4 V 52.3E (highest since Jan 2018); PMI COMPOSITE: 52.9 V 50.7 PRIOR (highest since Jan. 2018)
*Link: bit.ly/2uIiGKE

🇨🇳 #China Plans to Loosen Financing Rules for Listed Cos. - 21st Century Business Herald
The securities regulator may raise ceiling of new share sales to 50% of total pre-sale shares, from 20% currently.
*Link (Chinese): bit.ly/2FTtQ5F

🇨🇳 #China Preps More Stimulus Measures to Aid Consumption Recovery - Bloomberg
*Link: bloom.bg/2FLKDpS

🇨🇳 #China’s banks defy Beijing by pumping loans into #property, despite economic slowdown - SCMP
scmp.com/economy/china-…

🇨🇳 #China to relax residency curbs, boost infrastructure in new urbanization push - Reuters
reuters.com/article/us-chi…

🇨🇳 From Apr. 9, #China will ⬇ import duties on:
*books, magazines, food, beverage, gold & silver, furniture, toys and some drugs to 13%
*sports equipment excluding golf-related products, textile products, television cameras and bicycles to 20%
*MOF: bit.ly/2UKwx1G

🇨🇳 #China's #Property Market Is Feeling the Stimulus Effect - Bloomberg
*Link: bloom.bg/2IabNdH

🇨🇳 #China Exports Rebound After Lunar Holiday, Imports Contract - Bloomberg
- Exports Y/Y: +14.2% v -20.8% prior (largest ⬆ since Feb. 2018)
- Imports Y/Y: -7.6% v -5.2% prior (largest ⬇ since Dec. 2018)
*Link: bloom.bg/2Ks0lvJ

🇨🇳 *CAAM SAYS #CHINA CAR MARKET TURNING POINT COULD COME JULY-AUG - BBG

🇨🇳 #CHINA MAR AGGREGATE FINANCING (CNY): 2.86T V 1.85TE
CHINA MAR NEW YUAN LOANS (CNY): 1.69T V 1.25TE
CHINA MAR M2 MONEY SUPPLY Y/Y: 8.6% V 8.2%E

🇨🇳 #China M1 money supply (usually a leading indicators) rose 4.6% YoY in March (fastest since July 2018) vs 2.0% YoY prior
*Real M1 ⬆ 2.3% YoY v 0.5% in Feb.

➡ Figures confirm that Chinese economy may have bottomed in 1Q19 and is likely to rebound in 2H19.

🇨🇳 *VW CEO `QUITE OPTIMISTIC' ABOUT SECOND-HALF OF YEAR FOR #CHINA - BBG

*This morning:

*VOLKSWAGEN SALES CHIEF SAYS CHINA DEMAND PICKED UP IN APRIL - BBG

🇨🇳 #CHINA Q1 GDP Q/Q: 1.4% V 1.4%E; Y/Y: 6.4% V 6.3%E

MAR INDUSTRIAL PRODUCTION Y/Y: 8.5% V 5.9%E (fastest since July 2014)
*Motor Vehicles output: -2.6% vs -5.3% in the first two months of the year
*Mobile Phones output: -7.0% vs -12.3% in the first two months of the year

🇨🇳 #China production by foreign funded companies increased by 1.4% YoY YTD in Mar. (vs -0.3% in Feb.)
*Production by state-owned enterprises accelerated to +4.5% YoY YTD in Mar. (vs +4.4% in Feb.) which confirms public support is also gaining traction.

🇨🇳 #China | The increase in FAI YoY YTD to +6.3% in Mar. also reflects policy efforts with State Owned & State Holdings FAI increasing by 6.7% (fastest pace since Mar. 2018). Meantime, growth in private FAI slowed to +6.4% (slowest pace since Dec. 2017).

