From ‘national team’ intervention to Yulan bonds: 5 figures investors are watching
This week, China’s stock market slipped into a bear market, prompting the state-backed “national team” to pour about 170 billion yuan (US$25.52 billion) into exchange-traded funds (ETFs); Standard Chartered beat forecasts with a 46 per cent jump in third-quarter net profit; and the US Federal Reserve held rates steady, which also left Hong Kong’s base rate unchanged. Meanwhile, an offshore yuan…
In a week marked by bearish sentiment in China's stock market, various financial developments captured investor attention. State-backed investors, known as the "national team," pumped around 170 billion yuan into exchange-traded funds (ETFs). Standard Chartered reported a 46% increase in third-quarter net profit to US$1.5 billion, buoying Hong Kong's banking sector. Meanwhile, Hong Kong's base interest rate remained steady at 4.25%, following the US Federal Reserve's decision to hold rates steady.
The offshore yuan bond structure, Yulan, made its debut in Dubai, with the Bank of China Dubai's listing being five times oversubscribed. This bond, priced at 2 billion yuan, attracted significant interest from sovereign accounts, accounting for more than 30% of the allocation.
In Hong Kong, residential rents experienced a record-breaking 11th consecutive month of growth. The private home price index rose 0.19% month-on-month to 320.8 in September, marking a cumulative gain of 7.08% in the first nine months of the year. The rental index also climbed to yet another record high in October, with primary market sales exceeding 1,700 units, reaching a five-month high.
Experts anticipate continued upward trends in rents, driven by talent inflows, but foresee limited potential for further price gains after the year's rebound.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
