PRE-MARKET CHINESE STOCKS NEWS: PBoC cut the mortgage-supplementary lending rate by 25bps to 1.50%, while Chinese PMIs are scheduled ahead of the National Day holidays
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PRE-MARKET CHINESE STOCKS NEWS: PBoC cut the mortgage-supplementary lending rate by 25bps to 1.50%, while Chinese PMIs are scheduled ahead of the National Day holidays
China is to issue three ultra-long special government bonds in October
Filipino Trade Balance (Aug) -3850.0MB (Prev. -5973.0MB)
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BYD (1211 HK) - Co. elected Wang Chuanfu as Chairperson. (Newswires)
Chiho Environmental Group (976 HK) - Co. received a civil court ruling on August 20 related to the restructuring of Loncin and expects no material adverse impact. (Newswires)
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Trade
China urged the EU to use dialogue to resolve disputes and vowed a response if the EU proceeds with discriminatory measures. (Newswires)
Nvidia (NVDA) and AMD (AMD) are lobbying the Trump administration to prevent lawmakers from curbing exports to China and are asking lawmakers to hold off on China-related chip export restrictions in the defence bill, while the legislation has bipartisan support, according to Politico citing sources. (Newswires)
Other News
PBoC cut the mortgage-supplementary lending rate (PSL) by 25bps to 1.50% (prev. 1.75%) to encourage policy banks to support the real economy and national strategic priorities, including six infrastructure networks covering water, power grids, computing power, next-generation communications, urban underground pipes and logistics. PBoC also raised the re-lending quota for tech innovation and technological transformation by CNY 200bln to CNY 1.4trn and increased the facility's support ratio to 100% from 60%, aiming to boost lending to SME technology firms and corporate equipment upgrades. (Newswires)
Chinese Vice Premier He Lifeng said China welcomes Japanese companies to develop in China and share market opportunities. (Xinhua)
Context
Targeted easing of this kind, cuts to relending facilities and pledged supplementary lending rather than the headline policy rate, has been the PBoC's preferred instrument through prior easing phases, and past episodes show it signals direction of travel more than it delivers stimulus on its own: transmission runs through policy banks on-lending to designated sectors, and the credit impulse has historically lagged the facility changes by months. The distinction worth drawing is between this and a broad LPR or reserve-requirement move; facility tweaks of this sort have tended to support Chinese equities and industrial commodities at the margin, with the yuan's response hinging on whether the fixing endorses or resists the move. The accompanying lift in the tech relending quota and support ratio fits a recurring pattern of pairing credit easing with stated strategic priorities, which has typically concentrated the benefit in favoured sectors rather than the broad economy. Scheduled PMI prints immediately ahead of an extended holiday carry outsized weight in past episodes, since a soft read into a closed market leaves offshore proxies and the yuan to absorb the positioning. The chip-export lobbying item sits in the familiar sequence of industry pushback against export controls, where the tell has been whether restrictions appear in final legislation rather than in draft. Watch the fixing and any follow-through on the prime rate as the confirmation signals.
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