🇨🇳 #China Considers Stimulus to Boost Consumers, Ease Trade Risk - Bloomberg
*Proposal could spur sales of cars, electronics, smartphones
*Plan is said to be at consultation stage and could be changed
bloomberg.com/news/articles/…

🇨🇳 #China | Although the central bank’s easing bias remains unchanged, it sees less room this year for RRRs as fiscal stimulus plays a bigger role in spurring growth, according to government advisers involved in internal policy discussions - RTRS

https://twitter.com/C_Barraud/status/1120634053563170817

🇨🇳 Capital requirements for #China's small lenders will be eased after quarterly review: sources - Reuters
reuters.com/article/us-chi…

🇨🇳 #China Reinforces Shift Away From Broad Easing With Targeted MLF - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 *CATERPILLAR EXPECTS #CHINA DEMAND FOR CONSTRUCTION TO GROW: CFO - BBG

🇨🇳 #China c.bank to set up framework to lower RRR for small, medium banks - media - Reuters
reuters.com/article/china-…

🇨🇳 #China’s March Industrial Profits Rebound Amid Improving Economy - Bloomberg
*Link: bloom.bg/2vmgjxk

🇨🇳 #China spends $73 billion on transport infrastructure in March quarter: ministry - Reuters
reuters.com/article/us-chi…

🇨🇳 #CHINA APR #MANUFACTURING PMI (OFFICIAL): 50.1 V 50.5E (2-month low)
*Large Corp: 50.8 v 51.1 (4-month low)
*Medium Corp: 49.1 v 49.9 prior (2-month low)
*Small Corp: 49.8 v 49.3 prior (6-month high)
*Link: bit.ly/2VHvjEV

🇨🇳 #China | On the trade front, it seems that downward pressure have eased, confirming signals from weekly data (bit.ly/2V9EOgF)
*Apr. New Export orders: 49.2 v 47.1 prior (highest since Aug. 2018)
*Apr. Imports: 49.7 v 48.7 prior (highest since June 2018)

🇨🇳 #China | Official and Markit (Caxin) PMIs suggest that both input and output prices remained in expansion territory in April. (positive for profits).
*In addition, business expectations were resilient with Markit gauge reaching a 11-month high (bit.ly/2UO5Dlj)

🇨🇳 #China | Analysts had expected a pullback in the PMIs, arguing that March’s upbeat surprise was partly due to one-off factors such as a shift in Chinese New Year dates or changes in production ahead of a cut in #VAT rates on April 1.

https://twitter.com/C_Barraud/status/1112239697462525955

🇨🇳 #CHINA SEEKS TO STABILIZE EMPLOYMENT, CCTV REPORTS - BBG
*CHINA TO SPEND 100B YUAN TO BOOST EMPLOYMENT: STATE COUNCIL

🇨🇳 #China to use $14.9 billion from unemployment insurance fund to support jobs - Reuters
reuters.com/article/us-chi…

🇨🇳 #China planning to roll back curbs on private share placements: Caixin - Reuters
uk.reuters.com/article/us-chi…

🇨🇳 #China Tourism revenues during holidays between May 1 and May 4 rose 16.1% YoY to 117.67 billion yuan ($17.5 billion), according to data published by the Ministry of Culture and Tourism on Saturday.
*Link (Chinese): bit.ly/2VJdeGd

🇨🇳 #China called on its “National Team” of state investors to prepare to stabilize the stock market if needed on Monday, people familiar with the matter said, as the Shanghai Composite Index plunged the most in seven months - Bloomberg

🇨🇳 #China gives modest boost to economy with RRR cut amid renewed #trade tensions - Reuters
reuters.com/article/us-chi…

🇨🇳 #China State Funds Prepare Steps to Stabilize Stocks - Bloomberg
*Link: bloom.bg/2DRgg14

🇨🇳 🇺🇸 #China may expand stimulus in response to potential US #tradewar tariff hike, analysts say - SCMP
scmp.com/economy/china-…

🇨🇳 Used car exports expected to buoy #China's automobile industry - China Daily
chinadaily.com.cn/a/201905/07/WS…

🇨🇳 #China April Overall mobile phone shipments rose 6.7% YoY (up from -6.0% YoY in March) - China Academy of Information and Communications Technology
*Link: bit.ly/2vNbOMs

