Via MNI this morning comes a couple of items of note in the Chinese press
China Securities Journal (The Journal quoting Bai Ming, a researcher with Ministry of Commerce):
- Yuan depreciation against the US dollar will benefit exporters
- Especially labor-intensive ones
Economic Information Daily:
- Some local governments are speeding up securitizing of state-owned assets
- Increased ratio targets of more than 50% in 2016 (currently around 20%)
- A total of CNY30 trillion of state-owned assets expected to be invested in the stock market in coming years based on initial calculation
- Increasing the securitization ratio of state-owned assets will help expand funding channels, liquidate existing capital and diversify the equity structure
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Of more note for today's opening soon were developments overnight:
- Yuan unwinds most of this year's decline