Femorning Research Office believes that, on March 22nd, Shibor interest rates rose for the second consecutive day, multiple varieties continue to hit record high, of which the 7-day Shibor reported 2.791%, up 2.3bp, hit a new high since July 6th, 2015. Although THE PEOPLE’S BANK OF CHINA (PBC) had a cumulative net investment of 110 billion yuan in the open market for three consecutive trading days, affected by the factors that the first MPA assessment may be strict comprehensively at the end of the quarter and Everbright’s convertible bond purchase, it is expected that the funding side will still remain tight pattern in the short-term.
ECONOMIC INFORMATION DAILY news, China's economy had a good start in the first two months of 2017, but there are also worries about some recovery tendency being lack of sustainability. In the long run, the deep-seated structural problems of China's economy have not yet been significantly improved, the economic growth is likely still remain at "the bottom of the L-shape". In the short term, this year's economic growth may face greater downward pressure in the second half of the year. In this case, macroeconomic policies still need to maintain strong efforts for steady growth, with particular attention to play the role of infrastructure investment as a stabilizer.
China Insurance Regulatory Commission (CIRC) news, from January to February, the original insurance premium income was 1.190281 trillion yuan, up 31.27% year-on-year. The net assets were 1.770850 trillion yuan, up 2.71% compared with the beginning of the year. The balance of capital utilization was 13.852165 trillion yuan, up 3.44% compared with the beginning of the year. Among them, the stock and securities investment fund was 1.796754 trillion yuan, accounting for 12.97%.
ECONOMIC INFORMATION DAILY news, with the tightening of the loan policy recently, housing buyers is having a substantial increase in the demand for funds, "similar down-payment loans" of the off-market capital advancing money for mortgage loans appear again. Such loans did not disappear completely, but went underground. Experts pointed out that to buy houses with "down-payment loans" and other advanced money has a disguised breakthrough to the housing credit policy, hinders or even weakens the regulation effect on property market. It is expected that regulators will once again tighten the capital port, strictly control the flow of funds into the property market.
Shanghai Securities News reported, in the background of the most severe regulation in mainland, the idle capital in mainland has made over to fight in Hong Kong market with arbitrage space. The three major exchanges of Shanghai, Shenzhen and Hong Kong have established a cross-border joint regulatory mechanism and work together to combat cross-border illegal transactions. Shenzhen Stock Exchange also revealed that the Shenzhen Stock Exchange has improved the function of the monitoring system, developed the Shenzhen-Hong Kong Stock Connect program monitoring module, and monitor the transactions in real-time in order to timely detect and contain abnormal transactions.
Chinese Academy of Social Science (CASS) released financial blue book predicting that this year's banking business performance will decline further, non-performing loan rate will continue to rise slightly, but the pressure will gradually decrease. Due to the influence of domestic and foreign factors, there is a large uncertainty in the direction of monetary policy in 2017, the financial market risks faced by banks, especially the small and medium-sized banks with relatively limited liquidity risk management ability, can not be ignored.
China Trustee Association (CTA) news, in 2016, the trust industry profit was 77.182 billion yuan, an increase of 2.83% year-on-year. As of the end of 2016, the scale of 68 trust management assets was 20.22 trillion yuan. Trust industry development will be more focused on risk prevention and control in 2017, with a large amount of trust assets stock, the trust industry asset growth is expected to slow down in 2017.
Beijing Municipal Commission of Development & Reform issued the "reminder on standardizing commercial housing conducting enterprises’ price behavior", stating that the prices must be clearly marked voluntarily according to the law to sell commercial housing and provide services; commercial housing sales price tag to implement a set of standard; commercial housing operators must not fabricate or spread price rising information to push up the price; they must not collude with each other to manipulate the market price.
Tencent announced earnings show that, in 2016, Tencent’s total revenue was 151.938 billion yuan, an increase of 48% year-on-year; the annual profit was 41.447 billion yuan, an increase of 42% year-on-year. QQ’s active accounts reached 868 million, an increase of 2% year-on-year; the combined number of WeChat and WeChat International’s active accounts reached 889 million, an increase of 28% year-on-year.
A meeting summary of Bank of Japan shows that the Japanese economy continues moderate recovery trend, and may turn to moderate expansion. Inflation expectations are still in a weaker stage, CPI is around 0%, and may reach 2% around 2018 fiscal year. The Bank of Japan will continue to implement a strong easing policy.
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