🇨🇳 #China | #PBOC HAS AMPLE ROOM IN MONETARY POLICY: OFFICIAL SUN - BBG

🇨🇳 #China | Latest figures, expectations of weaker external demand and rising uncertainty reinforce my view that officials will probably increase policy support on both the monetary and fiscal front.

https://twitter.com/C_Barraud/status/1128578418054922240

🇨🇳 🇺🇸 #China Has a $3.65 Trillion War Chest to Counter U.S. Tariffs - Bloomberg
*China has fiscal expenditure left the size of German GDP
*Link: bloom.bg/2Q8uFL3

🇨🇳 *LI KEQIANG SAYS #CHINA WILL EXPAND TAX CUTS TO STIMULATE ECONOMY - BBG

🇨🇳 *LI SAYS #CHINA HAS ROOM TO USE POLICY TOOLS FOR MACRO-ADJUSTMENT - bbg

🇨🇳 #China | Premier Li calls for tax cuts, market vitality to ensure steady growth - Global Times
globaltimes.cn/content/115149…

🇨🇳 #China | #PBOC Pumps in More Cash After Baoshang Seizure Spooks Market - Bloomberg
*Link: bloom.bg/2W9HivW

🇨🇳 #CHINA TO OFFER MORE TAX BREAKS TO HOUSEKEEPING SERVICES: CCTV - BBG
*CHINA TO OFFER MORE TAX BREAKS TO KINDERGARTENS: CCTV

🇨🇳 #China | Yi Says #PBOC `Fully Capable' of Managing Smaller Banks Risks – Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #China | If the employment component continues to decline (the top priority of the government), it would add pressure on officials to support activity.

https://twitter.com/C_Barraud/status/1134367540224937984

🇨🇳 #China | #PBOC said on Sunday that it would use various monetary policy tools including medium-term facility loans and reverse repurchase agreements to stabilise money markets - CNBC
cnbc.com/2019/06/02/reu…

🇨🇳 #China | #PBOC More Likely to Use Reverse Repo and MLF to Ease Credit - China Securities Journal
*Link (Chinese): cs.com.cn/xwzx/hg/201906…

🇨🇳 #China's #PBOC Injects $72 Billion to Roll Over Medium-Term Funds - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #China Auto Group Calls for Stimulus to Help Spur Car Sales - Caixin
caixinglobal.com/2019-06-06/chi…

🇨🇳 #China issues 2019-2020 plan to boost demand for automobiles, home appliances and consumer electronics products - NDRC
*Plan includes banning local govts to introduce any new curbs on car purchases
*Link (Chinese): bit.ly/2KBcOvw

🇨🇳 #China central bank says will offer targeted liquidity support to small and mid-sized banks - Reuters
reuters.com/article/us-chi…

🇨🇳 #China Expands Use of Local Government Debt in Stimulus Push - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 Chinese Regulators Try to Calm Fears of a Funding Squeeze - WSJ
wsj.com/articles/chine…

🇨🇳 #China | #Beijing orders brokerages to lift fundraising quota, eases liquidity for smaller financial firms - SCMP
scmp.com/business/banki…

🇨🇳 As of June 21st, monthly local government bond issuance in #China exceeded CNY594B, total issuance for the month may hit CNY800B (a record high of the year in June) - China Daily
chinadaily.com.cn/a/201906/25/WS…

🇨🇳 #China Economy Showing Modest Improvement in 2Q, Beige Book Says - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #OOTT | #China to Ease Ownership Rules on #Oil Exploration, City #Gas - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #China | If the employment component continues to weaken, it would lead to huge pressures on officials to support activity as employment has been a top priority of the government.

https://twitter.com/C_Barraud/status/1145295789180280832

🇨🇳 #China to Scrap Financial Firm Ownership Limits by 2020 - Bloomberg
*Link: bloom.bg/2YpMd8N

🇨🇳 #China local governments issued CNY899.55Bn worth of bonds in June (largest since July 2016)
*The total amount of local debt issued in 1H19 was CNY2.84Trn of which new bonds accounted for CNY2.18Trn (70.77%❗ of the 2019 quota).
*Time-Weekly (Chinese): bit.ly/2J918iQ

