The People’s Bank of China said the country’s policy-based and developmental financial instruments will be used to boost infrastructure construction, innovation and other regional projects in an effort to expand effective investment and boost employment and consumption.
China said it would cut service fees, improve overseas access to foreign exchange hedging, and streamline the process of opening accounts to facilitate foreign investment in its onshore bond market, said the China Foreign Exchange Trade System (CFETS).
China’s technology hub of Shenzhen saw second-hand home transactions in the first half of the year hit the lowest level since 2007, amid a persistent downtrend in the housing market and the impact of the Covid outbreaks.
China’s most-traded copper futures contract on the Shanghai Futures Exchange, for delivery August delivery, continue to plunge on Friday, down 4% to close at 61,630 yuan per tonne, the lowest level since February 2021.
New homes prices in China rose at a slightly faster pace in June on a month-on-month basis, driven by a slew of policy easing measures by small- and medium-sized cities to stimulate demand, according to China Index Academy, one of the country’s largest independent real estate research firms.
Chinese A-shares open largely flat on Friday, with the benchmark Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.03% and the tech-heavy Chinext Price Index down 0.02%.
Several Chinese regions have announced plans to increase coal production, as part of the country’s efforts to ensure energy supply and stabilize energy prices. Analysts estimate that China’s full-year coal output in 2022 is expected to increase by 200 million tonnes.
