US Rate-Hike Pace May Slow as Payrolls Rebound and Democrats Sweep Both Chambers
October payrolls beat forecasts; Democratic sweep lowers odds of further 2026 hikes
Financial News
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Financial News
October Prices Rise Modestly, PPI Hits Year-to-Date High; Easing Room Remains
CPI +0.7% y/y, PPI +5.7% y/y at year-high; core CPI stays low
PBOC Raises FX Reserve Requirement Ratio by 2 ppt to Curb One-sided Yuan Bets
FX RRR lifted from 4% to 6% effective Nov 15 to absorb foreign-exchange liquidity
Stabilization Toolkit Deploys: RMB 100bn SFISF, Sovereign Funds' Buying, Active ETFs
Third SFISF tranche at RMB 100bn; CNIC and Chengtong add stakes; 18 active ETFs raise ~RMB 44bn
State Council elevates market-stabilization mechanism to institutional arrangement
State Council stresses intrinsic stability; stabilization becomes an institutional regime
A-share weekly review (Nov 2–6): STAR 50 +7.96%, small-caps and tech lead the rebound
After stabilization tools landed, A-shares rebounded with small-caps and tech leading
State Council financial report backs Huijin as quasi-stabilization fund to anchor capital market
Report reaffirms market-stabilization mechanism and accommodative stance
Philadelphia Semiconductor Index plunges 9.2% as global AI trade cools, pressuring A-shares
Global risk-off and AI re-rating spill over to China equities
Capital-Market Stabilization Tools Institutionalized as A-Shares Rebound
China makes market-support tools permanent; A-shares rally with 2T yuan turnover
Buyback-Rule Overhaul and Faster Active-ETF Build-Up Institutionalize Market Support
CSRC refines buyback triggers and speeds ETF builds to normalize stabilization
PBOC Conducts 300 Billion Yuan Reverse Repo at Reduced Scale, Net Drain of 200 Billion
Refined liquidity management after policy rate re-anchoring
Stock Buyback Refinancing Loan Expanded: Rate Cut to 1%, Five City Banks Added
Targeted tool stabilized capital market and supports value management
Dollar Index Range-Bound Ahead of U.S. Midterms as Rate Bets and Safe-Haven Demand Tug
December hike odds near 73%; Friday payrolls seen as key test
A-Share Q3 Earnings Close: 5,224 Listed Firms Post 8.5% Profit Growth
AI value chain drives earnings; institutions add on dips
PBOC Launches Third SFISF Operation as Buyback Relending Becomes Permanent
Tri-ministry package injects over 100b yuan of incremental liquidity into A-shares
Global Risk-Off Intensifies as Oil Crashes 7%, Fed Hike Odds Top 70%
US tech slumps, Middle East eases, midterms add to risk-off tone
PBOC Policy Rate Re-anchors to Overnight; Three Regulators Optimize Share-Buyback Lending
Overnight reverse repo becomes main anchor; regulators optimize stabilization tools
US Tech Selloff, Gold at One-Year Low as Global Rate-Hike Divergence Widens
Fed holds hawkish, BoE and RBA seen tightening; risk assets hit by liquidity fears
Fed Holds in October But Splits 10:2, Repricing Global Assets
FOMC holds rates but shows 10:2 dissent
China's October Manufacturing PMI Slips to 49.3%, New Drivers Still Expand
Manufacturing PMI at 49.3%; high-tech stays above 50
PBOC Re-anchors Policy Rate: Daily Overnight Reverse Repo from Nov 2
Overnight reverse repo at 1.25% becomes the main policy rate
Fed's Hawkish Pause: Holds Rates, but December Hike Bets Rise
September PCE at 3.6%; December hike odds ~84%
Fed holds rates steady, China's policy autonomy widens
Fed pause eases external constraints on China's monetary stance
Fed to cut meeting cadence, December hike odds climb
Fed plans fewer rate-vote meetings; December hike seen likely
Fed Holds Rates Steady in October; December Hike Bets Lift Global Asset Volatility
Fed keeps rates unchanged; December hike expectations rise, widening US-China yield gap.
Goldman Sachs Overweights A-Shares as US-China Rate Gap Reshapes Equity Pricing
US 10Y at 5.1% vs China 1.6%; Goldman advises rotation to A-shares and banks.