🇨🇳 #China’s securities regulator is soliciting public opinions over a rule allowing a state fund to bail out securities companies that “face significant liquidity risk,” according to an online note from the CSRC - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #China will further open up its foreign exchange market, its regulator says - CNBC
cnbc.com/2019/07/07/chi…

🇨🇳 #CHINA JUNE RETAIL PASSENGER VEHICLE SALES +4.9% ON YEAR: PCA - BBG
*CHINA CAR SALES RISE FOR FIRST TIME IN 13 MONTHS, PCA SAYS

My proxies show that car passenger sales ⬆ in the last 3 weeks of June amid larger discounts and gvt supportive measures

https://twitter.com/C_Barraud/status/1136537901846732800

🇨🇳 #China | Nevertheless, wholesale sales probably fell YoY during the month. As a result total sales should stabilize in June (vs -15.8% YoY in May according to BBG data).

https://twitter.com/C_Barraud/status/1148135459471679489

🇨🇳 #CHINA JUNE PASSENGER VEHICLE WHOLESALES -7.8% ON YEAR: CAAM - BBG
*CHINA JUNE PASSENGER VEHICLE WHOLESALES 1.73M UNITS: CAAM

https://twitter.com/C_Barraud/status/1148136468805824519

🇨🇳 #CHINA JUN CPI M/M: -0.1% V +0.1% PRIOR; Y/Y: 2.7% V 2.7%E
- Food price CPI y/y: 8.3% v 7.7% prior

➡ Core CPI YoY was <2% for a 10th straight month which should push #PBOC to ease further (especially in a context PPI index remained muted).

🇨🇳 #China M1 money supply (usually a leading indicators) ⬆ 4.4% YoY in June vs +3.4% YoY prior
*Real M1 ⬆ 1.7% YoY (3-month high) v +0.7% YoY prior.

🇨🇳 #China | Without surprise, the divergence between real M1 and ST rates kept persisting.

https://twitter.com/C_Barraud/status/1138723930376691712

🇨🇳 #China | Looking at June report:

*Undiscounted Bankers Acceptances ⬇ CNY131.1B (v ⬇ CNY77.0B in May)

*Entrusted loans ⬇ CNY82.5B (v ⬇ CNY63.1B in May)

*Trust loans ⬆ CNY1.5B (v ⬇ CNY5.2B in May)

🇨🇳 #CHINA JUNE INDUSTRIAL PRODUCTION Y/Y: 6.3% V 5.2%E (3-month high)
*Cars output YoY: -16.8% vs -23.8% prior (lowest decline since March 2009)
*Industrial output by SOEs YoY: 6.2% vs 6.0% prior (highest since July 2018)

🇨🇳 #CHINA JUNE YTD FAI Y/Y: 5.8% v 5.5%e (2-month high)
*State Owned & State Holdings FAI: 6.9% v 7.2% prior (3-month low)
*Private FAI: 5.7 v 5.3% (3-month high)

🇨🇳 #China's first half fixed-asset investment projects rise 81% year-on-year to 472 billion yuan - Reuters
reuters.com/article/us-chi…

🇨🇳 #CHINA ANNOUNCES NEW FINANCIAL OPENING UP POLICIES - BBG
*CHINA ENCOURAGES FOREIGN CAPITAL IN WEALTH UNITS OF LENDERS
*CHINA ALLOWS FOREIGN INVESTORS IN PENSION MANAGEMENT SECTOR

🇨🇳 #China Opens Up Financial Sector to More Foreign Investment - Bloomberg
*Statement (Chinese): bit.ly/2LuXh1X
bloomberg.com/news/articles/…

🇨🇳 #China’s #Politburo meeting to gauge outlook for the economy and policy amid US #tradewar - SCMP
*The 25-member top leadership group, headed by President Xi Jinping, is expected to gather before the end of July to discuss plans for the next six months.
scmp.com/economy/china-…

🇨🇳 #China | Xi deploys heavyweights to Xinjiang and Hong Kong before conclave - Nikkei
asia.nikkei.com/Editor-s-Picks…

