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 appointed two new members to replace those leaving the Monetary Policy Committee.
– PBOC official predicted a lower-than-expected GDP growth in the first quarter.
– China’s national asset management company reported increased net profit gained from bad debt resolution.
PBOC News: China’s Central Bank
– The Central Bank named two new members to the Monetary Policy Committee: the Chairman of China Security Regulatory Commission (CSRC), Liu Shiyu, and the Chief of National Bureau of Statistics (NBS), Ning Jizhe. They replaced the previous Chairman of CSRC and previous Chief of NBS who were members of the Committee.
The Monetary Policy Committee meets on the first month of each quarter. The Chairman of the Committee is Central Bank Governor, Zhou Xiaochuan. There are in total 15 members on the committee.
Sina News: China’s most important online media source, similar to CNN in the US. They also own a
Chinese version of Twitter, called Weibo, with around 200 million active users monthly.
– Huang Yiping, a member of the Monetary Policy Committee said China’s GDP in the first quarter may come out slower than initial forecasts as China’s economy still faces downward pressure. A government-led research department, the Chinese Academy of Social Sciences, recently lowered their Q1 GDP quarter to 6.7%; growth in the second quarter is expected to improve slightly to 6.8%. A worse-than-expected condition could lead to additional stimulus from the Central Bank over the following periods. In turn, this would likely drive the Yuan lower.
China Finance Information: A finance online media administrated by Xinhua Agency