Super Central Bank Week: Fed, ECB and BoJ Meet as A-shares Consolidate, Industrial Profits Surge
Fed, ECB and BoJ meet this week; A-shares consolidate as industrial profits surge
Mutual Fund Q3 Reports: Tech and Dividend Stocks Lead, Zhongji Innolight Tops Holdings
Q3 reports show 39.30 trillion yuan AUM; tech and dividend stocks lead
PBOC Launches Bond Market NBFI Swap Facility to Shore Up Market Stability
BNSF targets redemption-selloff loops without a blanket bailout
A-Shares Diverge Sharply as Active ETFs Absorb Liquidity; Policy and Rate Windows Open
Index splits as active ETFs raise ~25.3B yuan amid dual policy-rate window
PBOC Conducts 700 Billion Yuan MLF, Fine-Tuning Liquidity
PBOC's 700bn MLF on Oct 26; net mid-term liquidity injection of 200bn in October
Citi Securities Approved as Seventh Wholly Foreign-Owned Broker in China
CSRC approves Citi Securities (China); financial opening advances
A-Shares Stage V-Shaped Rebound as Broad ETFs Backstop Liquidity
ChiNext jumps 4.16%; equity ETFs see 158B yuan weekly inflow
Fed Expected to Hold in October as December Hike Bets Build
Markets price a October hold but rising December hike odds tighten risk assets
A-Share V-Shaped Rebound Lifts ChiNext Over 4% as Active ETFs Raise 15B Yuan on Day One
A-shares reverse sharply on Friday; ChiNext jumps over 4%, active ETFs debut strong
PBOC Rolls Over 700B Yuan MLF at Smaller Size as Liquidity Steering Turns Precise
PBOC trims MLF by 200B yuan while steering liquidity with greater precision
Top Fund Houses Buy Back Active ETFs as A-Shares Find a Bottom
Four major fund houses each commit 200m yuan to active ETFs
PBOC Unveils Liquidity Backstop for Non-Bank Redemptions
Pan Gongsheng announces redemption liquidity tool at forum
PBOC Launches Continuous Overnight Reverse Repo; Bank Interim Dividends Normalize
800bn debut; banks to pay 260bn+ in interim dividends
Policy Rate Re-anchored: Overnight Repo Rate to Become Main Policy Rate
Pan Gongsheng flags DR001 as target rate
October LPR Holds for 17th Straight Month as PBOC Flags Pricing-Benchmark Reform
1-year at 3.0%, 5-year at 3.5%; Pan signals shift to multi-benchmark lending rates
33rd APEC Finance Ministers' Meeting Opens in Hong Kong Under China's Presidency
Lan Fo'an chairs regional fiscal coordination; Asia macro calendar heats up
Financial Street Forum Signals Policy Shift: Rate Framework Overhaul and Fresh A-Share Inflows
PBOC to exit benchmark rates; CSRC approves active ETFs for ~¥36bn inflow
10-Year Treasury Yield Tops 5.14% as Fed Hike Bets Resurge
Tech rebound dents haven demand; December hike odds near 80%
Q3 GDP Data Due Today as Financial Street Forum Opens; PBOC Reiterates Accommodative Stance
China releases Q3 GDP; Financial Street Forum opens with PBOC's easing signal
External Headwinds Meet Policy Hopes as A-Shares Eye a Volatile Repair
Semiconductor selloff and oil spike cloud A-share outlook amid policy support
PBOC Outlines Three Policy Directions to Advance RMB Internationalization
PBOC vice governor details offshore liquidity, asset access, capital account opening
Counter-Cyclical Long-Term Capital Flows Into A-Shares as Core ETFs Absorb Over RMB 22bn in a Day
CSI 300 core ETFs draw over RMB 22bn in one day amid volatile market
Revived Fed Hike Bets Rattle Markets but Unlikely to Derail A-Share Trend
External rate-hike fears pose limited risk; A-shares hinge on fundamentals.
Proactive Fiscal Policy Steps Up to Support Demand as Policy Finance Enters Deployment Peak
Active fiscal push and policy-finance tools ease funding constraints for infrastructure.
PBOC's Pan Reaffirms Accommodative Stance at G20, Says Global Imbalances Can't Be Fixed by Exchange Rates
Pan Gongsheng pledges continued accommodative policy; imbalances need more than FX.
Hotter US September CPI and PPI Revive Fed Hike Bets, Repricing Global Risk Assets
US Sept CPI 3.7%, PPI 6.3% beat forecasts; hike odds surge, markets swing.
PBOC to Inject 700B Yuan via Outright Reverse Repo; October Liquidity Eases
700B outright reverse repo tops up; October nets 400B yuan.
A-Shares Grind Lower on Thin Volume; Institutions Eye Structural Upside as Fed Bets Fade
A-shares base-build on thin volume; Fed hike odds fade, Q4 catalysts loom.