🇨🇳 #CHINA HOLDS POLITBURO MEETING JULY 30: XINHUA

🇨🇳 #CHINA POLITBURO REVIEWED ECONOMIC CONDITION AT MEETING: XINHUA
*CHINA MAKES PLAN FOR 2H ECONOMIC WORK IN MEETING: XINHUA

🇨🇳 #CHINA TO KEEP LIQUIDITY AMPLE, REASONABLE: POLITBURO - BBG
*CHINA SHOULD IMPLEMENT PROACTIVE FISCAL POLICY: POLITBURO
*CHINA TO SPEED UP CLEANUP OF 'ZOMBIE COMPANIES': POLITBURO
*CHINA WON'T USE PROPERTY AS SHORT-TERM ECO STIMULUS: POLITBURO

🇨🇳 #China's central bank branches tell lenders to increase loans appropriately: sources - Reuters
reuters.com/article/us-chi…

🇨🇳 #China’s Politburo Vows Action on #Trade, Tweaks Stimulus Policy - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #CHINA | #PBOC BOOSTS RELENDING QUOTA TO SMALLER BANKS BY 50B YUAN - BBG
*PBOC SAYS RELENDING QUOTA EXPANSION TO BOOST LOANS TO SMES

🇨🇳 #CHINA | #PBOC SAYS RELENDING QUOTA EXPANSION TO BOOST LOANS TO SMES - BBG

https://twitter.com/C_Barraud/status/1156513768546938880

🇨🇳 #China to unveil more measures to boost consumption, tourism - Xinhua
*China will encourage the application of new technologies including big-data to prop up the development of customized consumption
xinhuanet.com/english/2019-0…

🇨🇳 🌏 #RCEP | #China Commerce Minister Zhong Shan called on Regional Comprehensive Economic Partnership members to speed up negotiations for a #trade pact so that a deal can be sealed this year, according to the ministry.
*Link (Chinese): mofcom.gov.cn/article/ae/ai/…

🇨🇳 #China's secret conclave begins in #Beidaihe as leaders meet elders - Nikkei
asia.nikkei.com/Politics/China…

🇨🇳 #China is considering a series of new measures to stabilize trade, including diversifying imports of technologically advanced equipment and supporting cross-border trade of e-commerce companies - China Securities Journal
*Link (Chinese): bit.ly/2yMHeUM

🇨🇳 In a context of synchronized global slowdown and uncertainties linked to trade disputes, geopolitical events, #China could decide to launch new measures to support the economy. Given the renewed weakness in auto sales, this sector could be targeted soon

https://twitter.com/C_Barraud/status/1161165366313308160

🇨🇳 #China | We can also imagine that if real M1 YoY turns negative, officials could be tempted to hit the brakes on their deleveraging campaign.

https://twitter.com/C_Barraud/status/1160841383697100800

🇨🇳 #China’s state planner said on Friday it would roll out a plan to boost disposable income this year and in 2020 to spur private consumption - Reuters
uk.reuters.com/article/uk-chi…

🇨🇳 #China Adds Detail to Long-Awaited Interest Rate Reform Plan - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #China to Release New Loan Prime Rate on 20th of Every Month - Statement
*Link (Chinese): bit.ly/30e4aYS

🇨🇳 #China will allow a higher bad-loan ratio for financing backed by intellectual property - Statement
*The NPL ratio for IP-backed loans can be 3 percentage points higher than overall loans according to the China’s banking regulator.
*Link (Chinese): bit.ly/33ysNSe

🇨🇳 #PBOC | #China's central says new loan benchmark to be based off medium-term liquidity - Reuters
reuters.com/article/us-chi…

🇨🇳 #Beijing unveils detailed reform plan to make #Shenzhen model city for #China and the world - SCMP
scmp.com/news/china/pol…

🇨🇳 #China plans to allow foreign investment in VPN services as part of #Beijing trial in latest opening up move - SCMP
scmp.com/economy/china-…

