GS 高盛：每日中国报告 09.11

China-Daily-Insights 09.11 10页

Today’s focus
China Views: China MoF to Auction Rmb 200 bn Special Treasury Bonds before the Year End
COSCO Pacific (1199.HK) Buy: Restructuring starting to rumble
Aluminum Corporation of China (H) (2600.HK) Buy: Re-rating continues on six catalysts; earnings & target price raised
Headline news
Chinese enterprises arise as popular investors (China Daily)
No threat of foreign monopoly in any industry (China Daily)
NBS: China's PPI of manufactured goods up 2.6% in August (Xinhua)
China to Halt Brokerage Approvals (Yahoo)
Hot streak continues for second-hand flats (Shanghai Daily)
China Views: China MoF to Auction Rmb200 bn Special Treasury Bonds before the Year End, Hong Liang
• China's Ministry of Finance announced today that it will issue Rmb200 bn special treasury bonds through market auctions before the year end. Half of this installment will be issued in September. The duration of the bonds is 10 years and 15 years, and the yield will be set by inter-bank auctions.
• We believe the issuance may exert modest upward pressures on the long end of the yield curve.
• In our view, the impact on liquidity is likely to be limited, considering: i) the PBOC will likely scale back the central bank bills issued to commercial banks following the STB issuance; and ii) if some of the speci