Weekly Wrap: Bill-supported May credit, resilient exports, and firmer PPI

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Weekly Wrap: Bill-supported May credit, resilient exports, and firmer PPI

4%, with tighter liquidity reportedly triggering early redemption pressure

Wenqing Han, CFA >>

in WMPs. FX: reserves rose 0.93% MoM at end-May and the PBOC extended its gold- Research Analyst

buying streak to 19 months. Financial: The NFRA called for greater urgency in Merrill+852 3508Lynch5032(Hong Kong)

preventing and defusing financial risks, deeper curbs on disorderly competition and a wenqing.han@bofa.com

shift from speed and scale toward quality and efficiency. China finalized new private Winnie Wu >>

fund disclosure rules to improve transparency and accountability in the industry. Some ResearchMerrill LynchAnalyst(Hong Kong)

listed firms reportedly received back-tax claims reaching back to 2020. Some banks +852 3508 3058

winnie.wu@bofa.com

were reportedly allowed to offer higher USD deposit rates for onshore corporates, and

some rural lenders raised WMP benchmarks by 5-10 bps against the trend to stabilize EmmaResearchXuAnalyst>>

assets. Dim sum bond issuance surged; electronic savings bonds were added to personal Merrill Lynch (Hong Kong)

+852 3508 8165

pension products; Chinese brokerages committed more than RMB60bn to overseas emma.xu@bofa.com

expansion. CSRC met with HK brokers in Shenzhen to review progress in rectifying

existing mainland client accounts. Property: China is advancing nationwide housing

provident fund reform. China Index Academy reported that existing-home transactions in

TSF: Total Social Financing20 cities rose 19.3% YoY in May versus 13.4% in April. The foreclosure auction market

CPI: Consumer Price Indexrebounded in 5M26, with transaction volumes up 26.6% YoY. Office leasing showed