🇨🇳 #China Considering Increasing Local Debt Sales to Boost Stimulus - Bloomberg
*Policy makers may raise the annual quota for so-called special bonds from the current level of 2.15 trillion yuan ($305 billion)
bloomberg.com/news/articles/…

🇨🇳 #China | There are room for both interest rate and reserve ratio cuts, and whether to cut them depends on economic performance and prices, #PBoC Deputy Gov Liu Guoqiang told reporters, according to microblog of China News Service.
*Link (Chinese): weibo.com/tv/v/I34s9hzCo…

🇨🇳 #China | #PBOC SETS 1-YEAR LOAN PRIME RATE (LPR) AT 4.25% V 4.35% (official benchmark)
*The lower reading for the 1-year LPR essentially amounts to a rate cut for new corporate loans (most corporate loans have terms within 3 years).
reuters.com/article/us-chi…

🇨🇳 A #China Securities Journal commentary suggests the government has sufficient policy tools to achieve steady economic growth if the downturn exceeds expectations.
*Link (Chinese): bit.ly/2Z7Foxm

🇨🇳 #CHINA | #PBOC SAYS NEW PERSONAL #MORTAGE LOAN RATIO TO BE BASED ON LPR - BBG
*PBOC: PREVIOUS MORTGAGE LOAN AGREEMENT TO KEEP RATIO UNCHANGED
*PBOC SAYS NEW PERSONAL MORTGAGE LOAN MECHANISM EFFECTIVE OCT. 8

🇨🇳 #China to lower capital requirement ratio for infrastructure projects: state planner - Reuters
reuters.com/article/us-chi…

🇨🇳 #CHINA | #PBOC SHANGHAI HOLDS MEETING WITH ABOUT 170 LOCAL BANKS ON LPR - BBG
*PBOC URGES BANKS TO USE LPR AS MAIN REFERENCE IN LOANS ASAP
*PBOC URGES BANKS TO REMOVE IMPLICIT FLOOR IN LENDING RATES
*PBOC URGES BANKS TO INCREASE LENDING SUPPORT TO SMALL COMPANIES

🇨🇳 #CHINA TO LOOSEN, REMOVE CAR PURCHASE LIMITS: XINHUA

🇨🇳#China to Loosen, Remove #Car Purchase Limits, Support NEVs - State Council Statement
*Link (Chinese): bit.ly/2PhhFGw

https://twitter.com/C_Barraud/status/1161166385860489216

🇨🇳 #China #Auto | More details from Bloomberg translation:

🇨🇳 #China | More than 20 China provinces (including Guangdong, Sichuan and Zhejiang) have exhausted special bond issuance quota - Shanghai Securities News
*There is a possibility that these provinces could use unused quotas from last year.
*Link (Chinese): bit.ly/2LqgKOT

🇨🇳 #China carmakers bolster financial resources as sales flounder - ECNS
ecns.cn/news/2019-08-2…

🇨🇳 #China plans to provide more support for its economy, including investing in infrastructure projects and regional development, while maintaining a prudent monetary policy with “reasonably” ample liquidity, the State Council said on Sunday - Reuters
reuters.com/article/us-chi…

🇨🇳 #China targets excess capacity to help boost weak #auto market - Nikkei
asia.nikkei.com/Business/Autom…

🇨🇳 #China will have go a step further in easing monetary policy and increasing fiscal spending to help support domestic growth given that Beijing sees no near-term resolution to its trade war with the United States, a top policy body has indicated - SCMP
scmp.com/economy/china-…

🇨🇳 #China is expected to lower MLF rate in Sept. - CSJ
*Link (Chinese): bit.ly/2lvwVkA
*Note: There will be 441.5 billion yuan of MLFs maturing this month, including 176.5 billion yuan maturing on Sept. 7 and 265 billion yuan maturing on Sept. 17.