A-Shares Open Lower; PBOC Injects 56 Billion Yuan via Reverse Repos
On Oct 14 A-shares opened lower; PBOC conducted 56b yuan reverse repo.
Margin Balances Slip 9B Yuan; RMB Parity Gains 49 Pips as Caution Returns
Margin balances decline while RMB firms; post-holiday sentiment turns defensive.
Fed Pauses Rate Hikes: 'Course Correction' Eases Treasury Pressure
Fed holds in October; Treasury yields ease, A-shares get a valuation-repair window
Foreign Capital Buys A-Shares as Yields Hit 5.36%: Long Money Reprices China
High rates fail to repel long-horizon foreign flows; structural bets on intelligent manufacturing
PBOC Net Drains 250 Billion Yuan on Oct 12; Post-Holiday Liquidity Stays Ample
500bn reverse repo offsets 3tn maturity; rates stay low
A-Shares Retreat on Thin Volume; Banks Hit Record Highs as 4,300 Stocks Fall
1.54tn turnover; rotation toward low-valuation high-dividend
Fed Rate-Hike Bets Plunge as China-US Yield Gap Tops 330bp; RMB Strengthens
Weak payrolls and PCE slash hike odds; offshore RMB hits new high
PBoC Injects Liquidity via RMB1.2tn Reverse Repo; MoF Launches RMB150bn Recapitalization Bond
Post-holiday liquidity support paired with fiscal recapitalization
PBOC Injects 1.2 Trillion Yuan via Reverse Repo, Net 200B on First Post-Holiday Day
PBOC's 1.2T reverse repo adds 200B net liquidity at Q4 start
A-Shares Resume After Holiday as HK Market Weakens; 5-Day Line in Focus
A-shares reopen Oct 8; HK fell ~2% in break, funds rotate to defensives
PBOC Refines Monetary Tools: PSL Rate Cut and Expanded Lending
PSL rate -0.25pp, six networks added, re-lending boosted
A-Shares Stabilize on Thin Volume Ahead of Holiday
Turnover hits one-year low; tech remains core theme
PBOC Rolls Over 800bn MLF, Easing Pre-holiday Liquidity Concerns
Net 200bn MLF injection; PBOC pre-announces holiday reverse repos
Long-term Funds Net Buy A-shares Exceed 600bn YTD, Anchoring Market
Pension, annuity and insurance inflows; ETF assets near 5tn
Fed Resumes Rate Hikes After Three Years, Reshaping Global Liquidity and RMB Outlook
FOMC lifted rates 25bps to 3.75%-4.00% on Sept 16, first hike since 2023
PBOC Hosts Foreign Financial Institutions Forum as A-Shares Extend Gains
PBOC pledges high-level financial opening; A-share indexes rose collectively
China's September LPR Holds for 16th Month; Stance Stays 'Independent'
One-year LPR at 3.0% and five-year at 3.5%, unchanged for 16 months.
Global Tightening Resonance: Fed Restarts Hikes, BoJ at 31-Year High
Fed lifts rates to 3.75%-4.00%; BoJ to 1.25% as peers turn hawkish.
Oil Retreats from Highs as Middle East Tensions Ease
Brent slips to $99-100 as Hormuz shipping recovers, easing inflation bets.
Over 4,300 stocks close lower as A-shares consolidate on thin volume; three-market turnover slips to 1.63 trillion yuan
Thin-volume oscillation with sharper structural divergence; caution dominates.
PBOC unveils 15th Five-Year financial-power plan; big-six banks lift interim payout ratio to 31%
Combined 221 billion yuan distribution hits record; dividend logic reinforced.
Bond ETF assets near 1 trillion yuan as incremental funds keep flowing in
August LGFV registration quota jumps 318.1 billion yuan; wealth products accelerate entry.
CSRC: keep building long-money, long-investment channel; pensions and insurers net-buy A-shares over 600 billion yuan YTD
Mid/long-term capital access further eased.
Daily asset review: A-shares stay soft on shrinking volume; PBOC repo supports bond market
Liquidity marginally tightens; bond yields hover in a narrow band.
Bank stocks extend rally; Jiangsu and Chengdu banks hit new highs
Long-only buyers active; high-dividend strategy keeps leading.
Northbound funds end consecutive outflows as core-asset valuations recover
Foreign risk appetite edges up; consumer and financial leaders see additions.
REITs market expands faster; new-energy infrastructure assets accelerate securitisation
Unlocking idle assets and steering long-term capital to the real economy.
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