The Economic Information Agency reported on the 29th that stock markets in Shanghai and Shenzhen collectively opened lower this morning, with the SSE Composite Index down 0.2% at 3,816.15 points, the Shenzhen Component Index down 0.15%, and the ChiNext Index down 0.11%. At the market opening, batteries generally declined, while super-hard materials and agricultural and animal husbandry stocks performed well. On Monday (28th), Premier Li Qiang chaired a State Council executive meeting, requiring deployment to intensify countercyclical adjustments in macroeconomic policies and striving to achieve the annual economic and social development targets.
The meeting proposed accelerating the implementation of various policies, further enhancing the effectiveness of existing policy measures, speeding up the issuance and utilization of various bonds, promoting the early commencement of construction for major projects specified in plans such as the '15th Five-Year Plan', and strengthening interest-subsidized policies to expand investment and stimulate consumption. Meanwhile, a batch of practical and effective incremental policies should be introduced, fiscal expenditure arrangements optimized, and policies studied and introduced to stabilize the real estate market and promote employment and income growth. It is also necessary to strengthen coordination between different levels of government, jointly stabilize investment, stimulate private investment vitality, and continue researching and reserving policy measures to boost domestic demand.
Additionally, investors continue to monitor the outcomes of the meeting between the Chinese and U.S. heads of state. Both sides stated they would seek to reduce tariffs on $60 billion worth of goods imported from each other, covering products ranging from U.S. corn and cosmetics to Chinese toys and household appliances. However, both sides' lists exclude some important goods, and neither statement specifies the extent of tariff reductions.
Today, the People's Bank of China conducted a 7-day reverse repo operation of 90.5 billion yuan (RMB, same below) at an unchanged interest rate of 1.4%. Meanwhile, it carried out an overnight reverse repo operation of 698.5 billion yuan. In the open market today, 35 billion yuan of 7-day reverse repos and 661 billion yuan of overnight reverse repos matured, resulting in a net injection of 93 billion yuan today. (ry)
The meeting proposed accelerating the implementation of various policies, further enhancing the effectiveness of existing policy measures, speeding up the issuance and utilization of various bonds, promoting the early commencement of construction for major projects specified in plans such as the '15th Five-Year Plan', and strengthening interest-subsidized policies to expand investment and stimulate consumption. Meanwhile, a batch of practical and effective incremental policies should be introduced, fiscal expenditure arrangements optimized, and policies studied and introduced to stabilize the real estate market and promote employment and income growth. It is also necessary to strengthen coordination between different levels of government, jointly stabilize investment, stimulate private investment vitality, and continue researching and reserving policy measures to boost domestic demand.
Additionally, investors continue to monitor the outcomes of the meeting between the Chinese and U.S. heads of state. Both sides stated they would seek to reduce tariffs on $60 billion worth of goods imported from each other, covering products ranging from U.S. corn and cosmetics to Chinese toys and household appliances. However, both sides' lists exclude some important goods, and neither statement specifies the extent of tariff reductions.
Today, the People's Bank of China conducted a 7-day reverse repo operation of 90.5 billion yuan (RMB, same below) at an unchanged interest rate of 1.4%. Meanwhile, it carried out an overnight reverse repo operation of 698.5 billion yuan. In the open market today, 35 billion yuan of 7-day reverse repos and 661 billion yuan of overnight reverse repos matured, resulting in a net injection of 93 billion yuan today. (ry)