🇨🇳 #CHINA SAYS ECONOMIC DOWNWARD PRESSURE INCREASES: RADIO - BBG
*CHINA TO SPEED UP LOCAL GOVT SPECIAL BOND USE: RADIO
*CHINA TO CONTINUE PRUDENT MONETARY POLICY: CCTV

🇨🇳 #CHINA'S CABINET: WILL IMPLEMENT BROAD RRR CUT AND TARGETED RRR CUT IN TIME - STATE MEDIA - RTRS

🇨🇳 #CHINA CUTS BANKS' RESERVE REQUIREMENT RATIO - BBG
*CHINA CUTS RESERVE RATIO BY 0.5 PPT

🇨🇳 #CHINA CUTS RESERVE RATIO BY 0.5 PPT, EFFECTIVE SEPT. 16 - BBG

*CHINA CENTRAL BANK SAYS SOME QUALIFYING BANKS WILL GET AN ADDITIONAL RRR REDUCTION OF 100 BPS - RTRS

*FTSE CHINA A50 FUTURES EXTEND GAIN TO 0.7% AFTER RRR CUT

🇨🇳 #CHINA TO CUT RRR FOR SOME BANKS BY EXTRA 1 PPT - BBG
*PBOC SAYS EXTRA 1 PPT RRR CUT EFFECTIVE OCT. 15, NOV. 15

➡ CHINA SAYS RRR CUTS TO RELEASE 900B YUAN IN LIQUIDITY

🇨🇳 Deputy finance minister Xu Hongcai says in a press conference in #Beijing that #China will grant part of local bond quota for 2020 in advance.
*China to make sure funds raised can be used and take effect at the beginning of 2020.
*Link (Chinese): bit.ly/2m768LG

🇨🇳 #CHINA M2 MONEY SUPPLY Y/Y: 8.2% V 8.2%E - BBG
CHINA AUG NEW YUAN LOANS (CNY): 1.210T V 1.200TE
CHINA AUG AGGREGATE FINANCING (CNY): 1.98T V 1.605TE

🇨🇳 #China M1 money supply (usually a leading indicator) ⬆ 3.4% YoY in August (2-month high) vs +3.1% YoY prior
*Despite short-term rates remained low, real M1 only ⬆ 0.6% YoY (2-month high) v +0.3% YoY prior (which is not a surprise: bit.ly/2ktZKOh)

🇨🇳 #China tipped to start rate cutting ‘road map’ as early as next week, as economic slowdown deepens - SCMP
scmp.com/economy/china-…

🇨🇳 #China is considering taking more measures to attract long-term investors to its stock market, the China Securities Journal says in a front-page editorial Thursday.
*Link (Chinese): bit.ly/2kI1NOx

🇨🇳 Investors in #China’s financial markets are betting the next two weeks will be a breeze, largely due to expectations the gvt won’t let anything overshadow its National Day on Oct. 1 - Bloomberg
*As a reminder, that date marks the 70th anniversary of the People’s Republic.

🇨🇳 Xi Tells Central Chinese Province to Boost #Infrastructure: CCTV
*Central #China’s #Henan province should strengthen construction of major infrastructure projects, President Xi Jinping said at a meeting with local officials.

🇨🇳 #CHINA TO FURTHER OPEN UP FINANCIAL MARKET: FINANCIAL COMMITTEE - BBG
*CHINA TO KEEP REASONABLY AMPLE LIQUIDITY: FINANCIAL COMMITTEE

🇨🇳 #China plans to step up efforts to lift economy -central bank - Reuters
reuters.com/article/us-chi…

🇨🇳 #China to give local governments bigger share of tax revenues to continue crucial infrastructure investments - SCMP
scmp.com/economy/china-…

🇨🇳 #China Unexpectedly Injects $28 Billion of Cash as Growth Slows - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #PBOC TO FACILIATE OVERSEAS INVESTORS IN #CHINA BOND INVESTMENT - BBG

🇨🇳 #China doubles value of infrastructure project approvals to stave off economic slowdown amid trade war - SCMP
scmp.com/economy/china-…

🇨🇳 #China’s Central Bank Boosts Liquidity Ahead of Tax Payment Surge - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #CHINA TO ADOPT NEW TRADE POLICY, CAIXIN CITES COMMERCE MINISTER
*CHINA TO ADOPT NEW POLICY TO BOOST TRADE DEVELOPMENT: CAIXIN
*Link (Chinese): economy.caixin.com/2019-10-23/101…

