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10 October 2018, 08:28 | Joann Bryant
Behemoth oil stock the lone hero as China’s stocks rebound
The three core stock indexes on the mainland, the Shanghai Composite, Shenzhen Component and Growth Enterprise Market benchmarks declined 3.72 percent, 4.05 percent and 4.09 percent.
The People's Bank of China (PBOC) on Sunday cut the level of cash that banks must hold as reserves, aimed at lowering financing costs as policy makers worry about fallout from the tariff row with the United States.
"The export tax rebate is the most effective way to counter the negative impact of trade war on Chinese exporters to stabilize the job market".
The losses in China dragged down MSCI's broadest index of Asia-Pacific shares outside Japan, which was 0.8 percent lower. "The economy is quite weak, and I see a growing number of companies selling their assets", said David Dai, general manager of Shanghai Wisdom Investment Co Ltd, a hedge fund.
"China sectors such as energy, IT and industrials will be most impacted based on our analysis, while sectors such as real estate, insurance, diversified financials, telecom and utilities generate virtually no revenue from the U.S.", a team led by Pedro Martins said in a note.
Sunday's move will inject a net 750-billion yuan (US$109.2-billion) in cash into the banking system by releasing a total of 1.2-trillion yuan in liquidity, with 450-billion yuan of that to offset maturing medium-term lending facility (MLF) loans. "Liquidity is not the issue".
The yuan was expected to gain around 1.7 percent to 6.80 per dollar in a year's time from around 6.92 now, according to the poll of over 50 foreign exchange strategists.
"In our view, the performance of external markets may hamper the near-term sentiment uplift of the RRR cut, so the effect may not be obvious", Gao Ting, Head of China Strategy at UBS Securities, said in a note. Markets in Japan are closed for a holiday.
Higher yields on U.S. Treasuries are likely to put more pressure on the yuan as China continues to make use of targeted policy easing to energise the domestic economy. That compares with the 3.227 per cent yield for United States bonds., the highest level since May, 2011. Reflecting expectations of further yuan weakening, the one-year non-deliverable yuan futures in Hong Kong fell to around 7.015 against the dollar on Monday, the lowest level in 15 months.
With the full impact of US trade tariffs still to be felt and China's economy waning, policymakers are changing their urgencies to reduce risks to growth, with the stock markets and yuan under pressure.
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