• Premier Li Keqiang warned of the “butterfly effect” caused by the regional instability
  • The CFETS RMB exchange rate index closed at 95.29 on June 24, dropping by 0.53% from a week before
  • Outstanding amount of margin financing in two exchanges as of June 24 decreased 1.861 billion yuan to 835.03 billion yuan
  • PBOC will inject 270 billion yuan into the financial system via its seven-day reverse repurchase operation today. Meanwhile, maturing reverse repos will drain 170 billion yuan from the system
  • PBOC fixed RMB mid price at 6.63, 599 basis points weak than the last fixing and hitting the lowest level since 2010
  • China’s foreign exchange market self-discipline mechanism was established on June 24
  • Profits of Chinese industrial companies rose 3.7% in May from a year earlier, slowing from 4.2% in April, the statistics bureau said. In the first five months of this year, profits rose 6.4% yoy, also slowing from 6.5% in the first four months
  • Chongqing is expected to be included in the third batch of free trade zones: Shanghai Securities Journal
  • Premier Li Keqiang said at the 2016  Summer Davos forum that he is confident China will achieve main economic growth targets in 2016; there will be no hard landing for China’s economy; Government debt levels are still manageable
  • Li Keqiang also said China’s economy still faces relatively big downward pressure, and foundation for stable economic growth in China is not solid yet; China will keep prudent monetary policy
  • The Shanghai index was 0.86% higher by the midday break, the Shengzhen index climbed 1.34% down and the ChiNext index jumped 1.7%