🇨🇳 #CHINA TO INCREASE IMPORTS OF #AGRICULTURE PRODUCTS: CCTV
*CHINA TO BOOST IMPORTS OF CONSUMER GOODS, EQUIPMENTS: CCTV
*CHINA TO IMPROVE EXPORT REBATES POLICY: CCTV
*CHINA TO TAKE MEASURES TO IMPROVE FOREX MANAGEMENT: CCTV

🇨🇳 #China to further facilitate cross-border #trade and investment - Xinhua
xinhuanet.com/english/2019-1…

🇨🇳 #China cbank will conduct MLF operations on Tuesday - sources - Reuters
reuters.com/article/china-…

🇨🇳 #China Cuts Key Interest Rate to Boost Economic Growth - WSJ
*One-year medium-term lending facility rate is reduced to 3.25% from 3.3%
wsj.com/articles/china…

🇨🇳 #China state planner widens scope of industries on 'encouraged' list - Reuters
reuters.com/article/us-chi…

🇨🇳 #China will replenish capital of small and medium-sized banks through various channels, and optimize their capital structure to strengthen their capability to withstand risks - Statement
*Link (Chinese): bit.ly/32ubss9

🇨🇳 #China | Problematic banks with less than 100 billion yuan ($14 billion) of assets would be urged to merge or restructure under a plan being discussed by financial regulators, people familiar with the matter said - Bloomberg

🇨🇳 #China's local gov't bond issuance expected to increase in 2020 - Xinhua
*As of the end of September, local governments had issued 3.04 trillion yuan of new bonds this year, accounting for 99.43% of the annual new bond quota, MOF data showed.
*Link: bit.ly/34Egkfz

🇨🇳 #China to reshuffle management, recapitalize smaller banks to curb risks: Caixin - Reuters
uk.reuters.com/article/us-chi…

🇨🇳 #China should cut rates, but not use monetary flooding: central bank adviser - Reuters
uk.reuters.com/article/us-chi…

🇨🇳 #China’s Troubled Banks Get a Lifeline from Local Governments - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #China's premier says should use counter-cyclical measures 'more effectively' - Reuters
reuters.com/article/us-chi…

🇨🇳 #China Regulator Sees Bankruptcies as Last Option for Weak Banks - Bloomberg
bloomberg.com/news/articles/…

🇨🇳 #CHINA TO ACCELERATE INVESTMENT, PREVENT RISKS: CCTV

🇨🇳 #China continues small stimulus steps to boost #infrastructure projects in face of economic slowdown - SCMP
*State Council has relaxed the minimum capital ratio requirement for some infrastructure projects to 20% from 25 %
scmp.com/economy/china-…

🇨🇳 #China | According to Bloomberg data, newly approved investment totaled CNY 1,108 Bn in the first 10 months of the year (up 162% YoY).
*That pace was down from +236% YoY in the first three quarters.

https://twitter.com/C_Barraud/status/1194907515915526144

🇨🇳 #CHINA PREMIER URGES ACCELERATING SOME PROJECTS CONSTRUCTIONS:TV - BBG
*CHINA PREMIER LI KEQIANG HOLDS MEETING WITH LOCAL OFFICIALS: TV

🇨🇳 #China Injects Cash Into Banking System as Growth Slows - Bloomberg
*Link: bloom.bg/33QGBqZ

🇨🇳 Liquidity released from targeted reserve ratio cut implemented on Friday will be hard to offset upcoming tax payment and government bond sale, #China Securities Journal reports, citing an unidentified analyst.
*Link (Chinese): bit.ly/2NOlz6V

https://twitter.com/C_Barraud/status/1195220162846347264

🇨🇳 #China’s central bank said it will “increase counter-cyclical adjustment” to ward off downward pressure on the economy - Bloomberg (citing #PBoC 3Q monetary policy report)
*Link: bloom.bg/2XlVxuT
*PBoC link (Chinese): bit.ly/2r2dkeh